International Accounting Standards Committee was founded in June 1973 in London and replaced by the International Accounting Standards Board on April 1, 2001. It was responsible for developing the International Accounting Standards and promoting the use and application of these standards.
The IASC was founded as a result of an agreement between accountancy bodies in the following countries:
- Australia (Institute of Chartered Accountants in Australia (ICAA) and the CPA Australia (formerly known as Australian Society of Certified Practising Accountants (ASCPA))
- Canada (Canadian Institute of Chartered Accountants (CICA))
- France (Ordre des Experts Comptable et des Comptables Agrees (Order of Accounting Experts and Qualified Accountants))
- Germany (Institut der Wirtschaftsprüfer in Deutschland (IDW) (Institute of Auditors in Germany) and the Wirtschaftsprüferkammer (WPK) (Chamber of Auditors))
- Japan Nihon Kouninkaikeishi Kyoukai (Japanese Institute of Certified Public Accountants, JICPA))
- Mexico (Instituto Mexicano de Contadores Publicos (IMCP) (Mexican Institute of Public Accountants)) (removed from the board in 1987 due to non-payment of dues; resumed in 1995).
- the Netherlands (Nederlands Instituut van Registeraccountants (NIVRA) (Netherlands Institute of Registered Auditors))
- the United Kingdom and Ireland (counted as one) (Institute of Chartered Accountants in England and Wales (ICAEW), Institute of Chartered Accountants of Scotland (ICAS), Institute of Chartered Accountants in Ireland (ICAI), Association of Chartered Certified Accountants (ACCA), Chartered Institute of Management Accountants (CIMA), and the Chartered Institute of Public Finance and Accountancy (CIPFA)
- the United States of America (American Institute of Certified Public Accountants (AICPA))
The Institute of Chartered Accountants of Nigeria became an associate member in 1976 and a member of the board from 1978 to 1987.
The National Council of Chartered Accountants (South Africa) became an associate member in 1974 and joined the board in 1978. In 1995 the South Africans began sharing their representation on the board with the Institute of Chartered Accountants of Zimbabwe.
The Consiglio Nazionale dei Dottori Commercialisti (Italy) joined the IASC board in 1983 and remained until 1995.
The National Federation of Certified Public Accountants Associations of the Republic of China became of member of IFAC Council in 1983 and in 1984 began a three-year term as the second accountancy body from East Asia, after Japan, represented on the IASC Board.
The Institute of Chartered Accountants of Pakistan and the Pakistan Institute of Industrial Accountants both became associate members in 1974.
The Institute of Chartered Accountants of India (ICAI) became an associate member in 1974 and joined the board in 1993. In 1995, India began sharing the delegation with the Institute of Chartered Accountants of Sri Lanka.
The Singapore Society of Accountants became an associate member in 1975.
The Hong Kong Society of Accountants became an associate member in 1975.
The Malaysian Association of Certified Public Accountants became an associate member in 1975 (later joined by the Institut Akauntan Malaysia, the Malaysian Institute of Accountants), and was a member of the board from 1995-2000.
The New Zealand Society of Accountants became an associate member in 1974.
Denmark became a member in 1988, replaced in 1990 by the Nordic Federation of Public Accountants (represented by Danes, Swedes and Norwegians,since the Fins and Icelandics were not interested in participating).
A Jordanina delegation served on the Board from 1988 to 1995 which was constituted by the Arab Society of Certified Accountants.
Korea sent a delegation from 1988 to 1992.
The IASC was never successful in attracting a delegation from the Americas south of Mexico.
The IASC had about 140 member bodies from 104 countries.
From 1995 to 2001, Sir Bryan Carsberg, former Professor of Accounting and Business Finance at the Victoria University of Manchester, served the IASC as Secretary-General.
Famous quotes containing the words accounting, standards and/or committee:
“At the crash of economic collapse of which the rumblings can already be heard, the sleeping soldiers of the proletariat will awake as at the fanfare of the Last Judgment and the corpses of the victims of the struggle will arise and demand an accounting from those who are loaded down with curses.”
—Karl Liebknecht (1871–1919)
“With his brows knit, his mind made up, his will resolved and resistless, he advances, crashing his way through the host of weak, half-formed, dilettante opinions, honest and dishonest ways of thinking, with their standards raised, sentimentalities and conjectures, and tramples them all into dust. See how he prevails; you don’t even hear the groans of the wounded and dying.”
—Henry David Thoreau (1817–1862)
“Like other cities created overnight in the Outlet, Woodward acquired between noon and sunset of September 16, 1893, a population of five thousand; and that night a voluntary committee on law and order sent around the warning, “if you must shoot, shoot straight up!””
—State of Oklahoma, U.S. public relief program (1935-1943)