International Accounting Standards: E. 2.8.7 International Accounting Standards

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2.8.6 International Accounting Standards (IAS)
IAS was issued by International Accounting Standards Committee (IASC). IASC was set up in June 1973 in an attempt to coordinate the development of international accounting standard. It includes representatives from many countries throughout the world, including the USA, UK and also Nigeria. International Standards are not intended to override local regulations. The adoption of internationally accepted accounting standards is a necessary measure to facilitate transparency and proper interpretation of financial statements. The IASC developed a framework for the preparation and presentation of financial statements. These frameworks are:
a. Lists concepts – underlying the preparation and presentation of financial statements to external users
b. Guides – standard setters in developed accounting standards
c. Assist – preparers, auditors, and users in interpreting International Accounting Standards (IAS) and dealing with issues not yet covered by such standards
IAS was in existence from 1973 to 2000. The International Accounting Standards Board (IASB) replaced the IASC in 2001
2.8.7 International Accounting Standard Board (IASB) …show more content…

The foremost objective of the organization is to develop, in the public interest, a single set of high quality, understandable and enforceable global accounting standards. The IASB is an independent group of experts with an appropriate mix of recent practical experience of standard setting or of the user, accounting, academic or preparer communities. The primary focus of the IASB is the convergence of accounting standards worldwide. In order to facilitate convergence of accounting standards, the IASB has members who serve as official liaisons to national standard

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