Established in 2001, the International Accounting Standards Board is a body that is trying to develop a single set of high-quality global accounting standards, the ultimate goal being to have the world's other existing standards converge with it.

The European Union has already decided to apply the standards of the IASB to the consolidated financial statements of listed companies within the region, beginning in 2005.

Also, the Financial Accounting Standards Board -- the body that sets accounting standards in the United States -- has already agreed with the IASB to start integrating standards wherever possible.