International Accounting Standards – IAS which are now referred to as International Financial Reporting Standards – IFRS are a set of financial accounting standards which have to be followed in financial reporting processes and procedures.
Each standard issued by the International Accounting Standards Board –IASB relates to a specific area of accounting and reflects how valuation and recognition of that area or item should be presented in financial statements. These standards are devised in order to maintain consistency in financial accounting throughout the world and make interpretation of financial statements much easier for stakeholders. The rules integrated in these accounting standards ensure the integrity of financial statements and noncompliance may result in fraud charges and litigation from regulatory bodies (Walther, chapter 15: Financial Reporting and Concepts, 2009).
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