International Accounting Standards (IAS)

International Accounting Standards (IAS),

Definition of International Accounting Standards (IAS):

  1. Standards for the preparation and presentation of financial statements created by the International Accounting Standards Committee (IASC). They were first written in 1973, and stopped when the International Accounting Standards Board (IASB) took over their creation in 2001. See also Generally Accepted Accounting Principles (GAAP).

  2. International Accounting Standards (IAS) are older accounting standards issued by the International Accounting Standards Board (IASB), an independent international standard-setting body based in London. The IAS were replaced in 2001 by International Financial Reporting Standards (IFRS).

  3. International accounting is a subset of accounting that considers international accounting standards when balancing books.

How to use International Accounting Standards (IAS) in a sentence?

  1. International Accounting Standards were replaced in 2001 by the International Financial Reporting Standards (IFRS).
  2. Currently, the United States, Japan, and China are the only major capital markets without an IFRS mandate.
  3. The U.S. accounting standards body has been collaborating with the Financial Accounting Standards Board since 2002 to improve and converge American accounting principles (GAAP) and IFRS.

Meaning of International Accounting Standards (IAS) & International Accounting Standards (IAS) Definition