International Accounting Standards

There are two important trends in the financial reporting the U.S.’s GAAP and UK’s IAS. More and more countries are converting to the International Accounting Standards (IAS). The U.S. should learn the IAS it’s the future of financial reporting.
International Accounting Standards Committee (IASC) was formed in June 1973. Most countries recognize the need for more uniform standards and that’s how IASC was formed. IASC’s standard is to work generally for the improvement and harmonization of regulations, accounting standards and procedures relating to the presentation of financial statements. IASC lasted until 2001 and then came International Accounting Standards Board. In 1974 the first associate members admitted were Belgium, India, Israel, New Zealand, Pakistan and Zimbabwe
In 1977 International Federation of Accountants (IFAC) was international professional activates. In 1981 IASC got complete control in setting of international accounting standards. Now memb...