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Write a 7 pages paper on history of international accounting standards board. The group formulating and developing accounting standards turned out to be the basis of the establishment of an independent accounting body for the purpose of issuing accounting standards to be used worldwide, which was named as International Accounting Standards Committee (IASC) (Knowledge Guide to International Accounting Standards, accessed 14.02.06).

The International Accounting Standards Committee (IASC) was formed in the year 1973 in the pursuit of the international community towards the development of accounting standards capable of being used throughout the world and IASC focused on this mission soon after its creation. Initially, ten countries collaborated their efforts for the formation of the International Accounting Standards Committee.

During the reign of IASC, several accounting standards were developed but the goal of harmonization could not be achieved due to the lack of implementation of those standards. Furthermore, those standards provided great room for the manipulators to play around with the rules and regulations. It was in 1997 that IASC realized the significance of harmonized accounting standards and the increasing need for comparability of financial statements at a global level leading to the restructuring and remodeling of IASC. In the year 2001, the standard-setting responsibilities of International Accounting Standards Committee was taken over by the new International Accounting Standards Board (IASB) with a view to restructure it to meet the challenges of the 21st century (Accounting: Introduction: background to the introduction of International Accounting Standards: a brief history, accessed 14.02.06).

The International Accounting Standards Board (IASB) works under the supervision of the International Accounting Standards Committee Foundation (IASCF), which was created in March 2001. The existing new structure consists of IASB, being given the responsibility to formulate.