... efforts made by companies to deal individually with the problem, there have been several initiatives to approach the problem on an international level. The following three promoters will be discussed major in this paper: * International Accounting Standards Committee (IASC; now the IASB: International Accounting Standards Board) * International Organisation of Securities Commissions (IOSCO) * The European Union (EU) IASB and IOSCO The International Accounting Standards Committee (IASC), the International Accounting Standards Board (IASB)'s predecessor body, came into existence in 1973 and set up by professional accountancy bodies in nine countries. The work of IASC is carried out by a board. Up to the end of 2000, this board has consisted of the following seventeen members: * Thirteen countries (or groups of countries), which are represented by their professional accountancy bodies. The thirteen include at least nine of the most significant countries in terms of the status and development of the accountancy profession or world ...

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