What are IAS?
IAS stands for International Accounting Standards. These are a set of accounting standards developed by the International Accounting Standards Board (IASB). The goal of IAS is to create a common global language for business affairs so that financial statements are understandable and comparable across international boundaries. The term is often used interchangeably with IFRS (International Financial Reporting Standards), which is the updated version of IAS.
List of IAS
1 – Presentation of Financial Statements
2 – Inventories
7 – Statement of Cash Flows
8 – Accounting Policies, Changes in Accounting Estimates and Errors
10 – Events after the reporting period
12 – Income Taxes
16 – Property, Plant and Equipment
19 – Employee Benefits
20 – Government Grants
21 – The effects of changes in foreign exchange rates
23 – Borrowing Costs
24 – Related Party Disclosures
26 – Accounting and Reporting by Retirement Benefit Plans
27 – Separate Financial Statements
28 – Investments in Associates and Joint Ventures
29 – Financial Reporting in Hyperinflationary economies
32 – Financial Instruments: Presentation
33 – Earnings Per Share
34 – Interim Financial Reporting
36 – Impairment of Assets
37 – Provisions, Contingent Liabilities and Contingent Assets
38 – Intangible Assets
Why IAS Advisory?
IAS advisory, or International Accounting Standards advisory, involves providing guidance and assistance to organizations in understanding, implementing, and complying with International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS). This advisory service is particularly relevant for companies operating globally or those looking to adopt international accounting standards for financial reporting.
Key reasons for IAS advisory include:
- Global Compliance: IAS advisory helps organizations navigate the complexities of international accounting standards to ensure compliance with global reporting requirements.
- Uniform Financial Reporting: IAS provides a common set of standards, promoting consistency and comparability in financial reporting. Advisory services assist companies in aligning their financial statements with these standards.
- Risk Management: Understanding and implementing IAS properly can contribute to effective risk management by providing transparent and accurate financial information.
- Access to Capital Markets: Many global investors and capital markets require companies to adhere to international accounting standards. IAS advisory supports companies in meeting these standards, facilitating access to international capital.
- Enhanced Credibility: Adhering to recognized international accounting standards enhances a company’s credibility and transparency, which can be crucial for attracting investors and stakeholders.
- Efficient Cross-Border Operations: For multinational companies, IAS advisory ensures that financial reporting is consistent across subsidiaries and jurisdictions, facilitating efficient cross-border operations.
Overall, IAS advisory services aim to assist organizations in navigating the complexities of international accounting standards, fostering better financial reporting practices and ensuring alignment with global best practices.