1967
Accountants International Study Group is created. Precursor to IASC.
1968
First AISG study: Comparative accounting practices for inventories in Canada, the
United Kingdom, and the United States. AISG published a total of 20 studies through
1977, when it was disbanded. Some were used by IASC in its early standards.
1972
- Proposal for IASC is put forward by Sir Henry Benson at 10th World Congress
of Accountants in Sydney. Discussed with the three AISG countries (Canada, the
United Kingdom, and the United States). - Further discussions of the Benson proposal including representatives of Aus-
tralia, France, Germany, Japan, the Netherlands, and Mexico.
INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE (IASC) 1973–2000
1973
- Agreement to establish IASC signed by representatives of the professional ac-
countancy bodies in Australia, Canada, France, Germany, Japan, Mexico, the
Netherlands, the United Kingdom/Ireland, and United States. - IASB opens an office at 3 St. Helen’s Place, London.
- Paul Rosenfield (the United States, on secondment from AICPA) is appointed
first Secretary of IASC. - IASC holds its inaugural meeting 29 June, London.
- Sir Henry Benson elected first Chairman of IASC.
- IASC adopts its initial agenda of three technical projects: Accounting Policies,
Inventories, Consolidated Financial Statements. - Steering committees are appointed for the above three projects (the first IASC
steering committees). - First meeting of an IASC steering committee (IAS 1, Disclosure of Accounting
Policies). - IASC holds board meetings in London (2).
Exposure Drafts Published
None
Final Standards Published
None
1974
- First associate members of IASC are admitted: Belgium, India, Israel, New
Zealand, Pakistan, and Zimbabwe. - IASC holds board meetings in London (3) and Paris.
APPENDIX 16 • 21