International Accounting Standards
(IAS)

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IAS. Explanation of International Accounting Standards.

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The IAS (International Accounting Standards) is a set of standards which state how certain types of transactions and other events should be reflected in financial statements.

The IAS are issued by the IASB, the Board of the International Accounting Standards Committee (IASC).


Accounting standards are authoritative statements of how certain types of transaction and other events should be reflected in financial statements. Accordingly, compliance with accounting standards will normally be necessary for the fair presentation of financial statements.

Standards issued by the International Accounting Standards Board are designated: International Financial Reporting Standards (IFRSs). Standards originally issued by the Board of the International Accounting Standards Committee (1973-2001) continue to be designated: International Accounting Standards (IASs).

Interpretations are prepared by the International Financial Reporting Interpretations Committee (IFRIC) (formerly the Standing Interpretations Committee (SIC)) to give authoritative guidance on issues that are likely to receive divergent or unacceptable treatment, in the absence of such guidance.
 

Although IASC has no formal authority to require compliance with its accounting standards, many countries and the EC require the financial statements of publicly-traded companies to be prepared in accordance with IAS.


Many countries already endorse International Accounting Standards (IAS) as their own accounting standards. Either without amendment or else with minor additions or deletions. Furthermore, important developments are taking place in the European Union, where the European Commission is progressing proposals that will require all listed companies in the European Union to prepare their consolidated financial statements using International Accounting Standards. Already, both inside and outside the EU, many leading companies have stated that they prepare their financial reports in accordance with International Accounting Standards.

Other countries do not permit companies to use IAS (International Accounting Standards) without a reconciliation with domestic generally accepted accounting principles. The most notable among these countries are Canada, Hong Kong, Japan, and the United States.


International Accounting Standards Forum
  Difference between Indian Accounting Standards and IFRS
What are the main differences between Indian accou...
     
 
  Interpretation of IAS Standards
International accounting standards cover the best ...
     
 
  IAS and 'Fair' Financial Statements
IAS aims to give fair financial statements. It is ...
     
 
  Role of International Accounting Standards Committee
Do you agree that the International Accounting Sta...
     
 
  Influence IAS on IT Systems
How do international accounting standards influenc...
     
 
  Consequences of Violation of IAS?
What if the International Accounting Standards are...
     
 
  Types of Auditing Standards
What are the types of auditing standards?...
     
 
  Benefits of International Aaccounting Standards (IAS)
IAS is an instrument which permits all companies i...
     
 
  Usage of International Accounting Standards (IAS)
International accounting standards are very good t...
     
 
  How Many Accounting Standards
Hi, how many accounting standards are existing in ...
     
 
  International Acconnting Standards for a Public Limited Company
Please tell what international standards are affec...
     
 

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Best Practices - International Accounting Standards Premium
  Total Number of IAS Standards?
How many number of standards are there really in I...
     
 

Expert Tips - International Accounting Standards Premium
 

Activities of the IASB, FASB: The Norwalk Agreement

In October 2002, the Financial Accounting Standard...
Usage (application): Financial Accounting
 
 

Resources - International Accounting Standards Premium

Dealing with Complexity / Transparency in Financial Information

This presentation is about information transparenc...
Usage (application): Corporate Transparency, Financial Complexity, Information Complexity, Information Transparancy
 

USGAAP versus IFRS on Intangibles Accounting

This presentation compares USGAAP and IFRS, and in...
Usage (application): Intangible Assets, Accounting, USGAAP, IFRS
 

IFRS Adoption in Europe

This paper by Chris Armstrong examines the Europea...
Usage (application): IFRS, IAS 39, Convergence
 

IAS and US GAAP

Mary E. Barth a.o. (all from the US) compare measu...
Usage (application): Accounting Quality
 

Introduction and Summary of Intangible Assets (IAS38)

Accounting treatment of intangible assets:
- ...
Usage (application): Initial Understanding of Intangible Assets, Accounting Treatment
 

IFRS Pros and Cons

Paper by Ray Ball. There is little settled theory ...
Usage (application): IAS, IFRS, fair value
 
 

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