ABSTRACT
In January 1970, after a spate of ‘financial scandals’, an Accounting Standards Steering Committee was set up by the Council of The Institute of Chartered Accountants in England and Wales ‘with the object of developing definitive standards for financial reporting’ (ASB, 2005: 3). Subsequently renamed the Accounting Standards Committee, it was replaced in August 1990 by the present Accounting Standards Board. Similar bodies were established in other countries with a similar object. The International Accounting Standards Committee was founded in June 1973 by accountancy bodies in Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland, and the United States of America. In April 2001, it was reconstituted as the International Accounting Standards Board which has assumed responsibility for setting accounting standards.
