International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS)

Introduction :

IASB ( International Accounting Standard Board ) has so far issued 41 International Accounting Standards out of which large number being revised , 12 being superseded and deleted. IAS are now classified as IFRS and already 9 IFRS has been issued so far.

Background :

IAS/IFRS were formed on 6th June,2002 when European Council of Ministers decided that all European Union (EU)  companies listed on regulated market to prepare accounts in accordance with IAS/IFRS w.e.f 01/01/2005.

Current Scenario :

Now more than 100 countries follows IFRS/IAS.
Today Accounting world feels that IAS/IFRS should be common language for accounting since drafting of these standards is done at International level and considering global economy.