Financial Reporting and Global Capital Markets: A History of the International Accounting Standards Committee, 1973-2000
Standardization and harmonization of accounting practices is a fundamental element of a global business environment. Achieving this is a complex process that involves technical and political negotiation. The International Accounting Standards Committee (IASC) was the organization that pioneered this process on a world-wide basis. The IASC prepared the way for the International Accounting Standards Board (IASB) and its International Financial Reporting Standards, which since 2005 have held the dominant influence over the financial reporting of thousands of listed companies in the European Union, as well as in many other countries. The forces and influences that shaped the formation of the IASB were intimately connected with the historical organization and operation of its predecessor, the IASC, and so to understand the standards enforced in financial reporting today, a historical understanding of the IASC is required. Financial Reporting and Global Capital Markets does just this. It examines the history of the IASC from 1973 to 2000, including its foundation, operation, changing membership and leadership, achievements and setbacks, the development of its standards, and its restructuring leading up to the creation of the IASB in 2001. The book also studies the impact of the IASC's standards on national standard setting and on accounting practice in developed and developing countries, as well as the impact on the IASC of the policies and positions of the UN, the OECD, the US Securities and Exchange Commission, the International Organization of Securities Commissions, and the European Commission. It will be of vital interest to all concerned with accounting developments in a global environment, be they academics, policy-makers, or professionals.
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PART I ORIGINS
PART II 197387
PART III 19872000
Text of the 1973 Agreement and Constitution
Chairmen and Senior Staff
Members of the Delegations to the IASC 19732000
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accountancy bodies accountancy profession Accounting Standards Committee AICPA approved April Arthur Wyatt assets Australia board members Bryan Carsberg Burggraaﬀ Canada Chartered Accountants CICA companies Consultative Group core standards Council countries dated David Cairns December deﬁnition delegation developing diﬀerences diﬃcult disclosure discussion paper eﬀect eﬀorts endorsement Enevoldsen European Commission executive committee exposure draft FASB FASB’s ﬁle ﬁnal ﬁnancial instruments ﬁnancial reporting ﬁnancial statements ﬁrms ﬁrst Framework GAAP German harmonization IASC archive IASC board meeting IASC Insight IASC standards IASC’s ICAEW ICCAP IFAC inﬂuence Institute of Chartered International Accounting Standards Interview IOSCO issue January July June letters LIFO March member bodies Michael Sharpe minute national standard setters November October OECD oﬃce options paragraph party party’s Paul Cherry proposed reﬂected represented revised SEC’s secretariat secretary-general September Shiratori signiﬁcant speciﬁc staﬀ staﬀ observer standard setting steering committee Stock Exchange technical United Kingdom vote World Accounting Report