Since this time, the appetite for uniform standards has gained
momentum and international bodies, such as the International Securities and Exchange
Organization (IOSCO), have promoted efforts to develop a set of international
standards. After substantial restructuring of the IASC, and name change to the
International Accounting Standards Board (IASB) in 2001, many countries, including
all E.U. countries, have replaced their domestic accounting standards with the IASB’s
International Financial Reporting Standards (IFRS)