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One of the major differences is that the series of standards in the IAS were published by the International Accounting Standards Committee (IASC) between 1973 and 2001, whereas, the standards for the IFRS were published by the International Accounting Standards Board (IASB), starting from 2001. When the IASB was established in 2001, it was agreed to adopt all IAS standards, and name future standards as IFRS. One major implication worth noting, is that any principles within IFRS that may be contradictory, will definitely supersede those of the IAS. Basically, when contradictory standards are issued, older ones are usually disregarded.
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What is the full form of IAS?
THE FULL FORM OF I.A.S. IS INDIAN ADMINISTRATIVE SERVICE
What are the steps in the selection of an IAS officer?
every simple, we must prepare - preliminery exam then main exam - I and main exam -II, then personnel interview, that's all, refer this site, it gives full information about ias & ips- http://www.indiahowto.com/how-to-become-an-IAS-IPS-officer.html, jai hindi.
What are the qualification requirements to become to become an ias officer?
To become an IAS officer in India, candidates must be a citizen of India, hold a Bachelor's degree from a recognized university, be between 21 and 32 years of age, and meet other physical and medical standards as per the requirements. They also need to clear the Civil Services Examination conducted by the Union Public Service Commission (UPSC).
What is the fullform of IAS?
Full form of IAS is "International Accounting Standards".
What has the author Barry Jay Epstein written?
Barry Jay Epstein has written: 'Inflation accounting' -- subject(s): Accounting, Replacement of industrial equipment, Cost accounting, Effect of inflation on 'Wiley IAS 99' -- subject(s): Accounting, Standards 'Wiley IAS 2001' -- subject(s): Accounting, Standards
What is the definition of accounting in IAS?
In the context of International Accounting Standards (IAS), accounting is defined as the systematic process of identifying, measuring, recording, and communicating financial information about an entity. This process provides relevant financial data to stakeholders, enabling them to make informed decisions. The goal of accounting is to present a true and fair view of an entity's financial position, performance, and cash flows, adhering to established standards and principles.
How many international accounting standard do you have in accounting?
There are currently 41 IAS and 9 IFRS. Although not all of the ISAs are still used as they superseded by other standards and made outdated.
What is the full form of IAS?
THE FULL FORM OF I.A.S. IS INDIAN ADMINISTRATIVE SERVICE
Why do many companies follow IAS rules?
Many companies follow International Accounting Standards (IAS) to enhance transparency and comparability in financial reporting, which is crucial for attracting investors and ensuring regulatory compliance. Adhering to IAS helps businesses present their financial performance and position in a standardized format, making it easier for stakeholders to analyze and assess their operations. Additionally, companies operating in multiple countries benefit from IAS as it facilitates cross-border investment and reduces the complexity of dealing with different national accounting standards.
What is the difference between IAS and BAS?
In Australia, Business Activity Statements (BAS) and Instalment Activity Statements (IAS) are forms lodged by businesses to the Australian Tax Office (ATO) to declare tax owing to the ATO. Simply, the difference between BAS and IAS is that IAS does not show payments owing to or by the ATO for general service taxes (GST) because the enterprise submitting the IAS is not registered for GST.
Is cash flow statement required by GAAP?
Yes Cash flow statement is required by GAAP and IAS (international accounting standards) as well.
Which Accounting standard governs treatment of property and equipment?
IAS - 16 Property, Plant and Equipment deals with matters governing of property and equipment.
Whats the accounting treatment of IAS 11 construction contracts?
Some construction contracts are completed with in some months. They start in an accounting year and complete in the same year. So no issue arises about the recognition of revenue and expenses of the contract as both of them will be recognized in the same year. But in accounting life we see that many construction contracts take more than one year to complete or they start in one year and complete in the next one. In these circumstances an issue arises about the recognition of revenue and cost of the contracts. This issue has been resolved by IAS 11. Although IAS 11 is not too difficult but it still contains some technical and detailed concepts. Summary of IAS 11 is prepared in a way that it contains all the important and critical concepts of IAS 11 in a concise way. It is very important for students for revision purpose.
What has the author Alfred Wagenhofer written?
Alfred Wagenhofer has written: 'Internationale Rechnungslegungsstandards--IAS/IFRS' -- subject(s): Accounting, Financial statements, Standards 'Informationspolitik im Jahresabschluss' -- subject(s): Disclosure in accounting, Financial statements
Why income credited in accounts?
According to the IAS (International Accounting Standard) all the transaction in a business are adjusted in five head of accounting which areAssetLiabilitiesExpensesIncomecapitalAnd told us the rule for dabit and credit in all these head of income which are:Particular Increase DecreaseAsset debit creditExpenses debit creditLiability credit debitIncome credit debitCapital credit debitSo according to the IAS whenever income is genrated or increased it must be credited.
