14 Chapper 3.Inernational Accounting Case 3-3 The Purpose and Objectives of the IA The International Accounting Standards Committee (IASC) was formed in 197 2001 the IASC was replaced by the Intermational Accounting Standards Board (LASB Required a. What was the purpose of the IASB? b. How does the IASC attempt to achieve these objectives? 3, Case 3-4 Qualitative Characteristics Identified by the IASB The International Accounting Standards Committee's Framewor