Part IV International Business Law, XXVIII International Accounting Standards
- International financial law — International minimum standard
International accounting standards play a crucial role for any internationally operating public company. These standards are the basis for international annual accounts and other financial statements. On a global level, the standards of the International Accounting Standards Board (IASB) enjoy broad recognition. However, in the United States specific domestic standards (US GAAP) prevail. Gradual convergence between these competing standards is an important objective. The IASB,1 a private and independent organization, was set up in 2001 by organizations which...