International Accounting Standards Committee (IASC)

What is International Accounting Standards Committee (IASC)?

The International Accounting Standards Committee (IASC) was a private sector body that was responsible for the development and promotion of International Accounting Standards (IAS), which were a set of accounting standards that were used internationally for the preparation of financial statements. The IASC was established in 1973 and was headquartered in London, United Kingdom.

The IASC was made up of representatives from various countries and was funded by contributions from its member organizations, which included accounting firms, professional accounting bodies, and other interested parties. The IASC's main function was to develop and maintain accounting standards that were internationally recognized and applied consistently around the world.

In 2001, the IASC was replaced by the International Accounting Standards Board (IASB), which became responsible for the development and maintenance of International Financial Reporting Standards (IFRS), which are the global accounting standards that are used in over 140 countries around the world. The IASB is a independent, private sector organization that is based in London and is funded by contributions from its member organizations.

Overall, the International Accounting Standards Committee (IASC) was a private sector body that was responsible for the development and promotion of International Accounting Standards (IAS), which were a set of accounting standards that were used internationally for the preparation of financial statements. It was replaced by the International Accounting Standards Board (IASB) in 2001, which is responsible for the development and maintenance of International Financial Reporting Standards (IFRS), the global accounting standards that are used in over 140 countries around the world.