Fundamental Standards.

This topic has 5 replies, 3 voices, and was last updated 1 year ago by 7fsa.

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March 6, 2021 at 7:52 am #613686
7fsa
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Dear Chris,

How are you?
I hope you are doing well,
Could you Explain the difference between IASB,IFRS and IAS?
March 6, 2021 at 8:46 am #613706
P2-D2
Keymaster
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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 So for leases we used to have IAS 17 but this now no longer exists and has been replaced by IFRS 16 as it has been updated to reflect a more faithful representation of lease transactions.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
March 8, 2021 at 3:00 am #613885
7fsa
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Thanks dear,
It’s very clear thank you so much.
March 17, 2021 at 9:35 am #614582
7fsa
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Dear Chris,
I have a technical problem I can no longer post questions for ask the tutor anymore could you help me please
March 17, 2021 at 10:33 am #614583
opentuition_team
Keymaster
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7fsa wrote:Dear Chris,
I have a technical problem I can no longer post questions for ask the tutor anymore could you help me please

send your question using the contact form please.
March 18, 2021 at 6:46 pm #614701
7fsa
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I have posted over there but no reply from your side could you please help me.
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