>> September 19, 2010
Difference between GAAP and IFRS and asked difference between IFRS and IAS.
Dear Reader both IFRS and IAS are accounting standards which has been made for proper working of accounting by accountants in any company. IFRS means international financial reporting standards, while, IAS means international accounting standards. Both are used US and other advance countries but there are also many difference between IFRS and IAS.
1. All the accounting standards which were made between 1973 and 2001, are called AIS and all accounting standards which were after 2001, are called IFRS.
2. IAS were made by International Accounting Standards Committee (IASC) and IFRS were made by International Accounting Standards Board (IASB).
3. Some new rules were made in IFRS which was not in IAS like rules regarding identification, measurement, presentation and disclosure of non-current assets held for sale.
4. Total IAS are 41 and still total IFRS are 9.
5. differences between IAS 39 and IFRS 9
→ Classification of equity instruments
a) IAS - Fair Value Through Profit & Loss (FVPL)
b) IFRS - Fair Value Through Profit & Loss (FVPL)
Fair Value Through Other Comprehensive Income link
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