International Finance and Accounting Handbook

(avery) #1

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
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