International Accounting Standards Committee

The International Accounting Standards Committee was founded in June 1973 in London at the initiative of Sir Henry Benson, a former president of the Institute of Chartered Accountants in England and Wales, and was formed by national accountancy bodies from a number of countries seeking to harmonize the diversity of company reporting practices across borders. Between its founding and its dissolution in 2001 it developed a body of International Accounting Standards that gradually gained acceptance in countries around the world, though it remained largely an initiative of the accountancy profession even after coming to include some organizations representing preparers and users of financial statements. On April 1, 2001, it was replaced by the International Accounting Standards Board, an independent standard setting body that adopted its existing standards and has continued to develop them as International Financial Reporting Standards.