Introduction to IFRS

International Financial Reporting Standards are issued by the International Accounting Standards Board located in UK.

Between 1973 and 2001, the Board of the International Accounting Standards committee (IASB) issued standards which are known as International Accounting Standards or IAS. A Standards Interpretation Committee (SIC) also existed which interpreted the IAS where required. These were called SIC interpretations.

In 2000-01 the Board was restructured as International Accounting Standards Board (IASB), a non profit Delaware Corporation. The IASB in its first meeting adopted the existing IAS and SIC.


The IASB has continued to develop standards calling the new standards IFRS. The International Financial Reporting Interpretations Committee (IFRIC) is the interpretative body of the IASC Foundation.