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Difference between IFRS and Accounting Standards. …

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Difference between IFRS and Accounting Standards. any 5 points

Posted by Akshaya N 6 years, 10 months ago

CBSE > Class 11 > Accountancy

1 answers

Payal Singh 6 years, 10 months ago

IAS stands for International Accounting Standards, while IFRS refers to International Financial Reporting Standards.
IAS standards were published between 1973 and 2001, while IFRS standards were published from 2001 onwards.
IAS standards were issued by the IASC, while the IFRS are issued by the IASB, which succeeded the IASC.
Principles of the IFRS take precedence if there’s contradiction with those of the IAS, and this results in the IAS principles being dropped.

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