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International Accounting Standards Committee (IASC)

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The International Accounting Standards Committee (IASC) is an independent private-sector organization that in its own words is a "body working to achieve uniformity in the accounting principles that are used by businesses and other organizations for financial reporting around the world." As stated in its constitution the IASC's goals are to "formulate and publish in the public interest accounting standards to be observed in the presentation of financial statements and to promote their worldwide acceptance," and to "work for the improvement and harmonization of regulations, accounting standards and procedures relating to the presentation of financial statements." The IASC was founded in London in 1973 and by 1998 its membership included 143 accounting organizations representing 2 million accountants in 103 countries.

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