International Accounting Standards - IAS

AAA

DEFINITION of 'International Accounting Standards - IAS'

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

Since 2001, the new set of standards has been known as the international financial reporting standards (IFRS) and has been issued by the International Accounting Standards Board (IASB).

INVESTOPEDIA EXPLAINS 'International Accounting Standards - IAS'

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.

RELATED TERMS
  1. Other Comprehensive Basis of Accounting ...

    Financial statements prepared using a system of accounting that ...
  2. All-Inclusive Income Concept

    A method of income reporting that includes the total non-owner ...
  3. Hierarchy Of GAAP

    An outline for determining the most appropriate sources for obtaining ...
  4. Accountant International Study ...

    An organization that studied the differences in accounting practices ...
  5. Accounting Principles

    The rules and guidelines that companies must follow when reporting ...
  6. American National Standards Institute ...

    An organization that oversees the creation and dissemination ...
Related Articles
  1. What Is International Trade?
    Personal Finance

    What Is International Trade?

  2. International Reporting Standards Gain ...
    Insurance

    International Reporting Standards Gain ...

  3. What is the difference between IAS and ...
    Investing

    What is the difference between IAS and ...

  4. What are some examples of how cash flows ...
    Personal Finance

    What are some examples of how cash flows ...

Hot Definitions
  1. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  2. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
  3. Wage-Price Spiral

    A macroeconomic theory to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. ...
  4. Accelerated Depreciation

    Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years ...
  5. Call Risk

    The risk, faced by a holder of a callable bond, that a bond issuer will take advantage of the callable bond feature and redeem ...
  6. Parity Price

    When the price of an asset is directly linked to another price. Examples of parity price are: 1. Convertibles - the price ...
Trading Center