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IFRS Vs IAS

former_member557929
Participant
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Hi Experts,

Can any one please explain me in details how is IFRS (International Financial Reporting standards) different from IAS (International Accounting Standard)?

Thanks in Advance

Accepted Solutions (1)

Accepted Solutions (1)

Former Member
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Hi,

The Difference

The question of the differences between the IAS and IFRS has arisen on a number of occasions in accounting circles, and in fact, some would question if there is any difference at all. One of the major differences is that the series of standards in the IAS were published by the International Accounting Standards Committee (IASC) between 1973 and 2001, whereas, the standards for the IFRS were published by the International Accounting Standards Board (IASB), starting from 2001. When the IASB was established in 2001, it was agreed to adopt all IAS standards, and name future standards as IFRS. One major implication worth noting, is that any principles within IFRS that may be contradictory, will definitely supersede those of the IAS. Basically, when contradictory standards are issued, older ones are usually disregarded.

IASs are the old standards. IFRSs are the new standards. Any future standard will essentially be IFRSs and eventually all IASs will be replaced by IFRSs

I wait I help you

Regards

Gustavo

former_member557929
Participant
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Hi Gustavo,

Thank you so much for your help ,

I was confused on this between two, you have been a great help to me.

Thank you once again

Answers (0)