What are the International Accounting Standards (IAS)?
The international accounting standards are a set of practices established by the International Accounting Standards Board (IASB). These practices are designed to make it simpler for businesses around the world to compare financial reporting and data. This also helps create transparency and trust in the accounting process, particularly with investment and global trade.

Having an international accounting standard also alleviates compliance pressures and can significantly reduce costs surrounding reporting. In particular, companies that have international operations and subsidiaries in different countries can streamline reporting and practices.