Standards at international level, Accounting Standards

Standards at International Level: In view of the development of international trade and multinational enterprises, the requirement for standardization at the international level was thought. An International Congress of Accountants was organized in Sydney. Australia in the year 1972 to ensure the needed level of uniformity in accounting practices. Maintain this in view, the International Accounting Standards Committee (IASC) was made and was entrusted along with the responsibility of formulating international standards. Each the member countries of IASC solved to conform to the standards developed through IASC, or at least to disclose variations from recommended standards. After its formation in the 1973 year, the IASC has certified 40 international accounting statements to date. The other professional body, IFAC i.e. the International Federation of Accountants was established in the 1978 year.

Attempts have also been formed in countries as in the European Economic Community (EEC) and in Canada for standardization of accounting practices about disclosure and consistency of procedures.

Posted Date: 4/3/2013 6:05:23 AM | Location : United States







Related Discussions:- Standards at international level, Assignment Help, Ask Question on Standards at international level, Get Answer, Expert's Help, Standards at international level Discussions

Write discussion on Standards at international level
Your posts are moderated
Related Questions
how many tipe of accounts

Comprising examined the conceptual origin of the balance sheet we will here try to study the balance sheet by itself. We have observed that every transaction influences the financi

write short notes on 5 modern accounting techniques

why Accountant prefer commercial substance than legal form?

It is generally taken to include currency or legal tender, cheques or any other document which circulates as cash. It is generally classified like a current asset while it is acces

Development of financial accounting standards Several organizations are considerable in the establishment of generally accepted accounting principles (GAAP) for businesses or g

are exploration costs assets to Mining companies?

Q. Financial consequences of business decisions? When nowadays college students are polled about their long-term career choice an astonishingly large number respond that they w

Explain the procedure followed in government system of accounting in india

The first municipal bond insurance company was created in 1971 as a supplementary of MGIC Investment Corp. of Milwaukee; now usually called as Ambac Financial Group, Inc. The Ameri