Hi, need to submit a 1500 words paper on the topic International Accounting Standards. The International Accounting Standards Board (IASB) replaced the IASC which had stopped operations in April 2001(Schioppa,2004). The new replacement board concentrated its efforts developing the International Financial Reporting Standards starting in the year 2001. Furthermore, the International Accounting Standards Board in London is a privately-funded and independent accounting standard-setter that headquartered in London, United Kingdom(Buthe,2005). They say that accounting is an art. Meaning, any accounting data can be written in whatever style the bookkeeper or accountant wants provided information is understood.
In summary, the International Accounting Standards (IASs) had been issued by the IASC from 1973 to 2000. Also, the International Accounting Standards Board had been replaced by the International Accounting Standards Council in 2001. Since then, the IASB has amended some IASs, it had inclusively proposed to amend other IASs, it had proposed to replace some IASs with new International Financial Reporting Standards (IFRSs), and had adopted or even proposed certain new IFRSs on topics for which there was no previous IAS. With the help of their separate committees, both the IASC and the IASB had issued Interpretations of Standards. Finally, the financial statements must comply with all of the requirements of each applicable standard and each applicable interpretation to be described as complying with IFRSs.
In terms of interpreting the international accounting standards, the International Accounting Standards Board has replaced the IASC’s Standing Interpretations Committee (SIC) with the International Financial Reporting Interpretations Committee (IFRIC). The replacement took place in the year 2001. This committee is mandated to reviews or not. on a regular basis inside the context of current International Financial Reporting Standards (IFRSs) and the IASB Framework, all accounting issues that will likely receive differing or unacceptable treatment in the non- appearance of authoritative guidance. .