International Accounting Standards Committee (IASC)
by
umair sajedin
Capitalised, as an abbreviation, it most often stands for International Organization for Standardization. It is a non-government organization that sets worldwide proprietary in industrial and commercial standards for each respective industry and country. Their standards or set requirements eventually becomes law to a respective industry.
It stands for International Organization for Standardization which is responsible for releasing or publishing ISO standards for every specific industry that the organization covers.
Current revision of Aerospace Standards in relation to Quality Management Systems such as ISO (International Standards)
International Financial Reporting Standards
Since no organization can claim to represent the whole world, there is no "official" language for the world. The closest such organization would be the United Nations, which uses six official languages: English, Spanish, Chinese, Arabic, French, and Russian. The use of languages by international organizations is usually related to the number of speakers rather than any "official" status. This is why, for example, English and Spanish have become defacto global standards. English is clearly a global language, but this is merely a measure of its widespread use, not of any official recognition.
AnswerHow do specific accounting theories helps us to understand issues relating to harmonization of accounting standard.
International Accounting Standards Board (IASB)
The International Accounting Standards Board (IASB) was founded in 2001. The purpose of this 15 member organization is to set United States accounting standards.
Indian accounting standards are developed by Indian board and only applicable in India while international accounting standards are developed by International Accounting standard board and applicable to all countries.
what are advantages and disadvantages of harmonisation of accounting standards
The Financial Accounting Standards Board (FASB) is a private organization (within the Financial Accounting Foundation) that issues financial accounting and reporting standards for nongovernmental entities.
Here is a link to a great paper by from the SEC , outlining the major differences in International Accounting Standards.
Start with the International Accounting Standards Board.
The Governmental Accounting Standards Board was created under the auspices of the Financial Accounting Foundation.
Accounting standards help to standarise the financial reporting of companies in all areas to make it easier to make comparisons. With the international accounting standards it allowes this to become international, once exchange rated have been applied.
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