I am noice to IFRS and IAS and would like to understand the following basic things.
1..What is difference between IAS and IFRS
2..During preparation of financial statments, is it mandatory to apply both IAS and IFRS ?
Your guidence will be highly beneficial me
IFRS are the new IAS, but IAS still apply until withdrawn and replaced by IFRS, so you have to use both!!!!
IFRS includes IAS. Basically previously standards are given name of IAS and now every new standard is given name of IFRS. so this is just a change of name of standards don’t confuse.
also you never find IAS and IFRS for same things.