International Accounting Standards - IAS

International Accounting Standards - IAS

An older set of standards stating how particular types of transactions and other events should be reflected in financial statements. International Accounting Standards (IAS) were issued by the Board of the International Accounting Standards Committee (IASC).

As of 2001, the new set of standards are called the International Financial Reporting Standards (IFRS) and are issued by the International Accounting Standards Board (IASB).

Notes:

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

See also: Accounting, Annual Report, Audit, Cook The Books, GAAP