Introduction to International Accounting Standards

The International Accounting Standards Committee (IASC) was formed in 1973 to develop worldwide accounting standards. Its came into existence as a result of an agreement among professional accountancy bodies in Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland, and United States of America. The objective of the IASC was to harmonize the world's accounting standards and eliminate those differences that cannot be explained by legitimate environmental variables. Accounting bodies of most of the countries, including the Institute of Chartered Accountants of India, are members of this body and these members have resolved to conform to the standards developed by IASC, subject to variations needed due to local conditions or laws.

Subsequently, IASC experienced a structural change similar to the structure of Financial Accounting Standards Board (FASB) of the United States.  In March 2000, a new IASC constitution was approved and the name of the international standard setting body was changed to International Accounting Standards Board (IASB). The new board (IASB) is a part of IASC Foundation and assumed its duties in April 2001. With the restructuring of the IASC in 2001, the new developed standards of IASB are no longer called International Accounting Standards but are called International Financial Reporting Standards (IFRS). Many countries notably the United Kingdom, Germany, and Australia - already allow listed companies to publish their accounts in accordance with IFRS.

The objectives of IASB are:

1. To develop, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require high quality, transparent and comparable information in financial statements and other financial reporting to help participants in the various capital markets of the world and other users of the information to make economic decisions.

2. To promote the use and rigourous application of those standards; and

3. To work actively with national standard setters to bring about convergence of national accounting standards and IFRSs to high quality solutions.

The IASB publishes its standards in a series of pronouncements called International Financial Reporting Standards (IFRS). The term International Financial Reporting Standards include IFRSs, IFRIC Interpretations, IASs and SIC Interpretations.  Till date 41 IAS (of which 10 have been withdrawn), 5 IFRS   and 32 SIC interpretations have been issued.

The list of accounting standards issued by the IASC is given below:

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