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.

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