Prepare a report on the history of I.A.S.B - Admission/Application Essay Example

It was restructuring phase of international accounting standards. Convergence of International accounting standards is not a new idea at all. The idea of convergence first came in the year 1950s at the backdrop of World War II. That time whole world came across economic integration and significant increases in border-less capital flow. Preliminary efforts gave focus on harmonization of accounting standards by reducing differences among different accounting principles followed in major capital markets of the world.

In the year 1990, the concept of harmonization was substituted by the idea of convergence. Then the idea of development of a unified, international accounting standard that would be used in all major capital markets evolved. The International Accounting Standards Committee was restructured in the year 2001 and was named as the International Accounting Standards Board (IASB). It was an independent international standard setter. After that, the use of international standards has developed and progressed.

In the 8th international congress of accountants which was held in 1962. The congress people around the world felt the need of international standards for accounting and audit. The main objective of the discussion was world economy related with accounting. The meeting of was full of different arguments relating to different steps for maintain international standard for accounting and auditing. In response to the 8th International Congress of Accountants, the AICPA restarted its Committee focusing on International Relations.

The main objective of the Committee was to channelize different programs to improve the picture of international cooperation between accountants and the exchanges of different information and ideas. In the year 1964, the Committee came up with a review of accounting standards internationally which was published as Professional Accounting in 25 Countries around the world. The first textbook