International Financial Reporting Standards Desk Reference
Chapter One
The Growth of
National Standards
EARLY DEVELOPMENTS
National procedures, organizations, and regulations for accounting are currently
at a watershed, due to the increasing influence of the International Accounting
Standards Board (IASB). Effective April 1, 2001, the IASB had
assumed standard setting responsibilities from its predecessor body, the International
Accounting Standards Committee (IASC).
The national standard setting bodies are also at various stages in their response
and strategies. A number of major players, for example the European
Union, China, and Australia have adopted, or will soon be adopting, International
Financial Reporting Standards (IFRSs) for some or all entities. The U.S.
Financial Accounting Standards Board (FASB), through the Norwalk Agreement,
and the IASB have given a formal commitment to convergence. More
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