The IASB at a Crossroads: The Future of International Financial Reporting Standard.

The International Accounting Standard Board(IASB) was formerly known as the International Accounting Standard Committee(IASC) before it was restructured in 2001. IASC was first developed to adopt International Accounting Standards to minimize the complexity of financial reporting within countries. In November 1999, the IASC improved its constitution by creating a comprehensive set of core accounting standards and also by reshaping its governance aligning with Financial Accounting Standard Board to increase comparability with the US GAAP.

Question: As background for analyzing this case, do some research on Hofstedes dimensions of culture (power distance, individualism, masculinity, uncertainty avoidance, and long term orientation) and Grays accounting values (Professionalism vs. Statutory Control, Uniformity vs. Flexibility, Conservatism vs. Optimism, Secrecy vs. Transparency).