International Accounting Standards Board (IASB) Most countries agree that more uniform standards are needed. As a result, the International Accounting Standards Committee (IASC) was formed in 1973 to try to lessen the areas of difference among countries' own standards. The IASC's objective in standard setting was to work generally to improve and harmonize regulations, accounting standards, and procedures relating to the presentation of financial statements. Eliminating differences is not easy: the financial reporting objectives in each country are different, the institutional structures are often not comparable, and there are strong national tendencies in most countries. Nevertheless, much progress has been made since the IASC's early days. In 2001, a new International Accounting Standards Board (IASB) was created, replacing the IASC. According to the IASB website: "Our mission is to develop IFRS standards that bring transparency, accountability and efficiency to financial markets around the world. Our work serves the public interest by fostering trust, growth and long-term financial stability in the global economy."20 Illustration 1.7 shows the IASB's governing structure. The IFRS Foundation monitors, reviews the effectiveness of, appoints members to, and funds the IASB. The IASB is supported by the IFRS Advisory Council (which is composed of representatives from various user groups) and the Accounting Standards Advisory Forum (which is composed of national standard setter