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International Accounting Standards 

International Accounting Standards were hitherto pronounced bv International Accounting Standards Committee (IASC )  .IASC was  founded in June 1973 as a result of an agreement by accountancy bodies in Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland and the United States, and these countries constituted the Board of IASC at that time.

IASC has been superseded in April, 2001 by The International Accounting Standards Board (IASB) In March 2001, the International Accounting Standards Committee (IASC) Foundation was formed as a not-for-profit corporation incorporated in the State of Delaware, US as a  parent entity of the IASB.


The International Accounting Standards Board (IASB) is an independent, privately-funded accounting standard-setter based in London, UK. The Board members come from nine countries and have a variety of functional backgrounds.  In addition, the IASB co-operates with national accounting standard-setters to achieve convergence in accounting standards around the world .


IASB publishes its Standards in a series of pronouncements called International Financial Reporting Standards (IFRS). It has also adopted the body of Standards issued by the Board of the International Accounting Standards Committee (IASC). Those pronouncements continue to be designated "International Accounting Standards" (IAS). 

The following is the list of extant International Accounting Standard currently in force or issued recently and not yet effective. 









1. IAS 1: Presentation of Financial Statements

2. IAS 2: Inventories

3. IAS 7: Cash Flow Statements

4. IAS 8: Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting

5. IAS 10: Events After the Balance Sheet Date

6. IAS 11: Construction Contracts

7. IAS 12: Income Taxes

8. IAS 14: Segment Reporting

9. IAS 15: Information Reflecting the Effects of Changing Prices

10. IAS 16: Property, Plant and Equipment

11. IAS 17: Leases

12. IAS 18: Revenue

13. IAS 19: Employee Benefits

14. IAS 20: Accounting for Government Grants and Disclosure of Government Assistance

15. IAS 21: The Effects of Changes in Foreign Exchange Rates

16. IAS 22: Business Combinations

17. IAS 23: Borrowing Costs

18. IAS 24: Related Party Disclosures

19. IAS 26: Accounting and Reporting by Retirement Benefit Plans

20. IAS 27: Consolidated Financial Statements

21. IAS 28: Investments in Associates

22. IAS 29: Financial Reporting in Hyperinflationary Economies

23. IAS 30: Disclosures in the Financial Statements of Banks and Similar Financial I...

24. IAS 31: Financial Reporting of Interests in Joint Ventures

25. IAS 32: Financial Instruments: Disclosure and Presentation

26. IAS 33: Earnings per Share

27. IAS 34: Interim Financial Reporting

28. IAS 35: Discontinuing Operations

29. IAS 36: Impairment of Assets

30. IAS 37: Provisions, Contingent Liabilities and Contingent Assets

31. IAS 38: Intangible Assets

32. IAS 39: Financial Instruments: Recognition and Measurement

33. IAS 40: Investment Property

34. IAS 41: Agriculture






@ Copyright -Sanjoy Banka, FCA,FCS ( Calcutta, India)