The International Accounting Standards Committee (IASC) was founded in June 1973 in London at the initiative of Sir Henry Benson, former president of the Institute of Chartered Accountants in England and Wales. The IASC was created by national accountancy bodies from a number of countries with a view to harmonizing the international diversity of company reporting practices. Between its founding in 1973 and its dissolution in 2001, it developed a set of International Accounting Standards (IAS) that gradually acquired a degree of acceptance in countries around the world. Although the IASC came to include some organizations representing preparers and users of financial statements, it largely remained an initiative of the accountancy profession. On 1 April 2001, it was replaced by the International Accounting Standards Board (IASB), an independent standard-setting body. The IASB adopted the extant corpus of IAS which it continued to develop as International Financial Reporting Standards.
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👉 International Accounting Standards Committee in the context of IAS 16
International Accounting Standard 16 Property, Plant and Equipment or IAS 16 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It concerns accounting for property, plant and equipment (known more generally as fixed assets), including recognition, determination of their carrying amounts, and the depreciation charges and impairment losses to be recognised in relation to them.
IAS 16 was issued in December 1993 by the International Accounting Standards Committee, the predecessor to the IASB. It was reissued in December 2003 and has been amended multiple times, most recently in 30 June 2014.
International Accounting Standards Committee in the context of International Accounting Standards Board
The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation.
The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (IFRS) and for promoting their use and application.