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Restructuring chronology

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29 Jun 2001

A brief chronology of the restructuring of the IASC into the IASB, covering the period from 1996 to 2001

Events from 1996 to 2001

DateEvent

September 1996

IASC Board approves formation of a 'Strategy Working Party' (SWP) to consider what IASC's strategy and structure should be when it completes the 'Core Standards' work programme.

December 1998

SWP publishes a Discussion Paper, Shaping IASC for the Future, and invites comments:

April - October 1999

Various meetings of SWP to discuss the comments on their initial proposal and to develop final recommendations.

December 1999

SWP final report, Recommendations on Shaping IASC for the Future (PDF 89k). The IASC Board passes a resolution supporting the report and appoints a Nominating Committee for the initial Trustees.

January 2000

Nominating Committee elects SEC Chairman Arthur Levitt as its Chair and invites nominations from public.

March 2000

IASC Board approves a new Constitution reflecting the SWP proposals.

May 2000

Nominating Committee announces the selection of the initial Trustees. Click for IASC Press Release (PDF 26k)

May 2000

IASC Member Bodies unanimously approve the restructuring and the New IASC Constitution.Click for IASC Press Release (PDF 23k)

June 2000

Trustees appoint Sir David Tweedie as the first Chairman of new IASC Board. Click for IASC Press Release (PDF 32k)

July-December 2000

Trustees invite nominations for membership on the new IASC Board, narrow the list to approximately 45 finalists, and conduct interviews in London, New York, and Tokyo.

December 2000

IASC Board approves a Statement to the new IASC Board commenting on projects to be carried forward and possible additional projects to be undertaken. See summary at Main Restructuring Page.

January 2001

Trustees invite nominations for membership on the Standards Advisory Council

January 2001

Appointments of the Members of the International Accounting Standards Board are announced. The new name of the standard-setting board is the International Accounting Standards Board.

March 2001

IASC Trustees activate Part B of IASC's Constitution and establish a non-profit Delaware corporation, named the International Accounting Standards Committee Foundation, to oversee the IASB.

April 2001

On 1 April 2001, the new IASB takes over from the IASC the responsibility for setting International Financial Reporting Standards.

April 2001

First official meeting of the new IASB to adopt existing IAS and SICs and to deliberate its agenda and other issues.

May 2001

IASB meets with chairs of those national accounting standards-setting bodies that have a formal liaison relationship with IASB - Australia/New Zealand, Canada, France, Germany, Japan, UK, and US - to begin coordinating agendas and setting out convergence goals.

June 2001

IASB moves into new offices at 30 Cannon Street, London. Click for Photo of New IASB Offices.

 

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