International Accounting Standards Explained

The International Accounting Standards Committee (IASC) is an independent organisation, established in 1973 with the objective of harmonising the accounting principles that are used by businesses and other organisations throughout the world. as currently constituted, membership includes 153 professional accounting bodies in 112 countries representing 2 million accountants. The board of ISAC has 16 members and is responsible for developing and approving Internation Accounting Standards.