What are IAS?
For the purpose of tax legislation they are all International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and related Interpretations (SIC-IFRIC interpretations), subsequent amendments to those standards and related interpretations, future standards and related interpretations issued or adopted by the International Accounting Standards Board (IASB) but only so far as they have been adopted by the European Commission. The Commission has adopted all existing IAS, but initially carved out two exceptions from IAS 39. But following the IASB’s recasting of the condition for use of the “fair value option” in particular, the Commission has now endorsed IAS 39 (as amended) in full. The Commission has also adopted IFRS 1 (first time application of IAS) and IFRS 2 to 7.
