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IFRS

     what are the main differences between IFRS and IAS?

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Sorry that was rude: the former has FR in the middle and the latter only has an A.

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@ Mouse007 - I'm in work and that has made my morning!

The major difference is that the IAS’s were issued by the International Accounting Standards Committee (IASC) from 1973 to 2001, while the IFRS’s were issued by the International Accounting Standards Board (IASB) from 2001 onwards. The IASB is basically the successor for IASC.

 

When IASB was installed in 2001, it adopted the existing IAS and decided to name any future standards as International Financial Reporting Standards. Consequently, IAS 1 Presentation of Financial Statements defines IFRS as standards and interpretations adopted by the IASB.

 

Now, IFRS in a broad sense comprise:

 

■Framework for the Preparation and Presentation of Financial Statements – stating basic principles and grounds of IFRS

■International Financial Reporting Standards (standards issued after 2001)

■International Accounting Standards (standards issued before 2001)

■Interpretations originated by the International Financial Reporting Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC)

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