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The IAS
(International Accounting Standards) is a set of standards stating how
particular types of transactions and other events should be reflected in
financial statements.
The IAS are issued by the
IASB, the Board of the International
Accounting Standards Committee (IASC).
Although IASC has no
formal authority to require compliance with its accounting standards, many
countries and the EC require the financial statements of publicly-traded
companies to be prepared in accordance with IAS.
Many countries already
endorse International Accounting Standards (IAS) as their own either
without amendment or else with minor additions or deletions. Furthermore,
important developments are taking place in the European Union, where the
European Commission is progressing proposals that will require all listed
companies in the European Union to prepare their consolidated financial
statements using International Accounting Standards. Already, both inside
and outside the EU, many leading companies have stated that they prepare
their financial reports in accordance with International Accounting
Standards.
Other countries do not permit companies to use IAS (International
Accounting Standards) without a reconciliation to domestic generally
accepted accounting principles. Most notable among these countries are
Canada, Hong Kong, Japan, and the United States.
Compare:
IASB |
FASB |
Fair Value |
US GAAP
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