Accounting School|International Accounting Standards (IASB) are developed by the International Accounting Standards Board (IASB) to provide a harmonized set of accounting standards for companies around the world. These standards cover aspects such as the preparation, disclosure and interpretation of financial statements and require companies to follow these standards when preparing financial statements.
Accounting School|The main objective of IAS is to improve the transparency and comparability of financial reporting and to enable investors, creditors and other stakeholders to better understand the financial position and operating performance of a business. In addition, IAS also helps to reduce the accounting differences between different countries of multinational enterprises, and promotes the development of international** and investment.
Accounting School|Currently, IAS consists of four components: International Accounting Standards (IAS), International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and International Standards on Auditing and Assurance (ISAE). Among them, IAS and IFRS are accounting standards for general enterprises, while IPSAS is a standard designed specifically for the public sector. ISAE is a code developed to regulate the conduct of auditors.
Accounting School|Although IAS is widely used around the world, there are still some controversies and challenges. For example, some argue that IAS is too complex to understand and apply;Others are concerned that IAS may lead companies to engage in unethical behaviour in order to comply with the standards. Therefore, there is a need to continue to refine and evolve IAS in the future to adapt to the changing economic environment and market demands. Accounting School|