International Accounting Standards

IAS *Accounting standards issued by the now defunct *International Accounting Standards Committee (IASC). The intention behind IAS has been to promote global harmonization of accounting and financial reporting. The adoption of IAS around the world has to date been mixed, although some developing nations without preexisting accounting standards (such as Malaysia and Nigeria) have adopted IAS with little modification. A major coup for IAS was their endorsement in 2000 by the *International Organization of Securities Commissions. The *International Accounting Standards Board, the IASC’s successor, adopted IAS at the time of its creation in 2001 as part of its *International Financial Reporting Standards framework. The IASB is gradually withdrawing IAS as they are superseded by its new and revised standards. Web site: www.iasb.org.uk Further reading: Nobes and Parker (2002)

Auditor's dictionary. 2014.

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