The World Wakes up to the IASC
This chapter is organized as follows. The second section reviews developments in selected European board member countries. The third section traces the origins of the International Accounting Standards Committee's (IASC) greatest success, the decision in June 2000 by the European Commission to propose the required application of IASC standards in the consolidated financial statements of all listed companies in the European Union (EU), starting in 2005. The fourth section discusses the different responses to the IASC in several non-European board member countries, while the fifth section treats the support given to the IASC by international financial institutions such as the World Bank. Finally, the last section shows how several national standard setters created an intensive form of cooperation among themselves, known as the G4+1, which some saw as a potential rival of the IASC.
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