International Accounting Standards

International Accounting Standards, or IAS, are a set of accounting standards. They are issued by the International Accounting Standards Board (IASB). The standards that form IAS are known as International Financial Reporting Standards (IFRSs).

IAS is used in many countries in the world, including Hong Kong, Russia and China, and is also used in certain European countries. It was given a boost in 2002, when the European Commission issued a regulation that all listed companies in Europe must adopt IAS by 2005.

IFRSs are considered a "principles-based" set of standards, in that they establish broad rules rather than dictating specific treatments. As of 2002 a number of IFRSs offer the preparer choices of treatments; the IASB's Improvements Project is seeking to reduce these choices.