IASC – International Accounting Standards Committee

Institution: International Accounting Standards Committee
Abbreviation: IASC
Type: Private
Founded: 1973-2000
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Description: The International Accounting Standards Board (IASB) was preceded by the Board of the International Accounting Standards Committee (IASC), which operated from 1973 until 2001.
IASC was founded in June 1973 as a result of an agreement by accountancy bodies in Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland and the United States, and these countries constituted the Board of IASC at that time.
The international professional activities of the accountancy bodies were organised under the International Federation of Accountants (IFAC) in 1977. In 1981, IASC and IFAC agreed that IASC would have full and complete autonomy in setting international accounting standards and in publishing discussion documents on international accounting issues. At the same time, all members of IFAC became members of IASC. This membership link was discontinued in May 2000 when IASC’s Constitution was changed as part of the reorganisation of IASC.
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Highest Organ: Board of IASC
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