The International Accounting Standards Committee (IASC) was an independent, private sector body which existed from 1973 to 2000. Its objective was to develop accounting standards that could be adopted by companies operating in multiple jurisdictions. In 2001, the IASC was succeeded by the International Accounting Standards Board (IASB).
The IASC was formed in June 1973, with the aim of developing accounting standards that could be adopted by companies operating in multiple jurisdictions. The committee comprised representatives from accounting firms, accounting standard-setters, and academia from around the world.
The IASC issued its first accounting standards in 1974. These were followed by a number of revisions and improvements over the years. In 1989, the IASC formally committed to converge its accounting standards with those of the International Organization of Securities Commissions (IOSCO).
The IASC’s accounting standards were gradually adopted by a number of countries. However, by the late 1990s, it was apparent that the IASC’s accounting standards were not compatible with US GAAP. This led to calls for reform of the IASC.
In 2000, the IASC was succeeded by the International Accounting Standards Board (IASB). The IASB is a private sector body that sets accounting standards for use in multiple jurisdictions. The IASB is funded by philanthropic organizations and accounting firms. It does not receive any government funding.