IASC - Definition and Overview

International Accounting Standards Committee was founded in June 1973 and restructured to the International Accounting Standards Board (IASB) on April 1, 2001. It was responsible for setting the International Accounting Standards.

The IASC was founded as a result of an agreement between accountancy bodies in the following countries:

• Australia
• Canada
• France
• Germany
• Japan
• Mexico
• the Netherlands
• the United Kingdom and Ireland
• the United States of America

Example Usage of IASC