IAS (International Accounting Standards) Overview & List, Updated!!!

IAS (International Accounting Standard)
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What Are International Accounting Standards (IAS)?

The International Accounting Rules Board (IASB), an independent international standard-setting body based in London, issued previous accounting standards known as International Accounting Standards (IAS). In other words, these are previous accounting standards of the IASB. In 2001, however, the International Accounting Standards (IAS) were replaced by the International Financial Reporting Standards (IFRS).

Hence, when balancing accounts, international accounting is a subset of accounting that takes foreign accounting rules into consideration.

Understanding International Accounting Standards (IAS)

The International Accounting Standards Committee (IASC), which was founded in 1973, issued the first international accounting standards, known as International Accounting Standards. The purpose back then, as it is now, was to make it easier to compare firms around the world, improve financial reporting openness and confidence, and promote global trade and investment.

These accounting standards are globally comparable encourage transparency, accountability, and efficiency in financial markets all across the world. For the most part, this enhances capital allocation by allowing investors and other market participants to make informed economic judgments about investment possibilities and risks. Universal standards also help organizations with multinational operations and subsidiaries in different countries save money on reporting and regulatory compliance.

Moving Toward New Global Accounting Standards

Since the IASC was superseded by the IASB, tremendous work has been made toward producing a unified set of high-quality worldwide accounting standards. The European Union has embraced IFRS, leaving only the United States, Japan (where voluntary adoption is permitted), and China (which says it is working toward IFRS) as major capital markets without an IFRS mandate. According to several online sources, 144 governments required or permitted the use of IFRS for all or most publicly traded companies, with another 12 authorizing it, as of 2018.

The US is debating whether or not to embrace international accounting standards. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working together on a project to improve and converge the US generally accepted accounting principles (GAAP) and IFRS since 2002.

However, despite the fact that the FASB and the IASB have jointly produced standards, the convergence process is taking significantly longer than projected. This is because of the complexity of implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Furthermore, the Securities and Exchange Commission (SEC), which governs U.S. securities markets, has historically supported and continues to promote high-quality international accounting standards in principle. Meanwhile, because American investors and businesses consistently invest trillions of dollars abroad, a thorough understanding of the parallels and differences between US GAAP and IFRS is critical. One key distinction is that IFRS is regarded to be more principles-based, whereas GAAP is more rules-based.

Read Also: What are the Generally Accepted Accounting Principles: All You Need

Key Highlights

  • The International Financial Reporting Standards replaced the International Accounting Standards (IAS) in 2001. (IFRS)
  • The United States, Japan, and China are currently the only major financial markets that do not have an IFRS mandate.
  • Since 2002, the American Accounting Standards Board has worked with the Financial Accounting Standards Board to strengthen and harmonize American accounting principles (GAAP) and International Financial Reporting Standards (IFRS).

List of Reporting Standards and International Accounting Standards

The IFRS Foundation has compiled a list of the International Financial Reporting Standards (IFRSs) and official interpretations. It covers accounting standards created or adopted by the International Accounting Standards Board (IASB).

All standards and interpretations are included in the list, regardless of whether or not they have been suspended.

