International Accounting Standards Paper

In today?s rapidly growing global economy, the admit for a common accounting structure and standards between altogether countries involved with business affairs has become increasingly important. This storey is the result of the research requested by management in preparation for a business trip to London. Included in this communicate is a brief history of the world-wide account statement Standards notice (IASB), which will briefly discuss the role of the Inter subject argona Accounting Standards Committee trigger (IASC), the structure of the IASB, and finally, an explanation of the step involved in creating an international accounting standard in accordance with due process. Also included in this report is the pertinent information that briefly summarizes the two most new-made accounting standards issued by the IASB. The listed local mailing address in London, England is: First Floor, 30 Cannon Street, London, EC4M 6XH, United Kingdom; and the strait number is: +44 (0)20 7246 6410. (http://www.iasb.org/About+Us/Contact+Us.htm)The fiber of the IASC FoundationThe IASC Foundation has several important roles. ?The Foundation is committed to developing, in the public interest and through its standard- presentting body, the International Accounting Standards Board (IASB), a single set of high quality, international financial reporting standards for general purpose financial statements.? (http://www.iasb.org/About+Us/About+the+IASC+Foundation/About+the+IASC+Foundation.



htm) One role of the IASC Foundation is to bring about a convergence between national and international accounting standards, and international financial reporting standards. other important role is developing a single set of comprehensible and enforceable global accounting standards while ameliorate the quality of these standards to they are transparent and the information is readily uncommitted in financial statements, as well as, ensure these standards are used internationally. Furthermore, ?The International Accounting Standards Committee (IASC) was formed in 1973 through an agreement made by professional accountancy bodies from Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland, and the United...

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