International Accounting Standards (IAS) were first issued by International Accounting Standards Council (IASC, a committee that was formed in 1973) and these standards were then amended and endorsed by International Accounting Standards Board (IASB).
In 2001, International Accounting Standards were then replaced by International Financial Reporting Standards.
The goals of International Accounting Standards are:
- Make the comparision of businesses all across the world easy.
- Increase trust and transparency in all financial reportings.
- Promote global trade and investment.
|Standards No.||Name||Issue Date|
|IAS 1||Presentation of Financial Statements||2007|
|IAS 7||Statement of Cash Flows||1992|
|IAS 8||Accounting Policies, Changes in Accounting Estimates and Errors||2003|
|IAS 10||Events After the Reporting Period||2003|
|IAS 11||Construction Contracts||1993|
|IAS 12||Income Taxes||1996|
|IAS 14||Segment Reporting||1997|