In 1973, this in turn was replaced

In 1973, this in turn was replaced by Financial Accounting Standards Board (FASB). The need
for international accounting principles that would cope with the need and increasing multi-national nature of
business, led to the establishment of International Accounting Standards Committee (IASC) in July, 1973.
Chambers (1966), observes that Generally Accepted Accounting principles (GAAP) has over 100 lists different
from about 70 lists by Spacek put together in all about 170 GAAP exist and now merged to 13. He further
stressed that accounting principles can also be described as concepts; conventions; postulates; standards;
doctrine; tenets; assumptions; rules and regulations governing the preparation and presentation of financial
statements. Bierman and Drebin (1972) were more pragmatic in grouping accounting principles into three. First
is the "assumptions