**International Accounting Standards (IAS)**:
- Issued by the International Accounting Standards Committee (IASC) before it was replaced by the IASB.
- Aimed to create a common accounting language.
**International Financial Reporting Standards (IFRS)**:
- Issued by the International Accounting Standards Board (IASB).
- Focuses on improving the consistency and transparency of financial reporting globally.
Complete List of IAS and IFRS
IAS (List)
1. **IAS 1**: Presentation of Financial Statements
2. **IAS 2**: Inventories
3. **IAS 7**: Statement of Cash Flows
4. **IAS 8**: Accounting Policies, Changes in Accounting Estimates and Errors
5. **IAS 10**: Events after the Reporting Period
6. **IAS 12**: Income Taxes
7. **IAS 16**: Property, Plant and Equipment
8. **IAS 17**: Leases (replaced by IFRS 16)
9. **IAS 18**: Revenue (replaced by IFRS 15)
10. **IAS 19**: Employee Benefits
11. **IAS 20**: Accounting for Government Grants and Disclosure of Government Assistance
12. **IAS 21**: The Effects of Changes in Foreign Exchange Rates
13. **IAS 23**: Borrowing Costs
14. **IAS 24**: Related Party Disclosures
15. **IAS 26**: Accounting and Reporting by Retirement Benefit Plans
16. **IAS 27**: Separate Financial Statements
17. **IAS 28**: Investments in Associates and Joint Ventures
18. **IAS 29**: Financial Reporting in Hyperinflationary Economies
19. **IAS 32**: Financial Instruments: Presentation
20. **IAS 33**: Earnings per Share
21. **IAS 34**: Interim Financial Reporting
22. **IAS 36**: Impairment of Assets
23. **IAS 37**: Provisions, Contingent Liabilities, and Contingent Assets
24. **IAS 38**: Intangible Assets
25. **IAS 39**: Financial Instruments: Recognition and Measurement (replaced by IFRS 9)
26. **IAS 40**: Investment Property
27. **IAS 41**: Agriculture
IFRS (List)
1. **IFRS 1**: First-time Adoption of International Financial Reporting Standards
2. **IFRS 2**: Share-based Payment
3. **IFRS 3**: Business Combinations
4. **IFRS 4**: Insurance Contracts
5. **IFRS 5**: Non-current Assets Held for Sale and Discontinued Operations
6. **IFRS 6**: Exploration for and Evaluation of Mineral Resources
7. **IFRS 7**: Financial Instruments: Disclosures
8. **IFRS 8**: Operating Segments
9. **IFRS 9**: Financial Instruments
10. **IFRS 10**: Consolidated Financial Statements
11. **IFRS 11**: Joint Arrangements
12. **IFRS 12**: Disclosure of Interests in Other Entities
13. **IFRS 13**: Fair Value Measurement
14. **IFRS 14**: Regulatory Deferral Accounts
15. **IFRS 15**: Revenue from Contracts with Customers
16. **IFRS 16**: Leases
17. **IFRS 17**: Insurance Contracts
18. **IFRS 18**: (Not officially issued; IFRS 15 replaced IAS 18)
Key Differences
| Feature | IAS | IFRS |
|---|---|---|
| Scope | Covers a wider range of topics, including financial statements, accounting policies, and disclosures. | Focuses primarily on financial statements and disclosures. |
| Adoption | Less widely adopted than IFRS. | Widely adopted by many countries. |
| Structure | Organized into individual standards. | Organized into a single comprehensive framework. |
| Flexibility | Allows for some flexibility in the application of standards. | More prescriptive in its requirements. |
Key Comparisons with Examples
1. Revenue Recognition:
IAS 18: Revenue is recognized when risks and rewards are transferred.
IFRS 15: Revenue is recognized when control of the asset is transferred to the customer.
Example: Under IFRS 15, a software company recognizes revenue when the customer can use and benefit from the software, not just when it's delivered.
2. Leases:
IAS 17: Differentiates between operating and finance leases.
IFRS 16: Requires all leases to be recognized on the balance sheet.
Example: A company leasing equipment would recognize a right-of-use asset and a lease liability under IFRS 16, whereas under IAS 17, it might not recognize an asset or liability for an operating lease.
3. Financial Instruments:
IAS 39: Differentiates between different categories of financial instruments.
IFRS 9: Introduces a single classification and measurement model for financial assets.
Example: Under IFRS 9, a company classifies financial assets based on its business model for managing them, leading to different impairment and classification treatments compared to IAS 39.
4. Impairment:
IAS 36: Focused on one-step approach for impairment testing.
IFRS 9: Introduces an expected credit loss model.
Example: A bank under IFRS 9 estimates losses based on expected future defaults rather than only recognizing losses when they occur.