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A further source of information is Lord Benson's biography ‘Accounting for life’ which was published by Kogan Page, with ICAEW, in 1989.
In June 1973 the IASC came into existence, with the stated intent that the new international standards it released must ‘be capable of rapid acceptance and implementation world-wide’.
The IASC survived for 27 years, until 2001, when the organisation was restructured and the IASC was replaced by the IASB.
One of the most comprehensive accounts of this early history of international accounting standards is contained in Lord Benson's article ‘The story of international accounting standards’ which was published in Accountancy magazine in July 1976 (Volume 87, Number 995) on pages 34-39.
Our timeline highlights some of the most significant dates in the history of international accounting standards.
It covers the period from the 1960s to 2005 when listed companies in the UK were required to present their financial statements using international standards.
Please note it is not intended to be a comprehensive list of developments between these dates.
The history of International Accounting Standards really began in 1966, with the proposal to establish an International Study Group comprising: In February 1967 this resulted in the foundation of the Accountants International Study Group (AISG), which began to publish papers on important topics every few months and created an appetite for change.
International Accounting Standards are accounting standards issued by the International Accounting Standards Board (IASB) and its predecessor, the International Accounting Standards Committee (IASC).
Listed companies, and sometimes unlisted companies, are required to use the standards in their financial statements in those countries which have adopted them.