International Accounting Standards Committee (IASC)

The International Accounting Standards Committee (IASC) was established in 1973 to develop and promote globally accepted accounting standards. Its goal is to improve the consistency and transparency of financial reporting across different countries, making it easier for investors and businesses to compare financial statements. In 2001, the IASC was replaced by the International Accounting Standards Board (IASB), which continues to refine and issue International Financial Reporting Standards (IFRS). These standards help companies worldwide present their financial information clearly, supporting better decision-making and fostering trust in financial markets.