TitleOriginally issuedEffectiveFully withdrawn
IAS 1Disclosure of Accounting Policies (1975)
Presentation of Financial Statements (1997)
1975January 1, 1975
IAS 2Valuation and Presentation of Inventories in the Context of the Historical Cost System (1975)
Inventories (1993)
1976January 1, 1976
IAS 3Consolidated Financial Statements1976January 1, 1977January 1, 1990
IAS 4Depreciation Accounting1976January 1, 1977July 1, 1999
IAS 5Information to Be Disclosed in Financial Statements1976January 1, 1977July 1, 1998
IAS 6Accounting Responses to Changing Prices1977January 1, 1978January 1, 1983
IAS 7Statement of Changes in Financial Position (1977)
Cash Flow Statements (1992)
Statement of Cash Flows (2007)
1977January 1, 1979
IAS 8Unusual and Prior Period Items and Changes in Accounting Policies (1978)
Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies (1993)
Accounting Policies, Changes in Accounting Estimates and Errors (2003)
1978January 1, 1979
IAS 9Accounting for Research and Development Activities1978January 1, 1980July 1, 1999
IAS 10Contingencies and Events Occurring After the Balance Sheet Date (1978)
Events After the Balance Sheet Date (1999)
Events after the Reporting Period (2007)
1978January 1, 1980
IAS 11Accounting for Construction Contracts (1979)
Construction Contracts (1993)
1979January 1, 1980
IAS 12Accounting for Taxes on Income (1979)
Income Taxes (1996)
1979January 1, 1981
IAS 13Presentation of Current Assets and Current Liabilities1979January 1, 1981July 1, 1998
IAS 14Reporting Financial Information by Segment (1981)
Segment reporting (1997)
1981January 1, 1983January 1, 2009
IAS 15Information Reflecting the Effects of Changing Prices1981January 1, 1983January 1, 2005
IAS 16Accounting for Property, Plant and Equipment (1982)
Property, Plant, and Equipment (1993)
1982January 1, 1983
IAS 17Accounting for Leases (1982)
Leases (1997)
1982January 1, 1984January 1, 2019
IAS 18Revenue Recognition (1982)
Revenue (1993)
1982January 1, 1984January 1, 2018
IAS 19Accounting for Retirement Benefits in Financial Statements of Employers (1983)
Retirement Benefit Costs (1993)
Employee Benefits (1998)
1983January 1, 1985
IAS 20Accounting for Government Grants and Disclosure of Government Assistance1983January 1, 1984
IAS 21Accounting for the Effects of Changes in Foreign Exchange Rates (1983)
The Effects of Changes in Foreign Exchange Rates (1993)
1983January 1, 1985
IAS 22Accounting for Business Combinations (1983)
Business Combinations (1993)
1983January 1, 1985April 1, 2004
IAS 23Capitalization of Borrowing Costs (1984)
Borrowing Costs (1993)
1984January 1, 1986
IAS 24Related Party Disclosures1984January 1, 1986
IAS 25Accounting for Investments1986January 1, 1987January 1, 2001
IAS 26Accounting and Reporting by Retirement Benefit Plans1987January 1, 1988
IAS 27Consolidated Financial Statements and Accounting for Investments in Subsidiaries (1989)
Consolidated and Separate Financial Statements (2003)
Separate Financial Statements (2011)
1989January 1, 1990
IAS 28Accounting for Investments in Associates (1989)
Investments in Associates & ASSOCIATES (2003)
Investments in Associates and Joint Ventures (2011)
1989January 1, 1990
IAS 29Financial Reporting in Hyperinflationary Economies1989January 1, 1990
IAS 30Disclosures in the Financial Statements of Banks and Similar Financial Institutions1990January 1, 1991January 1, 2007
IAS 31Financial Reporting of Interests in Joint Ventures (1990)
Interests in Joint Ventures (2003)
1990January 1, 1992January 1, 2013
IAS 32Financial Instruments: Disclosure and Presentation (1995)
Financial Instruments: Presentation (2005)
1995January 1, 1996
IAS 33Earnings per Share1997January 1, 1999
IAS 34Interim Financial Reporting1998January 1, 1999
IAS 35Discontinuing Operations1998July 1, 1999January 1, 2005
IAS 36Impairment of Assets1998July 1, 1999
IAS 37Provisions, Contingent Liabilities, and Contingent Assets1998July 1, 1999
IAS 38Intangible Assets1998July 1, 1999
IAS 39Financial Instruments: Recognition and Measurement1998January 1, 2001January 1, 2018
IAS 40Investment Property2000January 1, 2001
IAS 41Agriculture2000January 1, 2003
IFRS 1First-time Adoption of International Financial Reporting Standards2003January 1, 2004
IFRS 2Share-based Payment2004January 1, 2005
IFRS 3Business Combinations2004April 1, 2004
IFRS 4Insurance Contracts2004January 1, 2005January 1, 2021
IFRS 5Non-current Assets Held for Sale and Discontinued Operations2004January 1, 2005
IFRS 6Exploration for and Evaluation of Mineral Resources2004January 1, 2006
IFRS 7Financial Instruments: Disclosures2005January 1, 2007
IFRS 8Operating Segments2006January 1, 2009
IFRS 9Financial Instruments2009
(updated 2014)
January 1, 2018
IFRS 10Consolidated Financial Statements2011January 1, 2013
IFRS 11Joint Arrangements2011January 1, 2013
IFRS 12Disclosure of Interests in Other Entities2011January 1, 2013
IFRS 13Fair Value Measurement2011January 1, 2013
IFRS 14Regulatory Deferral Accounts2014January 1, 2016
IFRS 15Revenue from Contracts with Customers2014January 1, 2018
IFRS 16Leases2016January 1, 2019
IFRS 17Insurance contracts2017January 1, 2021
Source: IFRSFoundation

What Is the Accounting Principle IAS?

The accounting principle IAS are globally comparable standards that encourage transparency, accountability, and efficiency in financial markets all across the world. For the most part, they enhance capital allocation by allowing investors and other market participants to make informed economic judgments about investment possibilities and risks.

How Many IAS Standards Are There?

Including those that have been superseded by the IFRS, there are 41 IASs altogether as of 2021.

What Is Difference Between GAAP and IFRS?

  • GAAP stands for “Generally Accepted Accounting Principles.” These are the rules that most people in the U.S. agree on when it comes to financial reporting.
  • IFRS stands for “International Financial Reporting Standards.” These are a set of accounting rules that most countries around the world agree on and use.

What Are the 4 Financial Statements of IFRS?

A complete set of financial statements must include a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity, and a statement of cash flows, according to the standard.

  1. IFRS (International Financial Reporting Standards) List, Requirements, Compliance & Benefits
  2. GAAP vs IFRS: Revenue Recognition, Balance Sheet & Other Differences
  3. GAAP: Overview, Importance, History, Limitations
  4. IFRS Accounting Explained!!! (+ 2023 Trends and Techniques)
  5. Accounting Standards: Overview, Benefits & Codification
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