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Aiming for Global Accounting StandardsThe International Accounting Standards Board, 2001–2011$
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Kees Camfferman and Stephen A. Zeff

Print publication date: 2015

Print ISBN-13: 9780199646319

Published to Oxford Scholarship Online: June 2015

DOI: 10.1093/acprof:oso/9780199646319.001.0001

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Evolution of the IASC into the IASB

Evolution of the IASC into the IASB

Chapter:
(p.8) 2 Evolution of the IASC into the IASB
Source:
Aiming for Global Accounting Standards
Author(s):

Kees Camfferman

Stephen A. Zeff

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199646319.003.0002

This chapter summarizes the history of the IASC from 1973 to 2000. Created at the initiative of accountancy bodies from several countries, the IASC achieved a modest acceptance of its basic accounting standards. After 1987, the IASC pursued acceptance of its standards for the purpose of cross-border securities listings. To this end, the IASC strengthened its standards in consultation with the International Organization of Securities Commissions (IOSCO). Although IOSCO endorsed the IASC’s standards in 2000, the main objective of acceptance of the standards by the US Securities and Exchange Commission (SEC) remained elusive. With strong encouragement of SEC, a restructuring of the IASC into an independent standard setter was agreed in 1999.

Keywords:   IASB, IASC, IFRS, IOSCO, Securities and Exchange Commission, accountancy profession, cross-border listings

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