29 January 2008
International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB).
Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the board of the International Accounting Standards Committee (IASC). In April 2001 the IASB adopted all IAS and continued their development, calling the new standards IFRS.
29 January 2008
Dear Neha, 1) IASB Standards are known as International Financial Reporting Standards (IFRSs). 2) All International Accounting Standards (IASs) and Interpretations issued by the IASC are known as IAS later IAS has transformed as IASB so NO new IAS shall be now issued ...
hope u got the point
for further discussion on the subject u may switch to me at ca.ajayrajput@gmail.com
03 January 2009
Dear CA Manish Iyer, Do you have any reference for your above statement, as in my opinion IFRS does not include IAS but some of the IFRS may contain similar provisions of IAS.
CAclubindia
