International Accounting Standards Committee

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A committee that came into existence in 1973 as a result of an agreement by accounting bodies in a number of countries. Its objectives were the formulation and publication of accounting standards, the promotion of their worldwide acceptance, and the harmonization of regulations, accounting standards, and procedures relating to the presentation of financial statements. The IASC published some 29 International Accounting Standards before it was superseded by the International Accounting Standards Board in 2001.

Subjects: Accounting.

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