What are the diferences between the two accounting policies?

IAS was in use before the introduction of IFRS. With effect from the introduction of IFRS, only IAS before the introduction of IFRS is stil in use. Any other international standard that will be issued will now be IFRS but not IAS.


In my view except the change in nomenaclature there is no much difference in the basic strategy of the standardization process. Ofcourse prior to 2001 (1973-2001) IAS International Accounting Standards were used to be issued by the IASC (International Accounting Standards Committee) and subsequent to 2001 this task is being done by the IASB (International Accounting Standards Board) and given a refined name as IFRS.