Comments

This paper was published as a Faculty Working Paper (no. 194)for the Lubin School of Business, Center for Applied Research, January 2001.

Document Type

Article

Abstract

On May 24, 2000, the members of the International Accounting Standards Committee (IASC) approved a new structure that provides for the establishment of an independent international accounting standard setter. The story of the recent efforts of the IASC to develop a new structure reveals a wise realization that globalization has imposed heightened demand for worldwide accounting standards. The status review that follows relates only to restructuring proposals of the IASC. The discussion includes: the rationale for a new structure; the current structure of the IASC; the general nature of the proposed restructuring; other initiatives in envisioning a global standard setter; an overview of responses in comment letters; the revised proposal of the SWP; implementation underway; and comments.



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