[Congressional Record Volume 145, Number 41 (Tuesday, March 16, 1999)]
[Extensions of Remarks]
[Page E447]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE

                                 ______
                                 

                           HON. BRAD SHERMAN

                             of california

                    in the house of representatives

                        Tuesday, March 16, 1999

  Mr. SHERMAN. Mr. Speaker, I rise today to welcome the delegates to 
the International Accounting Standards Committee (IASC) to Washington, 
DC, where on March 16-19, 1999, the IASC is holding its first Board 
meeting that is open to public observation.
  The International Accounting Standards Committee was formed in 1973 
through an agreement made by professional accountancy bodies from nine 
countries, including the American Institute of Certified Public 
Accountants (AICPA). At present, 142 accounting organizations in 103 
countries are IASC members. These organizations represent over 
2,000,000 accountants worldwide.
  The IASC works closely with the national standards-setting bodies, 
such as the Financial Accounting Standards Board in the United States; 
intergovernmental organizations such as the European Commission, the 
Organization for Economic Cooperation and Development, and the United 
Nations; and development agencies such as the World Bank. The 
objectives of the IASC are:
  (1) 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 observance; and
  (2) To work generally for the improvement and harmonization of 
regulations, accounting standards and procedures relating to the 
presentation of financial statements.
  I would like to acknowledge the hard work and spirit of public 
interest that characterize the participants in this meeting and to 
extend my best wishes to the IASC for continued success.

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