International accounting standards are issued by the International Accounting Standards Committee (IASC). The IASC was established in 1973 as a private organisation by agreement of accountancy bodies of the following nine countries: Australia, Canada, France, Germany, the UK and Ireland, the US, Japan, Mexico and the Netherlands, (IASB 2008; IASC 1995). IASC aims to formulate and publish in the public interest accounting standards to be observed in the presentation of financial statements and to promote their worldwide acceptance and observance. To work generally for the improvement and harmonization of regulations, accounting standards and procedures relating to the presentation of financial statements.