Could someone explain if there is a real difference between IFRS and IAS as I am a bit confused. The way I understood it from the text is that the IAS were the ‘older’ decisions by the IASC while IFRS are the ‘newer’ ones by the IASB.
You’re right. IAS is still part of IFRS. If someone talks about IFRS then he means: IFRS and IAS.
cfaisok Wrote: ------------------------------------------------------- > You’re right. > > IAS is still part of IFRS. > If someone talks about IFRS then he means: IFRS > and IAS. Sorry for that “still”: I ment: IAS is part of IFRS. If someone talks about IFRS then he means: IFRS including IAS. It is the same standard.