Origins of International Accounting Harmonization
This chapter shows how internationalism gripped the accountancy profession, and its leadership, in a number of countries during the 1960s. Accounting practice differed significantly around the world, and professional leaders began to express the view that enhanced cooperation among accountancy bodies was a necessary first step to narrowing the international differences in accounting practice. The initiative that can be seen as the direct precursor of the International Accounting Standards Committee (IASC) was the establishment of the Accountants International Study Group (AISG) in 1966, set up to collate information about accounting practice in three countries — Canada, the United Kingdom, and the United States — as well as make useful comparisons and point towards desirable avenues of improvement. The driving force behind the formation of the Study Group was Henry Benson, the president of the Institute of Chartered Accountants in England and Wales (ICAEW).
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