IAS and IFRS

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December 14, 2016 at 12:50 pm #363657
rameeza
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Sir, Can you explain this statement?
“If any IAS is replaced, it will be superseded by an IFRS”
December 14, 2016 at 3:55 pm #363681
John Moffat
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They used to be called International Accounting Standards and that is still the name for old ones that still exist. The new name is International Financial Reporting Standards, and so any new ones (or replacements of old ones) are called IFRS’s.
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