La Langue Internationale: Making Accounting Standards Work Globally.

The article focuses on international accounting standards. The accounting rules set forth by the National Accounting Plan promulgated by the U.S. government is to be followed by nonlisted companies. It is important for today's accounting professionals and accounting students to be knowledgeable towards a global set of accounting and financial reporting standards. With the formation of the International Accounting Standards Committee (IASC), efforts to develop international accounting standards began in 1973. In 2001, a 14-member International Accounting Standards Board was formed as a result of the reorganization of IASC.