Academic journal article Journal of Accountancy

Organizations Involved

Academic journal article Journal of Accountancy

Organizations Involved

Article excerpt

In April 200l, the International Accounting Standards Board (IASB), an independent accounting standard-setter based in London, assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee. The IASB is responsible for International Financial Reporting Standards (IFRS).

The Securities and Exchange Commission (SEC), created in 1934 by an Act of Congress, is the U.S. government agency with primary responsibility for enforcing the federal securities laws and regulating the securities industry and the U.S. stock market. For the past three decades it has become increasingly vocal in its support of a single set of robust accounting standards that would be used worldwide.

The American Institute of Certified Public Accountants (AICPA), with approximately 340,000 members, is the national professional organization for certified public accountants in the United States. Well before IFRS began to gain traction in the U.S. business and regulatory communities, the AICPA was publicly supporting the goal of a single set of high quality, global accounting standards to be used in the financial reporting of public companies throughout the world. …

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