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International Accounting StandardsIASs were issued by the International Accounting standard commission IASC from 1973 to 2000The International Accounting Standard Board IASB replaced the IASC in setting standards on 1 April 2001 The IASB has an advisory council and an international financial reporting interpretations committee The foundation trustees appoint the IASB members exercise oversight and raise the funds but the IASB has sole responsibility or setting accounting standards International Financial Reporting standards IFRS are more recently used now which refers to then new numbered series of pronouncements that the IASB is issuing as distinct from the International Accounting Standards series issued by its predecessor Broadly IFRS refers to the entire body of IASB pronouncements including standards and interpretations approved by the IASB and IASs and SIC interpretations approved by the predecessor International Accounting Standard Committee Under the International Accounting Standards IAS Regulation listed companies must prepare consolidated financial statements or individual financial statements if they are not preparing consolidated financial statements for financial years commencing on or after January 1 2005 in accordance with IASIFRS International Financial Reporting Standards Nick 2005 states from January 2005 the International Financial Reporting Standards also referred to as the International accounting standards will come in to force for all listed companies in the European Union and there introduction will affect more than 7000 companies and there financial information and accounting systems He went further to say that Hazel Powling head of international accounting standards implementation at the institute of chartered accountants in England and Wales said the impact of the accounting changes on IT systems would vary according to each industry She said financial services companies one of the heaviest investors in IT would be one of the hardest hit To help IT organizations struggling with the new reporting standards the Business application software Developers Association has published an updated guide on the IT implications of forthcoming regulations The IASCs original purpose was to achieve harmony among
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