Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

IAS v IFRS

  • 06-03-2009 9:46am
    #1
    Peachy1
    Registered Users, Registered Users 2 Posts: 25 ✭


    HI

    Can anyone tell me the difference between IAS and IFRS and which is generally adopted...


Comments

  • #2
    crapmanjoe
    Registered Users, Registered Users 2 Posts: 472 ✭✭crapmanjoe


    They both make up IFRS

    IFRS 1-8 are more about the actual reporting of the accounts

    IAS 1-39 are more to do with actual accounting for transactions

    I stand to correction on this though

    Hope this makes sense


  • #3
    hivizman
    Registered Users, Registered Users 2 Posts: 1,163 ✭✭✭hivizman


    When the International Accounting Standards Board (IASB) was established in 2001, it started to issue IFRSs, and it also took over ("adopted") the IASs that had been issued by the International Accounting Standards Committee. Since then, it's revised several of the IASs and replaced others, so the full set of IASs (which ran to IAS 41 Agriculture) has some gaps in the sequence. Unlike the practice of the Accounting Standards Board, the IASB has tended to keep the old IAS number rather than issuing revised standards with a new IFRS number. This can be confusing - for example the current version of IAS 19 Employee Benefits is very different from the previous versions, but still has the same number.

    The European Union, in its "IAS Regulation", used the term "international accounting standards" (note small letters) to mean IASs, IFRSs and related interpretations adopted by the IASB and endorsed by the EU. However, it's common to see IFRSs used as the general term, to include IASs and interpretations.


Advertisement