International Accounting Standards Committee:The International Accounting Standards Committee (IASC) was founded in June 1973 in London at the initiative of Sir Henry Benson, former president of the Institute of Chartered Accountants in England and Wales. The IASC was created by national accountancy bodies from a number of countries with a view to harmonizing the international diversity of company reporting practices. Between its founding in 1973 and its dissolution in 2001, it developed a set of International Accounting Standards (IAS) that gradually acquired a degree of acceptance in countries around the world. Although the IASC came to include some organizations representing preparers and users of financial statements, it largely remained an initiative of the accountancy profession. On 1 April 2001, it was replaced by the International Accounting Standards Board (IASB), an independent standard-setting body. The IASB adopted the extant corpus of IAS which it continued to develop as International Financial Reporting Standards. Membership:The IASC was founded as a result of an agreement between accountancy bodies in the following countries:Institute of Chartered Accountants in Australia (ICAA)Australian Society of Certified Practising Accountants (ASCPA)Canadian Institute of Chartered Accountants (CICA)France- Order of Accounting Experts and Qualified Accountants)Institute of Auditors in GermanyJapanese Institute of Certified Public Accountants, (JICPA)Mexican Institute of Public Accountants (IMCP)Netherlands Institute of Registered Auditors (NIVRA)Institute of Chartered Accountants in England and Wales (ICAEW)Institute of Chartered Accountants of Scotland (ICAS)American Institute of Certified Public Accountants (AICPA), and many others. 1. The ICAI: The Institute of Chartered Accountants of India is the national professional accounting body of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament to regulate the profession of Chartered Accountancy in India. 2. The ICWAI: The Institute of Cost Accountants of India, previously known as The Institute of Cost & Works Accountants of India, is a premier statutory professional accountancy body in India with the objects of promoting, regulating and developing the profession of Cost & Management Accountancy. Institute is also known as ICMAI. Both, ICAI and ICWAI are not members of the International Accounting Standards Committee.