International Accounting Standards Committee
Encyclopedia
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:
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.
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and replaced by the International Accounting Standards Board
International Accounting Standards Board
The International Accounting Standards Board is an independent, privately funded accounting standard-setter based in London, England.The IASB was founded on April 1, 2001 as the successor to the International Accounting Standards Committee...
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:
- AustraliaAustraliaAustralia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
(Institute of Chartered Accountants in Australia (ICAA) and the CPA AustraliaCPA AustraliaCPA Australia is one of three professional accounting bodies in Australia, the others being the Institute of Public Accountants and the Institute of Chartered Accountants of Australia....
(formerly known as Australian Society of Certified Practising Accountants (ASCPA))
- CanadaCanadaCanada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
(Canadian Institute of Chartered AccountantsCanadian Institute of Chartered AccountantsThe Canadian Institute of Chartered Accountants was incorporated by a Private Act of the Canadian Parliament in 1902. This Act, now known as the Canadian Institute of Chartered Accountants Act, was last amended in 1990 to reflect the CICA’s current mandate and powers.Working in collaboration with...
(CICA))
- FranceFranceThe French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
(Ordre des Experts Comptable et des Comptables Agrees (Order of Accounting Experts and Qualified Accountants))
- GermanyGermanyGermany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
(Institut der Wirtschaftsprüfer in DeutschlandInstitut der Wirtschaftsprüfer in DeutschlandThe Institut der Wirtschaftsprüfer in Deutschland e.V. [Institute of Public Auditors in Germany, Incorporated Association - IDW] is a privately run organisation established to serve the interests of its members who comprise both individual Wirtschaftsprüfer [German Public Auditors] and...
(IDW) (Institute of Auditors in Germany) and the Wirtschaftsprüferkammer (WPK) (Chamber of Auditors))
- JapanJapanJapan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
Nihon Kouninkaikeishi Kyoukai (Japanese Institute of Certified Public AccountantsJapanese Institute of Certified Public AccountantsThe Japanese Institute of Certified Public Accountants is the sole organization for the CPA profession in Japan. It was originally formed in 1949 as a self-disciplinary association, and reorganized under the Certified Public Accountants Act in 1966. In order to practice as a CPA, a qualified...
, JICPA))
- MexicoMexicoThe United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
(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 NetherlandsNetherlandsThe Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
(Nederlands Instituut van Registeraccountants (NIVRA) (Netherlands Institute of Registered Auditors))
- the United KingdomUnited KingdomThe United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and IrelandRepublic of IrelandIreland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
(counted as one) (Institute of Chartered Accountants in England and Wales (ICAEW), Institute of Chartered Accountants of ScotlandInstitute of Chartered Accountants of ScotlandThe Institute of Chartered Accountants of Scotland is the Scottish professional body of Chartered Accountants . It is a regulator, educator and influencer.ICAS act as a thought leader and voice of the professional business community...
(ICAS), Institute of Chartered Accountants in IrelandInstitute of Chartered Accountants in IrelandMembers of the Institute use the designatory letters ACA. Senior members may be elected Fellows and use the designatory letters FCA....
(ICAI), Association of Chartered Certified AccountantsAssociation of Chartered Certified AccountantsFounded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170...
(ACCA), Chartered Institute of Management AccountantsChartered Institute of Management AccountantsThe Chartered Institute of Management Accountants is a United Kingdom-based professional body offering training and qualification in management accountancy and related subjects, focused on accounting for business; together with ongoing support for members.CIMA is one of a number of professional...
(CIMA), and the Chartered Institute of Public Finance and AccountancyChartered Institute of Public Finance and AccountancyThe Chartered Institute of Public Finance and Accountancy is a professional institute for accountants working in the public services.CIPFA has 14,000 members who work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money...
(CIPFA)
- the United States of AmericaUnited StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
(American Institute of Certified Public AccountantsAmerican Institute of Certified Public AccountantsFounded in 1887, the American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States, with more than 370,000 CPA members in 128 countries in business and industry, public practice, government, education, student...
(AICPA))
The Institute of Chartered Accountants of Nigeria
Institute of Chartered Accountants of Nigeria
The Institute of Chartered Accountants of Nigeria is a professional accountancy body in Nigeria.It is one of the two professional accountancy associations with regulatory authority in Nigeria, the other being the Association of National Accountants of Nigeria .The relationship between the two...
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
Victoria University of Manchester
The Victoria University of Manchester was a university in Manchester, England. On 1 October 2004 it merged with the University of Manchester Institute of Science and Technology to form a new entity, "The University of Manchester".-1851 - 1951:The University was founded in 1851 as Owens College,...
, served the IASC as Secretary-General.