Global Accounting Standards—From Vision to Reality

Assessing the State of IFRS Adoption, Jurisdiction by Jurisdiction

Paul Pacter, PhD, CPA (inactive)

In June 1973, in recognition of the rapid globalization of the world's capital markets, the professional accountancy bodies in nine countries, including the United States, created the International Accounting Standards Committee (IASC). The IASC's stated mission was to “formulate and publish in the public interest, basic standards to be observed in the presentation of audited accounts and financial statements” (http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176156304264). Those nine professional bodies pledged in writing to use their best efforts to get the newly launched set of International Accounting Standards (IAS) adopted in their home countries and to “promote their worldwide acceptance” and observance.