Abstracts » Business

Calling all national standard setters

Article Abstract:

The International Accounting Standards Committee (IASC) published its first standard in 1975. The IASC has succeeded in eliminating bad accounting practices and removing barriers between accounting standards in different countries, but much work still needs to be done in harmonizing international accounting treatments. This is because the IASC has permitted many free choices of accounting treatments in its standards. As of March 1987, the IASC's first priority will no longer be to produce new standards, but to limit the number of options available for accounting standards. To accomplish this, the IASC must first identify the options in standards and the reasons for their existence in different countries. To select the proper options, the IASC will need to work closely with national standard setting bodies in each country in the IASC's jurisdiction.

Accounting and auditing, International finance

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IASC's blueprint for the future

Article Abstract:

The International Accounting Standards Committee (IASC) is conducting a review of its goals. The Committee is also analyzing its effectiveness and its relationship with the International Federation of Accountants. The key objectives of the IASC between 1990-1995 are: developing international accounting and disclosure standards to meet the needs of the international business community and capital markets; developing and assisting with the implementation of accounting standards that address the financial reporting needs of developing countries; and enhancing the compatibility of national accounting requirements and international accounting standards.

International Federation of Accountants

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New pastures

Article Abstract:

An explanation of the responsibilities taken on by the new International Accounting Standards Committee is presented. A major objective of the new committee will to be work very closely with agencies involved in establishing national standards.

International agencies, International organizations

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