International Accounting Standards ( IAS )

What is IAS

IAS stands for International Accounting Standard. IAS’s are Financial Reporting Standards issued by the IASB, which is a UK based Financial Reporting Standard setting body.

History of IAS

In the 1960s, due to the globalization and an increase in cross border investments, Listed companies in the UK are required to prepare their Financial Statements using Inernational Reporting Standards.There was a need for international cooperation to build a mutually agreed Financial Reporting Standards, so that, the Financial Information reported through Financial Statements can be recognized internationally.

A study group was formed to get into this problem and find a better way to salve to issue. This group comprises of the ICAEW from UK, AICPA from USA and CICA from Canada. This resulted in the formation of Accountants International Study Group ( AISG ). In 1973 it was agreed that an international body must be formed which is given the responsibility to issue Accounting Standards. Therefore IASC has come into existence for this purpose.

The IASC served a great period of 27 years and then restructured and replaced by IASB in 2001. The Financial reporting standards issued by IASC are named IAS. IASC has published 41 IAS in its survival which are listed below.

IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 3 Consolidated Financial Statements ( Superseded by IAS 27 and IAS 28 )
IAS 4 Depreciation Accounting ( Withdrawn in 1999 )
IAS 5 Information to be Disclosed in Financial Statements ( Superseded in 1998 by IAS 1 )
IAS 6 Accounting Responses to Changing Prices ( Withdrawn in 2003 )
IAS 7 Statement of Cash Flows
IAS 8 Accounting Policies, Change in Accounting Estimates and Errors
IAS 9 Accounting for Research and Development Activities ( Superseded in 1999 by IAS 39 )
IAS 10 Events After the Reporting Period
IAS 11 Construction Contracts
IAS 12 Income Taxes
IAS 13 Presentation of Current Assets and Current Liabilities( Superseded in 1998 by IAS 39 )
IAS 14 Segment Reporting ( Superseded in 2009 by IFRS 8)
IAS 15 Information Reflecting the Effects of Changing Prices ( Withdrawn in 2003 )
IAS 16 Property, Plant and Equipment
IAS 17 Leases
IAS 18 Revenue
IAS 19 Employee Benefit ( Superseded in 2013 by IAS 19 )
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
IAS 21 Effects of Changes in Foreign Exchange Rates
IAS 22 Business Combinations ( Superseded in 2004 by IFRS 3 )
IAS 23 Borrowing Costs
IAS 24 Releted Party Disclosure
IAS 25 Accounting for Investments ( Superseded in 2001 by IAS 39 and IAS 40 )
IAS 26 Accounting and Reporting by Retirement Benefit Plans
IAS 27 Separate Financial Statements
IAS 28 Investments in Associates and Joint Ventures
IAS 29 Financial Reporting In Hyperinflationary Economies
IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions             ( Superseded in 2007 by IFRS 7 )
IAS 31 Interests in Joint Ventures ( Superseded in 2013 by IFRS 11 and IFRS 12 )
IAS 32 Financial Instruments: Presentation
IAS 33 Earning Per Share
IAS 34 Interim Financial Reporting
IAS 35 Discontinuing Operations ( Superseded in 2005 by IFRS 5 )
IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets
IAS 39 Financial Instruments: Recognition and Measurement ( Superseded by IFRS 9           effective from 2015 )
IAS 40 Investment Property
IAS 41 Agriculture

Some of the IAS are Withdrawn or Superseded by more latest and revised IAS and IFRS. All the IAS, excluding those withdrawn are applicable to the Entities using IAS.
From 2001, after IASC restructured and replaced by the IASB, the International Financial Reporting Standards that are Issued by IASB are named IFRS.