After much work and many clashes between IASC members defending their countries' standards, they completed the initial improvements required by IOSCO by the end of 1993 (Zeff, 2012). However, IOSCO was not entirely satisfied and the IASC undertook the improvement of at least 24 core standards with an expected completion date of 1999 (Zeff, 2012). Then, in 1996, the SEC identified for itself the characteristics that IASC standards should be used in international capital markets (Zeff,