The International Financial Reporting Standard Foundation (formerly the International Accounting Standards Committee Foundation) is the governing body of the International Accounting Standards Board that sets accounting standards for much of the world.

FORBES: Have They Pushed the Self Destruct Button at the International Financial Reporting Standard Foundation?

The goal of developing a single international accounting standard is not entirely new--in fact, it dates back to 1973, when the International Accounting Standards Committee (now the International Accounting Standards Board) developed a set of standards to be used worldwide.

FORBES: Going Global With Accounting

And as the bloggers at Naked Capitalism point out, the Basel committee focused on setting capital levels but did not address liquidity standards or accounting, two other crucial issues facing the banking industry.

FORBES: New Capital Rules Not Much of a Stretch for US Banks