The International Accounting Standards Committee (IASC) formed

June 27, 2021

The IASC was the first international standards-setting body. It was reorganised in 2000 and became an independent international standard setter, the International Accounting Standards Board (IASB). Since then, the use of international standards has progressed. As of 2013, the European Union and more than 100 other countries either require or permit the use of international financial reporting standards (IFRS) issued by the IASB or a local variant of them.