Difference between IFRS and IAS

Definition of IFRS:
International Financial Reporting Standards (IFRS) are a set of accounting standards
developed by the International Accounting Standards Board (IASB) that is becoming the global
standard for the preparation of public company financial statements.

Definition of IAS:
An older set of standards stating how particular types of transactions and other events should be
reflected in financial statements. In the past, international accounting standards (IAS) were
issued by the Board of the International Accounting Standards Committee (IASC).
IFRS and IAS are accounting standards which has been made for proper working of accounting
by accountants in any company. Well, there are differences, of course. And the major difference
is that the IASs were issued by the International Accounting Standards Committee (IASC) from
1973 to 2001, while the IFRSs were issued by the International Accounting Standards Board
(IASB) from 2001 onwards. The IASB is basically the successor for IASC. When IASB was
installed in 2001, it adopted the existing IAS and decided to name any future standards
as International Financial Reporting Standards.

Replacement of IAS acts with IFRS:

IAS 14 was consisting of Reporting Financial Information by segment and Segment reporting
and it is superseded by IFRS 8 with the name of Operating Segment.
IAS 17 was all about Accounting for leases and Leases but it is replaced by IFRS 16 with the
name of Leases.
IAS 31 clause was named Financial Reporting of interests in joint ventures and Interests in joint
ventures but IFRS 11 and IFRS 12 superseded by the name of Joint arrangements and Disclosure
of Interests in Other Entities.
IAS 35 was replaced by IFRS 5 with the name of Non-Current Assets Held for Sale and
Discontinued Operations. In IAS 35, it was known as Discontinuing Operations.
IAS 39 was replaced by IFRS 9 with the name of Financial Instruments but it was generally
known as Financial Instruments: Recognition and Measurement in IAS 39.

IFRS Board of Members:

The IASB currently has 14 board members, of whom one is appointed as Chair and up to two as
Vice-Chairs. Up to three members may be part-time members. IASB members are appointed
for an initial term of five years, renewable for one further term of three years (five years in the

case of members appointed before 2 July 2009). The Chair and Vice-Chairs may serve second
terms of five years, subject to an overall maximum term of ten years.

International Accounting Standards

International Financial Reporting Standards

All the accounting standards which were made All accounting standards which were made
between 1973 and 2001, are called IAS
after 2001, are called IFRS.
IAS were made by International Accounting IFRS were made by International Accounting
Standards Committee (IASC)
Standards Board (IASB).

In IAS There is not rules like IFRS regarding Some new rules were made in IFRS which was
identification, measurement, presentation and not in IAS like rules regarding identification,
disclosure of non-current assets held for sale.
measurement, presentation and disclosure of
non-current assets held for sale.
These days IAS standards are not in practice.

Almost 120
standards.

countries

Total IAS are 41

Total IFRS are 16.

are

using

IFRS