International
Accounting Standard (IAS)
IAS & IFRS & BAS & BFRS-describes in details:
IAS, IFRS, BAS, and BFRS are all accounting and financial reporting standards used in different regions or countries. Here's a brief explanation of each:
1.IAS (International Accounting Standards):
The International Accounting Standards (IAS) were a set of accounting standards issued by the International Accounting Standards Committee (IASC) from 1973 to 2001. These standards were widely used by companies around the world, but they have since been replaced by International Financial Reporting Standards (IFRS).
2.IFRS (International Financial Reporting Standards):
International Financial Reporting Standards (IFRS) are a set of accounting standards developed and maintained by the International Accounting Standards Board (IASB). IFRS has become the global standard for financial reporting in many countries. It provides a common framework for companies to prepare and present their financial statements, ensuring comparability and transparency across different jurisdictions.
3.BAS (Bangladesh Accounting Standards):
Bangladesh Accounting Standards (BAS) are accounting standards developed and issued by the Institute of Chartered Accountants of Bangladesh (ICAB). BAS is based on International Financial Reporting Standards (IFRS) with necessary modifications to suit the local legal and regulatory requirements in Bangladesh. BAS is applicable to companies in Bangladesh for the preparation and presentation of their financial statements.
4.BFRS (Bangladesh Financial Reporting Standards):
Bangladesh Financial Reporting Standards (BFRS) are another set of accounting standards developed by the Institute of Chartered Accountants of Bangladesh (ICAB). BFRS is largely aligned with International Financial Reporting Standards (IFRS) and is applicable for companies in Bangladesh. BFRS has been developed to replace the previously used Bangladesh Accounting Standards (BAS) and to align the financial reporting practices in Bangladesh with international standards.
It's worth noting that accounting standards can change over time, and it is important to refer to the latest versions and updates of the respective standards issued by the relevant accounting standard-setting bodies in each country or region.