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History

 

The International Accounting Standards Board (IASB) was preceded by the Board of the International Accounting Standards Committee (IASC), which operated from 1973 until 2001.

IASC was founded in June 1973 as a result of an agreement by accountancy bodies in Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland and the United States, and these countries constituted the Board of IASC at that time.

The international professional activities of the accountancy bodies were organised under the International Federation of Accountants (IFAC) in 1977. In 1981, IASC and IFAC agreed that IASC would have full and complete autonomy in setting international accounting standards and in publishing discussion documents on international accounting issues. At the same time, all members of IFAC became members of IASC. This membership link was discontinued in May 2000 when IASC's Constitution was changed as part of the reorganisation of IASC.

The following chronology up to June 1998 is taken from an article, 'IASC - 25 Years of Evolution, Teamwork and Improvement', by David Cairns, former secretary-general of IASC, published in IASC Insight, in June 1998. The information has been supplemented for events between June 1998 and December 2005.

2005

  • The Trustees publish an amended Constitution for the IASC Foundation.
  • The Trustees appoint a chairman and members of reconstituted SAC.
  • European Commissioner supports ‘roadmap’ developed by staff of US SEC towards the removal by 2008 of the requirement for companies to reconcile from IFRS to US GAAP when listing in the US.
  • The first IFRIC Co-ordinator appointed.
  • The IFRIC begins publishing ‘tentative agenda decisions’.
  • The IASB publishes two discussion papers written by the staff of partner standard-setters.

2004

  • By issuing four IFRSs, two revised IASs and an amendment to the financial instruments standard by the end of March the IASB brings to completion its ‘stable platform’ of standards for use by companies adopting its standards from January 2005.
  • Later in the year the IASB issues another IFRS and amendments to its standard on employee benefits.
  • The IASB issues the IFRIC’s first five Interpretations.
  • The IASB concludes a convergence agreement with the Accounting Standards Board of Japan.
  • The IASB and the FASB agree to launch a joint conceptual framework project
  • SAC draw up a draft charter of terms of reference and operating procedures
  • The Trustees publish consultation paper inviting public comment on their conclusions on the review of the IASC Foundation’s Constitution.
  • The IASB publishes its first discussion paper (on SMEs)

2003

  • The Trustees launch review of the IASC Foundation’s Constitution.
  • The IASB issues IFRS 1 on first-time adoption of IFRSs
  • The IASB completes its general Improvements project by issuing 13 revised IASs, and revised versions of the two standards on financial instruments.
  • The IASB publishes exposure drafts of two new standards.
  • The Trustees appoint a Director of Education to head the Foundation’s education initiative.
  • The IASB begins broadcasting its meetings over the Internet.
  • The IFRIC publishes its first draft Interpretations.

2002

  • The IFRIC meets for the first time.
  • The IASB issues Preface to International Financial Reporting Standards and its first technical pronouncement—an urgent Amendment to IAS 19 Employee Benefits—The Asset Ceiling
  • After extensive consultation with the SAC, national accounting standard-setters, regulators and other interested parties, the IASB announces new programme of technical projects.
  • The IASB publishes exposure drafts of three new standards and amendments to 16 existing standards
  • The IASB meets the US Financial Accounting Standards Board (FASB). They conclude the Norwalk Agreement, a memorandum of understanding that commits the boards to work together to remove differences between IFRSs and US GAAP and to co-ordinate their future work programmes.
  • The IASB hosts the first annual meeting of world standard-setters.

2001

  • Trustees announce members of the International Accounting Standards Board.
  • Trustees appoint members of the Standards Advisory Council (SAC), which meets for first time.
  • European Commission presents legislation to require use of IASC Standards for all listed companies no later than 2005.
  • Trustees bring new structure into effect—1 April 2001—the IASB assumes responsibility for setting accounting standards, designated International Financial Reporting Standards (IFRSs).
  • IASC Foundation acquires lease of offices at 30 Cannon Street, and the IASB moves into the new premises.
  • After consultation with the SAC the IASB announces initial programme of nine technical projects, including Improvements project for twelve IASs and the two IASs on financial instruments.
  • IASB reopens comment period on G4 1 discussion paper on share-based payment, and publishes exposure draft of Preface to IFRSs.
  • Trustees appoint members of the International Financial Reporting Interpretations Committee (IFRIC) to succeed the SIC.
  • Trustees announce members of the International Accounting Standards Board
  • Trustees announce search for IAS Advisory Council members
  • European Commission presents legislation to require use of IASC Standards for all listed companies no later than 2005

 

2000

  • SIC meetings opened to public observation
  • Basel Committee expresses support for IASs and for efforts to harmonise accounting internationally
  • SEC concept release regarding the use of international accounting standards in the US
  • As part of restructuring programme, IASC Board approves a new Constitution
  • IOSCO recommends that its members allow multinational issuers to use 30 IASC standards in cross-border offerings and listings
  • Nominating Committee announces initial Trustees of the restructured IASC
  • IASC member bodies approve IASC's restructuring and the new IASC Constitution
  • European Commission announces plans to require IASC standards for all EU listed companies from no later than 2005
  • Sir David Tweedie named as first Chairman of the restructured IASC Board
  • Trustees announce search for new Board members - over 200 applications are received
  • IASC Board approves limited changes to IAS 12, IAS 19 and IAS 39 (and related Standards)
  • IASC staff publish Implementation Guidance on IAS 39
  • IAS 41 Agriculture approved at the last meeting of the IASC Board

