The predecessor of the IASB, the International Accounting Standards Committee (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. By 1998, the IASC had expanded membership to 140 accountancy bodies in 101 countries. In 2001, the IASC was reconstituted into the IASB. The IASB has 14 full - time board members who deliberate new fi nancial reporting standards
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