These future standards were decided to be referred as the International Financial Reporting Standards (IFRS). • The International Accounting Standards or in short IAS are standards issued by the IASC from 1973 to 2001 that dictate how events and transactions should reflect on a company’s financial statements. IAS standards were published between 1973 and 2001, while IFRS standards were published from 2001 onwards. These contain the rules, regulations, obligations and guidelines for the companies. of this document includes a tabular summary of the similarities and differences between IFRS and German GAAP (revised). IAS standards were issued by the IASC, while the IFRS are issued by the IASB, which succeeded the IASC. 1 Introduction. The summary does not attempt to capture all of the differences that exist or that may be particular to an entity’s financial statements. List of Abbreviations. Congrats! IFRS 16 changes this by requiring a lessee to recognise arising right of use (ROU) assets and lease liabilities on their balance sheet. Difference between IFRS 16 and IAS 17 Leases. This publication helps you understand the significant differences between IFRS Standards and US GAAP. Under GAAP, the research is more focused on the literature whereas under IFRS, the review of the facts pattern is more thorough. IAS 39 Incurred Loss Model t Delays the recognition of credit losses until there is objective evidence of impairment. The classification and measurement of financial assets is one of the principal differences between IFRS 9 and IAS 39. 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