hello and welcome back.
In our previous lecture we have learnt about accounting standards.
Now we will discuss accounting standards at international level.
let's start with IASC.
Earlier accounting standards at international level were issued by the International Accounting Standards Committee
which was formed in 1973.
On 8 March 2001 a not-for-profit corporation named international financial reporting standards foundation
was created under the laws of state of Delaware
United States of America to replace IASC
this foundation organized International Accounting Standards Board
on 1st April 2001 for the purpose of issuing IFRS
after introduction of these organization we will see the list of international standards
let's have a look at the graph
IAS one deals with presentation of financial statements which was issued in 2007
IAS 2 deals with inventories issued in 2005
IAS 7 deals with statement of cash flows issued in 1992
IAS 8 deals with accounting policies changes in accounting estimates and errors which was issued in 2003
IAS 10 deals with events after the reporting period which was issued in 2003
IAS 12 deals with income taxes
IAS 16 deals with property plant and equipment
IAS 17 deals with leases
IAS 19 deals with employee benefits
IAS 20 deals with accounting for government grants and disclosure of government assistance
IAS 21 deals with the effects of changes in foreign exchange rates
IAS 23 deals with pouring cost which was issued in 2007
International Accounting standard 24 deals with related party disclosures which was issued in 2009
IAS 26 deals with accounting and reporting by retirement benefit plans issued in 1987
IAS 27 deals with separate financial statements 2011
IAS 28 deals with investments in associates and joint ventures which was issued in 2011
IAS 29 deals with financial reporting in hyperinflationary economies in 1989
IAS 32 on the other hand deals with financial instruments that is presentation it which was issued in 2003
IAS 33 deals with earnings per share issued in 2003
IAS 34 deals with interim financial reporting issued in 1998
IAS 36 impairment of assets 2004
IAS 37 provisions contingent liabilities and continent assets 1998
IAS 38 deals with intangible assets issued in 2004
IAS 40 deals with investment property issued in 2003
and last one IAS 41 deals with agriculture which was issued in 2001
now let's discuss the difference between IAS and IFRS
now let's have a look at the graph
IAS stands for international accounting standards
IFRS stands for international financial reporting standards
the published time of IAS is 1973 and 2001
IFRS was published 2001 onwards
IAS is issued by
International Accounting Standards Committee that is IASC
IFRS is issued by International Accounting Standards Board that is IASB
IAS do not have precedence over IFRS
IFRS have precedence over IFRS