International Accounting Standards - IAS


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).

BREAKING DOWN '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.

  1. Audit

    An unbiased examination and evaluation of the financial statements ...
  2. Other Comprehensive Basis of Accounting ...

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

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

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

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

    The rules and guidelines that companies must follow when reporting ...
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  1. What is the difference between IAS and GAAP?

    To answer this question, we must first define what IAS and GAAP are, in order to get a better grasp of the function they ... Read Full Answer >>
  2. Can working capital be depreciated?

    Working capital as current assets cannot be depreciated the way long-term, fixed assets are. In accounting, depreciation ... Read Full Answer >>
  3. Do working capital funds expire?

    While working capital funds do not expire, the working capital figure does change over time. This is because it is calculated ... Read Full Answer >>
  4. How much working capital does a small business need?

    The amount of working capital a small business needs to run smoothly depends largely on the type of business, its operating ... Read Full Answer >>
  5. What does high working capital say about a company's financial prospects?

    If a company has high working capital, it has more than enough liquid funds to meet its short-term obligations. Working capital, ... Read Full Answer >>
  6. How can working capital affect a company's finances?

    Working capital, or total current assets minus total current liabilities, can affect a company's longer-term investment effectiveness ... Read Full Answer >>

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