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International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) are the rules, protocols and compliance standards set with the aim of initially harmonizing and subsequently converging financial metrics globally. IFRS standards are defined by ifrs.org as, “a single set of accounting standards, developed and maintained by the International Accounting Standards Board (the Board) with the intention of those standards being capable of being applied on a globally consistent basis - by developed, emerging and developing economies - thus providing investors and other users of financial statements with the ability to compare the financial performance of publicly listed companies on a like-for-like basis with their international peers.”

These standards aspire to reduce the differences between accounting metrics in order to:

  • promote the development of an integrated financial and competitive market
  • promote transparency of financial information
  • protect investors
  • make comparable financial evaluations of companies operating in various sectors and are residents in several EU member states

What’s the difference between IAS and IFRS?
Accounting standards issued by the International Accounting Standards Board (IASB) are known as International Accounting Standards. They were originally published by the International Accounting Standards Committee (IASC) between 1973 and 2001, whereas IFRSs were born in 2001 and published by the International Accounting Standards Board (IASB) upon their establishment. At this time, it was agreed that IAS standards would be adopted but IFRS standards would be named under IFRS. New IFRS standards and standards updates would be favoured over IAS standards 1.

1. https://www.linkedin.com/pulse/difference-between-ias-ifrs-pari-gholipanah 

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