DIFF BETWEEN IAS & IFRS...
ITS APPLICABILITY....
WHT ABT AS.
4 Replies
Rawat
(ACCA)
(175 Points)
Replied 01 February 2011
IFRS is kind of upgraded version of IAS - for more in details check the link
- https://www.pironeducation.com/about-ifrs-diploma.html
at bottom area, you will find the link for everything into IFRS and IAS.
CA Ravi Sisodia
(CA,CS,CMA)
(32226 Points)
Replied 01 February 2011
Accounting standards issued by the IASB (International Accounting Standards Board) are known as International Accounting Standards. Companies that are locally listed, as well as those that are not, are under obligation to use their financial statements in the countries that have accepted those standards.
CA Ravi Sisodia
(CA,CS,CMA)
(32226 Points)
Replied 01 February 2011
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.
CA Ravi Sisodia
(CA,CS,CMA)
(32226 Points)
Replied 01 February 2011
IAS stands for International Accounting Standards, while IFRS refers to International Financial Reporting Standards.
IAS standards were published between 1973 and 2001, while IFRS standards were published from 2001 onwards.
IAS standards were issued by the IASC, while the IFRS are issued by the IASB, which succeeded the IASC.
Principles of the IFRS take precedence if there’s contradiction with those of the IAS, and this results in the IAS principles being dropped.
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