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IAS AND IFRS AND THEIR DIFFERENCES

IAS AND IFRS AND THEIR DIFFERENCES

IAS and IFRS are the accounting standards used by an accountant which are hold in financial reporting. In 1960s there came a requirement for standardization of accounting practices and reporting so that anyone can practically understand the company’s financial statements as well as to avoid alteration of financial statement by the company. This need resulted in the birth of financial statement.

IAS (International Accounting Standard)

IAS or International Accounting Standard was a group of standards or principles that states how to enter a transaction in the financial statement. These standards have been issued from 1973 to 2001 by the International Accounting Standard Committee (IASC). The responsibility of IASC for setting standards was taken over by the IASB in 2011. Till then IAS has issued 41 standards.

IFRS (International Financial Reporting Standards)

International Accounting Standard Board (IASB) decided to adopt the current standards even though these standards require some divisions, when they took over IASC’s responsibilities. IASB were going to call them International Financial Reporting Standards (IFRS)for the future standards which are going to be issued by them. The need to update and make the current standards and concepts more perfect to imitate the changes in the common business, economical, environment and financial markets gave rise to IFRS.

Difference between IAS and IFRS

Technically IAS and IFRS are the same, but they are different when analyzed carefully. IFRS is the standards that are made by keeping in mind the changes on the financial market, business and economical environment over the last 20 years. It is interesting to know that only 9 IFRS are issued till current date and the IAS that have not been modified  are in regular use today also. Hence, it is not good to state IAS as outdated though there are no chances of IASB issuing IAS in future. Any standards that will be issued in the future will be said as IFRS and if it clashes with any of the existing IAS then IFRS will be put to use.

IAS and IFRS both help common people like you and me to practically know the financial statements of a company even if it operates in other country. This will give a fair idea of the administration of a company. It should be seriously noted that IASB don’t have the powers to compel a company to use the IFRS and IAS. However, Securities and Exchange Commission or its relating organization normally need that the public trading companies follow both standards.

IAS AND IFRS AND THEIR DIFFERENCES

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