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- Title
The Next Step in Global Accounting Standards.
- Authors
Minter, Frank C.
- Abstract
This article focuses on the development of a group of so-called "core" international accounting standards by the International Accounting Standards Committee (IASC) that are anticipated to be the set of standards that will permit cross-border securities exchange listings based solely on international accounting principles. Briefly, IASC was formed in 1973 by an agreement made by the professional accountancy bodies of ten countries, of which the United States was one. Its members currently are the professional accountancy bodies that are members of the International Federation of Accountants (IFAC) and number 143 members in 103 countries. IFAC has delegated to the IASC Board, the authority to publish international accounting standards. To publish an exposure draft of a proposed standard requires a two-thirds favorable vote and to publish a final standard requires a three-fourths favorable vote.
- Subjects
ACCOUNTING standards; INTERNATIONAL Accounting Standards Committee; STOCK exchanges; INTERNATIONAL accounting standards; TAXATION of securities; INTERNATIONAL Federation of Accountants
- Publication
Journal of Corporate Accounting & Finance (Wiley), 1999, Vol 10, Issue 4, p73
- ISSN
1044-8136
- Publication type
Article
- DOI
10.1002/(SICI)1097-0053(199922)10:4<73::AID-JCAF7>3.0.CO;2-U