Blogger Random - Recent - Specific Label Posts Widget - All in One Post Feed Widget

Difference between IFRS and IAS

>> September 19, 2010

One of the Reader of Accounting Education  has posted the comment on one of my post 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)

Available-for-sale (AFS)

b) IFRS - Fair Value Through Profit & Loss (FVPL)

Fair Value Through Other Comprehensive Income link

You might like:

Follow Us


IFRS Accounting Standards September 26, 2010 at 10:21 PM  

I liked the informative post and I also would like if you focus little more on IFRS only...

Post a Comment

About Accounting Education

An educational site with 2500+ articles, solutions, video-guides and tutorials on all topics related to accounting and finance.

Get Update on Mobile

Type in your mobile phone web browser for free access anytime, from any place.The content is designed specifically for cell phones and mobile devices.

Contact Us

Email :

Phone : +91-8557888436

Send an Email
Phone number and vCard
LinkedIn profile
Follow us on twitter