Abstract
The International Accounting Standards Committee (IASC) dates back its formation to 1973. It was however restructured in 2001 when the name was changed to ?The International Accounting Standards Board (IASB)'. The IASB is an independent private sector body. The prime objective of the IASB is to promote convergence and concentration of accounting principles that are applied widely by businesses and other organizations for financial reporting across the world. Some of the other key advantages are listed below.
? Comparing companies at the financial level will require the harmony and unison of the accounts of various companies'. This makes comparison a less burdensome task. The role of the IASB in this situation is to satisfy the informational needs of international corporations.
? The IASB focuses on the creation and displaying of companies' consolidated accounts and the corresponding financial statements. The IASB ensures that authenticity is maintained while disclosing the relevant information to investors and shareholders.
If the motives of the IASB are as mentioned above, the Swedish GAAP is designed to suit the needs of a different sector of audience. The audience panel comprises of not only international investors and large companies but also for smaller firms and a large variety of stakeholders.
