Wiley IAS 2002: Interpretation and Application of International Accounting Standards 2002

their endorsement by the International Organization of Securities Commissions (IOSCO) and the European Commission's groundbreaking decision to require all listed companies throughout the European Union to apply International Accounting Standards (instead of their national accounting standards) by 2005. These two milestone proclamations of support have given the IAS (soon to be called the International Financial Reporting Standards or "IFRS") the long-awaited backing they need to become truly international GAAP, or global accounting standards. As a result, more and more countries in emerging and developing economies, as well as global players, are adopting these standards.