International Accounting Standards(IASs) were issued by the International Accounting standard commission (IASC) from 1973 to 2000.The 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 …showed first 75 words of 1919 total…

…showed last 75 words of 1919 total…sense. Accountancy; Mar 2005, Vol. 135 Issue 1339, p78,2p, 2c. KILLGREN, L., (2005), Accounting change boost to Alcatel earnings. Financial Times; March 30 2004. MANCHESTER, P., (2004), IT feels the strain of compliance. The switch to IFRS will require major changes to company IT systems. Financial Times Report; p.3. TEIXEIRA, A., & PICKENS, D., (2005), Reducing reporting risk. Chartered accountants journal; Feb2005, Vol. 84 Issue 1, p36, 3p. THOMPSON, S., & MURRAY, A, (2005), The listening board. Accountancy; Mar 2005, Vol. 135 Issue 1339, p75,1p.