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Welcome My account Logout. Search site. Toggle navigation. Navigation Resources. The IASB decided to undertake a comparability and improvements project to reduce the number of allowable alternatives and make the standards more prescriptive rather than descriptive. By the late s, the need for a common body of international standards to facilitate cross-border capital flows had generated a high level of worldwide interest.
The FASB decided that the need for international standards was strong enough to warrant more focused activity on its part. During the s, the FASB developed its first strategic plan for international activities and significantly expanded the scope of its collaboration with other standard setters. The U. Congress and the SEC also became involved in the issues of international accounting standards. Since the Board had concluded that the ultimate goal was beyond immediate reach, it established a near-term strategic goal of making financial statements more useful by increasing the international comparability of accounting standards while improving their quality.
The plan outlined specific efforts toward achieving that goal. The FASB and its counterpart in Canada undertook a joint project that resulted in both Boards issuing improved standards on segment reporting that were substantially the same.
In the interest of working collaboratively, the FASB and its counterparts in Canada, the United Kingdom, and Australia formed a group to research and propose solutions to common accounting and reporting issues. Representatives of the IASB participated as an observer. The FASB and IASC undertook concurrent projects to improve their earnings per share standards with a specific objective of eliminating the differences between them.
In , the FASB updated its strategic plan for international activities, essentially affirming the strategic goals and action plans set forth in GAAP In , the FASB published an update of that staff research study. The IASC undertook a project to complete those core standards by The IOSCO agreed that if it found those core standards acceptable, it would recommend endorsement of IASC standards for cross-border capital and listing purposes in all capital markets.
The SEC issued a press release stating its intent to consider the acceptability of IASC standards as the basis for the financial reports of foreign private issuers. To be accepted by the SEC, the IASC standards would have to be 1 sufficiently comprehensive, 2 high-quality, and 3 rigorously interpreted and applied.
Following the Asian financial crisis, the World Bank, International Monetary Fund, G7 finance ministers, and others called for rapid completion and global adoption of high-quality international accounting standards. The report said that such a system would be characterized by a single set of high-quality accounting standards established by a single, independent, international standard setter. The report also identified the characteristics of high-quality standards and of a high- quality global standard setter.
Beginning in the s, efforts to harmonize accounting standards internationally evolved into a broad convergence effort. Several other countries, including Canada, Korea, India and Brazil, had committed to adopt international standards by GAAP and international standards. In late , the SEC issued a proposed Roadmap that, if adopted, could result in the mandatory use of international standards by U.
SEC registrants as early as The Concept Release, International Accounting Standards , sought broad input on a framework for the convergence of accounting standards and sought input on the conditions under which the SEC should accept the financial statements of foreign private issuers prepared using IASC standards and eliminate the requirement to reconcile those financial statements to U.
Updated on : May 04, - PM. The field of financial reporting in India has seen major changes in the last 5 years. As the trade increasingly moves beyond the national boundaries, the compliance and reporting requirements move too.
Presenting the financial statements of an entity in accordance with the reporting requirements of every country it has a presence in, is becoming increasingly difficult. It succeeded the International Accounting Standards Committee IASC , which was earlier given the responsibility of establishing the international accounting standards.
IASB is based in London.
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