IASC and FEE hold joint conference on financial reporting.IASC IASC International Accounting Standards Committee IASC Inter-Agency Standing Committee (United Nations) IASC International Arctic Science Committee IASC International Association for Statistical Computing AND FEE HOLD JOINT CONFERENCE ON FINANCIAL REPORTING The International Accounting Standards Committee International Accounting Standards Committee was founded in June 1973 in London and replaced by the International Accounting Standards Board on April 1, 2001. It was responsible for developing the International Accounting Standards and promoting the use and application of these (IASC) and the Federation des Experts Comptables Europeens (FEE) jointly sponsored a conference on the objectives and underlying concepts of financial reporting. Representatives of standard-setting bodies in 20 countries, as well as representatives from the United Nations, the European Community European Community: see European Union. European Community (EC) Organization formed in 1967 with the merger of the European Economic Community, European Coal and Steel Community, and European Atomic Energy Community. and the Organization for Economic Cooperation and Development Organization for Economic Cooperation and Development (OECD), international organization that came into being in 1961. It superseded the Organization for European Economic Cooperation, which had been founded in 1948 to coordinate the Marshall Plan for European attended the conference. The focus of the gathering was on the need for a conceptual framework For the concept in aesthetics and art criticism, see . A conceptual framework is used in research to outline possible courses of action or to present a preferred approach to a system analysis project. for financial reporting at both the national and international levels and on the desirability of international harmony on this point. An exchange of views and experiences on existing frameworks took place, and similarities and differences between those frameworks were identified. At the end of the conference, Arthur Wyatt, IASC chairman, said ASC'S role should include broader educational efforts and conferences to explore differing views. The conference identified a number of issues for further consideration, including the determination of the appropriate measurement or valuation model in the financial statement and defining the reporting entity for which the financial statements should be prepared. |
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