International Financial Reporting Standards (IFRS), together with International Accounting Standards (IAS), are a “principles-based ” set of standards that establish broad rules rather than dictating specific accounting treatments. From 1973 to 2001, IAS were issued by the International Accounting Standards Committee (IASC). In April 2001 the International Accounting Standards Board (IASB) adopted all IAS and began developing new standards called IFRS.
International Financial Reporting Standards (IFRS), together with International Accounting Standards (IAS), are a “principles-based ” set of standards that establish broad rules rather than …