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                  BRILLIANT’S                     Accounting Standards                               45


                  History and evolution of accounting         AH$mC§qQ>J ñQ>¢S>S²>©g H$m B{Vhmg VWm CËn{Îm
                  standards
                      The  evolution  of  the  International      B§Q>aZoeZb AH$mC§qQ>J  ñQ>¢S>S²>©g H$s CËn{Îm EH$
                  Accounting Standards  began in  1966 with  a  {dídì`mnr AÜ``Z g_yh H$s ñWmnZm Ho$ EH$ gwPmd Ho$
                  suggestion to set up a worldwide study group.  gmW 1966 _| àma§^ hþB© Wr&
                      The next year, the Accountant's Interna-    AJbo df© AH$mC§Q>|Q²>g B§Q>aZoeZb ñQ>S>r J«wn ~Zm`m
                  tional Study Group was formed, and it began  J`m Wm VWm BgZo {d{^ÝZ AH$mC§qQ>J {df`m| na boI
                  to publish papers on various accounting topics,
                  some  of  which  formed  the  foundation  for  àH$m{eV H$aZm àma§^ {H$`m, {Og_| go Hw$N> Zo AH$m§C§qQ>J
                  accounting standards that came into force later.  ñQ>¡S>S²>©g Ho$ {bE AmYma ~Zm`m Omo ~mX _| bmJy hþE Wo&
                      In  1973,  the  International  Accounting   1973 _|, B§Q>aZoeZb AH$mC§qQ>J ñQ>¢S>S²>©g H${_Q>r
                  Standards Committee (IASC) was set up with  (IASC) H$mo AH$mC§qQ>J ñQ>¢S>S²>©g {dH${gV H$aZo Ho$ CÔoí`
                  the  objective  of  developing  accounting
                  standards  that  would  be  internationally  Ho$ gmW ñWm{nV {H$`m J`m Wm Omo A§Vam©ï´>r` ê$n go nmbZ
                  followed.                                   {H$E Om`|Jo&
                      The IASC issued a series of standards called  IASC Zo ñQ>¢S>S²>©g H$s EH$ l¥§Ibm Omar H$s {Ogo
                  the  International  Accounting  Standards,  B§Q>aZoeZb AH$mC§qQ>J ñQ>¢S>S²>©g H$hm J`m {OgHo$ Zm_
                  named and numbered from IAS 1 to IAS 41     VWm  H«$_m§H$  IAS 1 go  IAS 41 (H¥${f)  VH$ {X`o
                  (Agriculture).                              J`o Wo&
                      In  2001,  the  International  Accounting   2001 _| B§Q>aZoeZb AH$mC§qQ>J ñQ>¢S>S²>©g ~moS>© (IASB)
                  Standards  Board  (IASB),  formed under  the  H$mo B§Q>aZoeZb \$m`Z|{e`b [anmo{Q>ªJ ñQ>¢S>S²>©g (IFRS) Ho$
                  International  Financial  Reporting  Standards
                  (IFRS) Foundation, replaced the IASC.       AYrZ ~Zm`m J`m {OgZo IASC H$mo à{VñWm{nV {H$`m&
                      The IASB announced that it would follow     IASB Zo KmofUm H$s {H$ `h AmB©EEggr Ûmam nhbo
                  the standards already issued by the IASC, but  go Omar {H$`o J`o ñQ>¢S>S²>©g H$m nmbZ H$aoJm qH$Vw ~Vm`m
                  stated  that  any  new  standards  would  be
                  known  as  a  part  of  a  series  called  the  {H$ H$moB© Z`m _mZH$ l¥§Ibm H$m ^mJ H$hbm`oJm {Ogo IFRS
                  International Financial Reporting Standards,  \$mC§S>oeZ Ûmam CËnÝZ {H$`o J`o B§Q>aZoeZb \$m`Z|{e`b
                  evolved by the IFRS Foundation.             [anmo{Q>ªJ ñQ>¢S>S²>©g H$hm OmVm h¡&
                      The objective of the IFRS is to develop, in  IFRS H$m CÔoí` OZVm Ho$ {hV _| g_PZo `mo½`,
                  the  public  interest,  a  high-quality  set  of  A§Vam©ï´>r` ê$n go ñdrH¥$V VWm bmJy hmoZo `mo½` AH$mC§qQ>J
                  comprehensible, internationally accepted, and
                                                              ñQ>¢S>S²>©g Ho$ EH$ CÀM JwUdËVm g_yh H$m {dH$mg H$aZm h¡&
                  enforceable accounting standards.
                      The IFRS  Foundation,  an  independent,     IFRS \$mC§S>oeZ EH$ ñdV§Ì, Aì`mdgm{`H$ g§JR>Z
                  not-for-profit organisation, raises funds from  h¡ Omo ~¢³g VWm AÝ` g§JR>Zm| go YZ àmßV H$aVm h¡
                  banks and other organisations that desire to
                  have  international  accounting standards  in  {OgH$s BÀN>m g^r Xoem| _| A§Vam©ï´r` AH$mC§qQ>J ñQ>¢S>S²>©g
                  place in all countries.                     ñWm{nV H$aZm h¡&
                      The IASB consists of board members who      IASB ~moS>© _|~g© go {_bH$a ~Zm h¡ Omo nyao {díd go
                  are accounting experts drawn from all over the  {b`o J`o AH$mC§qQ>J {deofk h¢ Omo ñQ>¢S>S²>©g goqQ>J VWm
                  world,  who  are  well-versed  in  standards-  e¡j{UH$ H$m`© _| nyar Vah Xj h¢&
                  setting and academic work.
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