International Accounting Standard (IAS) and International Financial Reporting Standard (IFRS) are the same. The difference between them is that IAS represents old accounting standard, such as IAS 17 Leases . While, IFRS represents new accounting standard, such as IFRS 16 Leases. IFRS 16 replaces IAS 17 effective 1 January 2019.
Yes, correct. The standardsetter for IFRS is IASB - International Accounting Standards Board and for IAS was IASC - International Accounting Standards Committee.
IAS and IFRS are the same.International Accounting Standard Committee issued IAS till 2001.IASB replaced IASC in 2001.IFRS refers to the new numbered series of pronouncements that the IASB is issuing,as distinct from the International Accounting Standards (IASs) series issued by its predecessor.IFRS refers to the entire body of IASB pronouncements including standards and interpretations approved by the IASB and IASs and SIC interpretation approved by the predecessor International Accounting Standards Committee.
The IASC, the accounting standard-setting body, was replaced to IASB in 2001. IASC issued 41 accounting standards in the name of International accounting standards (IAS) between 1973 and 2001. On 1 April 2001, the IASB took over from the IASC the responsibility for setting International Accounting Standards in the name of International Financial Reporting Standards (IFRS). Currently, IASB operates under the oversight of the IFRS Foundation. Besides issuing new IFRSs, IASB also replacing the old IAS in the name of IFRS.
The explanations are inline with other explanations.I agree with the explanations.
In 1971 the International Accounting Standards Committee (IASC) issued the International Accounting Standards (IASs) and in 2001, the IASC restructured as the International Accounting Standards Board (IASB). The IASB adopted IASs and started issuing and publishing new accounting standards, such as IFRSs (Alharasis forthcoming).
In general, up to now there some IASs are still required and not yet replaced by IFRS. Both IASs and IFRSs are now under the supervision of IASB.
IAS is the old standards related to the committee IASC.After the destruction of this latter to a board IASB this standards took the the name of IFRS.However i think its not a simple nomination.IFRS is concerned with financial reporting.
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