Crime Against Humanity: the Holy GAAP, 8

GAAP stands for Generally Accepted Accounting Principles, that is, the standards, conventions and rules followed in accounting and financial statements within a given jurisdiction, hence what is generally accepted in a country may differ from what is generally accepted in another country. But there is an overall tendency of countries to converge on one universal “standardised standard”, and the Chosen One, the lucky winner, is called “IAS/IFRS”, International Accounting Standards/International Financial Reporting Standards.
The IAS came first, which were issued by a group of accounting professionals called International Accounting Standards Committee (IASC), which was an internal committee of the world organisation of accounting professionals, International Federation of Accountants (IFAC). Then it is reported that this committee turned into a private foundation incorporated in the United States, the IASC Foundation, and later renamed as International Financial Reporting Standards Foundation, or IFRS Foundation, a not−for−profit foundation incorporated in the United States and registered as an overseas company in England and Wales, with headquarters in London. The IFRS Foundation, by its International Accounting Standards Board (IASB) and its own hierarchical structure above it, issues the IFRS. So the result is a single body of standards, comprising IAS not superseded by IFRS, IFRS, and the related interpretations by the issuer itself.

These IAS/IFRS international accounting standards then get adopted by the European Community:
“REGULATION (EC) No 1606/2002 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 19 July 2002 on the application of international accounting standards”
“Having regard to the Treaty establishing the European Community, and in particular Article 95 thereof, […]” Refers to: Official Journal of the European Communities, C 154, 29 May 2001, Information and Notices, Notice No 2001/C 154 E/29, Proposal for a Regulation of the European Parliament and of the Council on the application of international accounting standards.

Crime Against Humanity: the Holy GAAP