1999

  • IOSCO review of IASC core standards begins
  • IASC Board meetings opened to public observation
  • G7 Finance Ministers and IMF urge support for IASs to 'strengthen the international financial architecture'
  • New IFAC International Forum on Accountancy Development (IFAD) assumes commitment to 'support the use of International Accounting Standards as the minimum benchmark' worldwide
  • EC single market plan for financial services includes use of IASs
  • FEE urges allowing European companies to use IASs without EC Directives and to phase out US GAAP
  • Eurasian Federation of Accountants and Auditors plans adoption of IASs in CIS countries
  • IASC Board unanimously approves restructuring into 14-member board (12 full-time) under independent trustees
  • Board appoints Nominating Committee to select first Trustees under new IASC structure

1998

  • New laws in Belgium, France, Germany and Italy allow large companies to use IASs domestically
  • First official translation of IASs (German)
    IFAC Public Sector Committee publishes draft guideline for Governmental Financial Reporting as a platform for a set of International Public Sector Accounting Standards, to be based on IASs
  • Number of countries with IASC members passes 100
  • Strategy Working Party proposes structural changes, closer ties to national standard-setters
  • IASs published on CD ROM
  • Core standards completed with approval of IAS 39 in December

1997

  • Standing Interpretations Committee formed
  • IASC and FASB issue similar standards on earnings per share
  • IASC, FASB and CICA issue new Segments standards with relatively minor differences
  • Discussion paper proposes fair value for all financial assets and financial liabilities - IASC holds 45 consultation meetings in 16 countries
  • Joint Working Group on financial instruments formed with national standard-setters
  • People's Republic of China becomes a member of IASC and IFAC and joins IASC Board as observer
  • FEE calls on Europe to use IASC's Framework
  • Strategy Working Party formed
  • IASC sets up its Internet Website

1996

  • Core standards programme accelerated, target 1998
  • Financial executives join Board and IOSCO joins Board as observer
  • Board starts joint project on provisions with UK Accounting Standards Board
  • EU Contact Committee finds IASs compatible with EU directives, with minor exceptions
  • US Congress calls for 'a high-quality comprehensive set of generally accepted international accounting standards'
  • Australian Stock Exchange supports programme to harmonise Australian standards with IASs
  • ministers at World Trade Organisation encourage successful completion of international standards

1995

  • Agreement with IOSCO to complete core standards by 1999 - on successful completion IOSCO will consider endorsing IASs for cross-border offerings
  • First German companies report under IASs
  • Swiss holding companies join Board
  • Malaysia and Mexico replace Italy and Jordan on Board - India and South Africa agree to share Board seats with Sri Lanka and Zimbabwe
  • European Commission supports IASC/IOSCO agreement and use of IASs by EU multinationals

1994

  • SEC accepts three IAS treatments plus IAS 7
  • Board meets standard-setters to discuss E48 Financial Instruments
  • World Bank agrees to fund Agriculture project
  • Establishment of Advisory Council approved
  • IOSCO accepts 14 IASs but rejects step-by-step endorsement of IASs ('Shiratori letters')
  • FASB agrees to work with IASC on earnings per share
  • Future Events - first joint publication of G4 1


1993

  • India replaces Korea on Board
  • IOSCO agrees list of core standards and endorses IAS 7 Cash Flow Statements
  • Comparability and Improvements project completed with approval of ten revised IASs

1992

  • First delegation to People's Republic of China

1991

  • First IASC conference of standard-setters (organised in conjunction with FEE and FASB)
  • IASC Insight, IASC Update and publications subscription scheme launched
  • FASB plan supports international standards

1990

  • Statement of Intent on Comparability of Financial Statements
  • European Commission joins Consultative Group and joins Board as observer
  • External funding launched
  • Bishop committee confirms relationship between IASC and IFAC

1989

  • FEE president Hermann Nordemann argues that Europe's best interests are served by international harmonisation and greater involvement in IASC
  • Framework for the Preparation and Presentation of Financial Statements approved
  • IFAC public sector guideline requires government business enterprise to follow IASs

1988

  • Jordan, Korea and Nordic Federation replace Mexico, Nigeria and Taiwan on the Board
  • Financial instruments project started in conjunction with Canadian Accounting Standards Board
  • IASC publishes survey on the use of IASs
  • FASB joins Consultative Group and joins Board as observer
  • E32 Comparability of Financial Statements

1987

  • Comparability project started
  • IOSCO joins Consultative Group and supports Comparability project
  • First IASC Bound Volume of International Accounting Standards

1986

  • Financial analysts join Board
  • Joint conference with New York Stock Exchange and International Bar Association on the globalisation of financial markets

1985

  • OECD forum on accounting harmonisation
  • IASC responds to SEC multinational prospectus proposals

1984

  • Taiwan joins Board
  • Formal meeting with US SEC

1983

  • Italy joins Board

1982

  • IASC/IFAC mutual commitments - Board expanded to 13 countries plus four 'other organisations with an interest in financial reporting'

1981

  • Consultative Group formed
  • IASC starts visits to national standard-setters
  • Working party on deferred taxes set up with standard-setters in the Netherlands, UK and US



1980

  • Discussion papers on bank disclosures published
  • United Nations Intergovernmental Working Group on Accounting and Reporting meets for first time - IASC presents position paper on co-operation

1979

  • IASC meets OECD working group on accounting standards

1978

  • Nigeria and South Africa join Board

1977

  • Revised constitution adopted - Board expanded to 11 countries - 'associate' members become members - reference to 'basic' standards removed
  • IFAC formed - IASC continues to be autonomous but with close relationship with IFAC

1976

  • Group of Ten Bank Governors decides to work with IASC, and fund IASC project, on banks' financial statements

1974

  • First Exposure Draft published
  • First associate members admitted (Belgium, India, Israel, New Zealand, Pakistan and Zimbabwe)
  • IAS 1 Disclosure of Accounting Policies

1973

  • IASC formed - inaugural meeting 29 June, London