Formation of international financial reporting standards: chronology and main events of the initial stage

This article is a retrospective analysis of formation of models of international accounting standards in foreign practice at an early stage. Understanding the importance of economic integration processes and globalization processes led the professional accountancy community to create supranational financial accounting systems. This journey began in the second half of the last century and will continue in the future. Understanding the causes and origins will allow the reader to understand the archaic nature of national accounting systems in the global economy. The article will describe the historical stages and specific events that occurred in those time gaps. In addition, the organizational structures related to this issue will be considered.