The International Accounting Standards Board was preceded by the International Accounting Standards Committee (1973-2001). IASC was founded in June 1973 as a result of an agreement by accountancy bodies in Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland and the United States of America, and these countries constituted the Board of IASC at that time. The international professional activities of the accountancy bodies were organized under the International Federation of Accountants (IFAC) in 1977. In 1981, IASC and IFAC agreed that IASC would have full and complete autonomy in the setting of international accounting standards and in the issue of discussion documents on international accounting issues. At the same time, all members of IFAC became members of IASC. This relationship continued until the IASCs Constitution was changed in May 2000 as part of the reorganization of the IASC at which time this membership link was discontinued. In March 2001, the IASC Foundation was formed as a not-for-profit corporation incorporated in the State of Delaware, USA. The IASC Foundation is the parent entity of the International Accounting Standards Board, and independent accounting standard setter based in London, UK. Effective 1 April 2001, the International Accounting Standards Board (IASB) assumed accounting standard setting responsibilities from its predecessor body, the International Accounting Standards Committee. This was the culmination of a restructuring based on the recommendations of the report Recommendations on Shaping IASC for the Future. In 29 September 2003 the European Commission has adopted a Regulation endorsing International Accounting Standards (IASs), including related interpretations (SICs), and therefore confirming the requirement for their compulsory use from 2005 under the terms of the general IAS Regulation adopted by the European Parliament and the Council in 2002 (see IP/02/827, IP/01/200, MEMO/01/40). In Greece, IASs and International Financial Reporting Standards (IFRSs) – as is the new name of the standards, are mandatory for all Greek listed companies (including their subsidiary and associated entities, for accounting periods ending after 31/12/2004.

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