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.

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Interpretation of IAS Standards
International accounting standards cover the best accounting policies and principles, which help and guide users in prep (...)
Difference between Indian Accounting Standards and IFRS
What are the main differences between Indian accounting standards and IFRS? Thank you.. (...)
🔥 NEW How People see the Accounting Job
One of the bigger problems in the accounting job is the way the rest of the employees think about accounting. They are t (...)

Start a new forum topic about the International Accounting Standards.


Best Practices

The top-rated topics about the International Accounting Standards. Here you will find the most valuable ideas and practical suggestions.

Benefits of International Accounting Standards (IAS)
IAS is an instrument which permits all companies in the world to develop their transparency in the business.
In add (...)

Consequences of Violation of IAS?
What if the International Accounting Standards are violated by one member... What happens? (...)

Types of Auditing Standards
What are the types of auditing standards? (...)

Influence IAS on IT Systems
How do international accounting standards influence the information technology industry? Thanks for your reactions... (...)

Usage of International Accounting Standards (IAS)
International accounting standards are very good to use when preparing financial statements. They are very easy to under (...)
How Many Accounting Standards
Hi, how many accounting standards are existing in the world except IAS and US GAAP? (...)
Role of International Accounting Standards Committee
Do you agree that the International Accounting Standards Committee is essential for the growth of international business (...)

IAS and 'Fair' Financial Statements
IAS aims to give fair financial statements. It is the ideal state. However, when you put it in the practice, you will fa (...)

International Acconnting Standards for a Public Limited Company
Please tell what international standards are affecting the public limited company. (...)

Total Number of IAS Standards?
How many number of standards are there really in IAS? (...)

Expert Tips

Advanced insights about the International Accounting Standards. Here you will find professional advices by experts.

Activities of the IASB, FASB: The Norwalk Agreement

Financial Accounting
In October 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) (...)
Information Sources

Various sources of information regarding the International Accounting Standards. Here you will find powerpoints, videos, news, etc. to use in your own lectures and workshops.

Dealing with Complexity / Transparency in Financial Information

Corporate Transparency, Financial Complexity, Information Complexity, Information Transparancy
This presentation is about information transparency, and includes the following sections: 1. Introduction: an experimen (...)

USGAAP versus IFRS on Intangibles Accounting

Intangible Assets, Accounting, USGAAP, IFRS
This presentation compares USGAAP and IFRS, and includes the following sections: 1. Presentation Overview 2. Executive (...)

IFRS Adoption in Europe

IFRS, IAS 39, Convergence
This paper by Chris Armstrong examines the European stock market reaction to sixteen key events associated with the adop (...)


Accounting Quality
Mary E. Barth a.o. (all from the US) compare measures of accounting quality for firms applying IAS with US firms to inve (...)

Introduction and Summary of Intangible Assets (IAS38)

Initial Understanding of Intangible Assets, Accounting Treatment
Accounting treatment of intangible assets: - Identifiable (seperable, legal right) - Non-monetary Assets (non-cash) - (...)

IFRS Pros and Cons

IAS, IFRS, fair value
Paper by Ray Ball. There is little settled theory or evidence on which to build an assessment of the advantages and disa (...)

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