Fundamental Standards.

Hi,

I’m very well, thank you. Hope it is the same for you.

IAS and IFRS are the same things essentially, they provide the rules for dealing with accounting transactions. IAS were the original global accounting standards and as they were slowly updated and changed the new standard created was an IFRS. So for leases we used to have IAS 17 but this now no longer exists and has been replaced by IFRS 16 as it has been updated to reflect a more faithful representation of lease transactions.

The IASB are the body that oversees all of the activities behind the setting of IFRSs. You can find a lot more about what the IASB do via their website – http://www.ifrs.org

Hope that clears it all up.

Thanks