The flywheel may have fins on it that act as a fan when the flywheel spins (see Photo 5), or it may have a separately molded fan that is mounted to it (see Photo 6). A shroud, often called a blower housing, covers the flywheel and much of the engine.
The International Accounting Standards Committee (IASC) was formed in 1973 through an agreement made by professional accountancy bodies from Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland, and the United States of America.he historical information about the IASC below is based on tables prepared for The International Accounting Standards Committee: A Political History, by Robert J. Kirsch, 465 pages, published in February 2007 by WoltersKluwer/CCH, ISBN: 978-1-84140-608-4.
GAAP (US Generally Accepted Accounting Principles) is the accounting standard used in the US, while IFRS (International Financial Reporting Standards) is the accounting standard used in over 110 countries around the world.S GAAP (or FASB) framework has no provision that expressly requires management to consider the framework in the absence of a standard or interpretation for an issue. Under IFRS, company management is expressly required to consider the framework if there is no standard or interpretation for an issue.