International Accounting Standards - IAS

International Accounting Standards (IAS) are a relic of the past, and they were replaced by the younger, newer International Financial Reporting Standards (IFRS) in 2001.

Even though she was decrowned at the beginning of the century, IAS will forever hold some titles, such as "First International Accounting Standards Anywhere."

IAS, like her sassy replacement IFRS, both served the same function: make it easier to do international business comparisons by standardizing everything, and to increase transparency and public trust in the institution that's doing the financial reporting.