The International Accounting Standards Committee was formed in 1972, in an effort to standardize accounting procedures amongst the international investment community (Feldman & Herbert, 1977). The widespread adaptation of IASC standards is dependent upon the pressure applied by the large international financial institutions, stock exchanges, and accounting firms (Cummings, 1974). The overall objectives of the IASC are to ensure that accounting standards in each member country conform to IASC set standards (Slipkowsky, 1986). Independent auditors are available to satisfy the authenticity of these financial standards. Noncompliance in reference to IASC standards are noted in issued audit reports (Feldman & Herbert, 1977).
The IASC is comprised of two members from each of the founding nine countries. Also included are twenty six associate members (Feldman & Herbert, 1977). The Steering Committee includes a financial analyst from the United States and representatives of the accountancy bodies in France, India and the UK. The International Chamber of Commerce is also represented on the steering committee (Management Accounting-London, 1994). Progress in the first years included the appointment of seven steering committees, disclosure of general accounting policies, presentation and valuation of inventories, consolidated financial statements, basic disclosure of financial statements and financial reporting under inflationary conditions (Cummings, 1974).
As of May of 1995, Sir Bryan Carlsburg is serving as secretary-general of the IASC. Sir Bryan Carlsburg's background is broadly based and well founded for the position. From 1978 through 1981 he was an academic fellow and assistant director or research and technical activities at the Financial Accounting Standards Board in the United States. Subsequently he became an observer member of the U.K. Accounting Standards Committee while director of research for the institute of ...