- 1959-Jacob Kraayenhof, founding partner of a key European firm of independent accountants, urges that function on international accounting standards start.
- 1961-Groupe d’Etudes, consisting of practicing accounting specialists, is established in Europe to advise European Union authorities on matters concerning accounting.
- 1966-Accountants International Study Group is formed by expert institutes in Canada, United Kingdom, and United States.
- 1973-International Accounting Standards Committee (IASC) is created.
- 1976-Organization for Economic Cooperation and Development (OECD) concerns Declaration on Investment in Multinational Enterprises containing guidelines on “Disclosure of Information.”
- 1977-International Federation of Accountants (IFAC) is founded.
- 1977-Group of Authorities appointed by United Nations Economic and Social Council troubles four-part report on International Standards of Accounting and Reporting for Transnational Corporations.
- 1978-Commission of European Community difficulties Fourth Directive as 1st movetoward European accounting harmonization.
- 1981-IASC establishes consultative group of nonmember organizations to wideninput to international normal setting.
- 1984-London Stock Exchange states that listed providers not incorporated in United Kingdom or Ireland are to comply with international accounting standards.
- 1987-International Organization of Securities Commissions (IOSCO) resolves at annual conference to promote use of prevalent standards in accounting and auditing practices.
- 1989-IASC troubles Exposure Draft 32 on comparability of financial statements and publishes Framework for the Preparation and Presentation of Financial Statements.
- 1995-IASC Board and IOSCO Technical Committee agree on perform program whose profitable completion will result in IAS forming a comprehensive core set of standards. Successful completion of these standards will allow IOSCO Technical Committee to recommend endorsement of IAS for cross-border capital raising and listing purposes in all global markets.
- 1995-European Commission adopts new strategy to accounting harmonization that allows use of IAS by companies listing on international capital markets.
- 1996-U.S. Securities and Exchange Commission (SEC) announces that it “supports the IASC’s objective to create, as expeditiously as you possibly can, accounting standards that may be employed for preparing financial statements that could possibly be employed in crossborder offerings.”
- 1998-IOSCO publishes “International Disclosure Standards for Cross Border Offerings and Initial Listings by Foreign Issuers.”
- 2000-IOSCO accepts all 40 core standards prepared by IASC in response to IOSCO’s 1993 wish list.
- 2000-European Commission proposes regulation requiring all EU businesses listed on regulated markets to prepare consolidated accounts in accordance with IAS by 2005.
- 2001-International Accounting Standards Board (IASB) succeeds IASC and assumes its responsibilities. IASB standards, designated International Financial Reporting Standards (IFRS), incorporate IAS issued by the IASC.
- 2002-European Parliament endorses Commission proposal that virtually all EU listed corporations have to adhere to IASB standards beginning no later than 2005 in their consolidated financial statements. Member states may extend requirement to nonlisted providers and to individual firm statements. European Council later adopts enabling regulation.
- 2002-IASB and FASB sign the “Norwalk Agreement” committing them to convergence of international and U.S. accounting standards.
- 2003-European Council approves amended EU Fourth and Seventh Directives removing inconsistencies in between old directives and IFRS.
- 2004-Australian Accounting Standards Board announces intent to adopt IFRS as Australian accounting standards.
- 2005-SEC proposes “roadmap” to remove requirement for reconciliation among IFRS and U.S. GAAP. SEC and EU Commission later agree on roadmap to remove requirement no later than 2009.
- 2005-Chinese Ministry of Finance commits to converging Chinese accounting standards to IFRS by 2007. Canadian Accounting Standards Board proposes eliminating Canadian GAAP in favor of IFRS by 2011. IASB and Accounting Standards Board of Japan launch convergence project.
- 2006-FASB and IASB sign memorandum of understanding setting out milestones the two boards have to reach in order to demonstrate acceptable amount of convergence among U.S. GAAP and IFRS to SEC and EU Commission.
- 2006-IASB publishes statement on its operating relationships with other accounting normal setters.
- 2006-EU troubles Statutory Audit Directive, replacing the Eighth Directive.
- 2007-Accounting Standards Board of Japan and IASB sign the “Tokyo Agreement” committing them to convergence of Japanese GAAP and IFRS.
- 2007-SEC eliminates reconciliation requirement for organizations making use of IFRS as promulgated by IASB.
- 2008-SEC proposes “roadmap” outlining milestones that, if accomplished, could result in
mandatory transition to IFRS by U.S. issuers starting in 2014, later changed to 2015.
