The transition around the world to International Financial Reporting Standards (IFRS) - which were formerly known as International Accounting Standards (IAS) - is the most important development ever seen in the world of accounting.

The European Commission has made IFRS (a single set of high quality, understandable and enforceable global accounting standards) mandatory for all 7000 EU public companies (including some 2000 in the UK alone) as from financial year 2005.

Outside of the EU, a number of other significant regions such as Australia, Russia and the Middle East are also currently in the process of adopting IFRS, with others including the USA and Japan being already committed to a path of future convergence.

As a result, over the next few years many thousands of companies around the world will adopt this new set of accounting standards.

International Accounting Standards (IASs) were issued by the IASC from 1973 to 2000. The IASB replaced the IASC in 2001. Since then, the IASB has amended some IASs, has proposed to amend other IASs, has proposed to replace some IASs with new International Financial Reporting Standards (IFRSs), and has adopted or proposed certain new IFRSs on topics for which there was no previous IAS. Through committees, both the IASC and the IASB also have issued Interpratation of Standards. Financial statements may not be described as complying with IFRSs unless they comply with all of the requirements of each applicable standard and each applicable interpretation.

International Financial Reporting Standards Last Revised IFRS 1-First-time Adoption of International Financial Reporting Standards June 2005 IFRS 2-Share-based Payment February 2004 IFRS 3-Business Combinations March 2004 IFRS 4-Insurance Contracts August 2005 IFRS 5-Non-current Assets Held for Sale and Discontinued Operations March 2004 IFRS 6-Exploration for and Evaluation of Mineral Assets June 2005 IFRS 7-Financial Instruments: Disclosures August 2005 Framework for the Preparation and Presentation of Financial Statements Last Revised Framework for the Preparation and Presentation of Financial Statements 1989 International Accounting Standards Last Revised IAS 1-Presentation of Financial Statements June 2005 IAS 2-Inventories December 2003 IAS 3 - Consolidated Financial Statements. Originally issued 1976, effective 1 Jan 1977. No longer effective. Superseded in 1989 by IAS 27 and IAS 28 -- IAS 4 - Depreciation Accounting. Withdrawn in 1999, replaced by IAS 16, 22, and 38, all of which were issued or revised in 1998. -- IAS 5 -  Information to Be Disclosed in Financial Statements. Originally issued October 1976, effective 1 January 1997. No longer effective. Superseded by IAS 1 in 1997. -- IAS 6 - Accounting Responses to Changing Prices. Superseded by IAS 15. -- IAS 7 - Cash Flow Statements 1992 IAS 8 - Accounting Policies, Changes in Accounting Estimates, and Errors December 2003 IAS 9 - Accounting for Research and Development Activities. Superseded by IAS 38 effective 1.7.99. -- IAS 10 - Events After the Balance Sheet Date 1999 IAS 11 - Construction Contracts 1993 IAS 12 - Income Taxes 2000 IAS 13 - Presentation of Current Assets and Current Liabilities. Superseded by IAS 1. -- IAS 14 - Segment Reporting 1997 IAS 15 - Information Reflecting the Effects of Changing Prices Withdrawn December 2003 IAS 16 - Property, Plant and Equipment December 2003 IAS 17 - Leases December 2003 IAS 18 - Revenue 1993 IAS 19 - Employee Benefits December 2004 IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance 1983 IAS 21- The Effects of Changes in Foreign Exchange Rates December 2003 IAS 22 - Business Combinations. Superseded by IFRS 3 effective 31 March 2004. 1998 IAS 23 - Borrowing Costs 1993 IAS 24 - Related Party Disclosures December 2003 IAS 25 - Accounting for Investments. Superseded by IAS 39 and IAS 40 effective 2001. -- IAS 26 - Accounting and Reporting by Retirement Benefit Plans 1987 IAS 27 - Consolidated and Separate Financial Statements December 2003 IAS 28 - Investments in Associates December 2003 IAS 29 - Financial Reporting in Hyperinflationary Economies 1989 IAS 30 - Disclosures in the Financial Statements of Banks and Similar Financial Institutions. Superseded by IFRS 7 effective 2007. 1990 IAS 31 - Interests In Joint Ventures December 2003 IAS 32 - Financial Instruments: Disclosure and Presentation. Disclosure provisions superseded by IFRS 7 effective 2007. August 2005 IAS 33 - Earnings Per Share December 2003 IAS 34 - Interim Financial Reporting 1998 IAS 35 - Discontinuing Operations. Superseded by IFRS 5 effective 2005. 1998 IAS 36 - Impairment of Assets March 2004 IAS 37 - Provisions, Contingent Liabilities and Contingent Assets 1998 IAS 38 - Intangible Assets March 2004 IAS 39 - Financial Instruments: Recognition and Measurement August 2005 IAS 40 - Investment Property March 2004 IAS 41 - Agriculture 2001