Iasc

The International Accounting Standards Committee was created in 1973 as an international effort to study accounting issues and to reduce the diversity of standards. The International Accounting Standards Committee was reconstituted as the International Accounting Standards Board in 2001. The International Accounting Standards Board recommends accounting standards that it believes are appropriate for a broad range of global activities involving companies in many nations. The International Accounting Standards Board describes itself on its website as follows: "An independent, privately-funded accounting standard setter based in London, UK. Board Members come from nine countries and have a variety of functional backgrounds. The Board is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. In addition, the Board cooperates with national accounting standard setters to achieve convergence in accounting standards around the world. The International Accounting Standards Board has issued accounting standards that identify preferred accounting methods. Many countries have adopted these standards for accounting reporting and financial reporting. The Financial Accounting Standards Board has been the primary organization for setting accounting standards for businesses in the United States since 1973. The Financial Accounting Standards Board is privately funded. It is not a government organization. The Financial Accounting Standards Board also sets accounting and financial reporting standards for nonprofit organizations other than governmental units. The Financial Accounting Standards Board employs a research staff to study accounting problems. It periodically issues Statements of Financial Accounting Standards, which are authoritative guidelines for accounting and financial reporting in the United States.