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IFRS/ IAS/ UK GAAP/ FRS 102/105
It’s quite confusing. What are the differences between them and when to apply which reporting standard?
Who framed these different reporting standards?
Any help would be highly appreciated.
IFRS and IAS are essentially the same thing. We originally had just IAS in place as international rules but then when changes were made to the standards the newer/updated standards are renamed as IFRS. So we used to have IAS 17 for leases but this is now IFRS 16 under the updated rules. For inventory we just have IAS 2 and not an IFRS as there have not been any major changes since the original IAS 2 was created.
UK GAAP/FRS102/FRS105 are UK equivalents to the international standards.