IASC IASB European Union

International Accounting Standards

Summary of International Accounting Standards. Abstract

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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