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What's the difference between IFRS and IAS?

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Question added by aruna aruna reddy
Date Posted: 2015/11/15
Muhammad Tayyab Akhtar SYED
by Muhammad Tayyab Akhtar SYED , Assistant to Finance Manager , Gulf Coverage Insurance and Reinsurance Brokers

IAS means International Accounting Standard. which had made to control the nature of rules and procedure.

 

IFRS means International Financial Reporting standards. Both Communities join for clarify the difference in GAAP and IAS. So they revise it and SET standard by mutual Consent and called named as IFRS. 

Muhammad Rustom
by Muhammad Rustom , Export Manager , Golden Group

first you have to know that when the IASB was created, it adopted the international accounting standards IAS.

IAS standards were issued by the IASC

IFRS are issued by the IASB

IAS standards were published between and, while IFRS standards were published from onwards.

 

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