International Accounting Standards Committee (IASC)

International Accounting Standards Committee (IASC) Definition (in the Accounting Vocabulary)

The New York State Society of Certified Public Accountants offers the following definition of International Accounting Standards Committee (IASC) in a way that is easy for anybody to understand: An independent private sector body, formed in 1973, with the objective of harmonizing the accounting principles which are used in businesses and other organizations for financial reporting around the world. Its members are 143 professional accounting bodies in 104 countries.