International Accounting Standards Committee (IASC)

by

umair sajedin

The AICPA's Accounting Standards Executive Committee (AcSEC), which works closely with the FASB and its staff, is the senior technical committee of the AICPA authorized to set accounting standards and to speak for the AICPA

The International Accounting Standard Committee (IASC) oversees the functions of the International Accounting Standards Board in the development of accounting standards that can be adopted by businesses operating in different countries. The goal of this project is to make it easier to compare the financial statements of a business in Country A with those of a business in Country B, providing more useful information to investors who are deciding which companies to invest in.

International Financial Reporting Interpretation Committee, a support group of the International Accounting Standards Board who issues clarifications and application guidelines to the existing International Financial Reporting Standards in order to resolve any inconsistencies or controversial issues.

both organizations agreed in 1982 to have a uniform membership in which IASC would concentrate on promoting harmonized accounting standards while IFAC would focus on promoting harmonized professional standards