Need to Know: International Accounting Standards

Need to Know: International Accounting Standards
PUBLISHED: October 22, 2021

The International Accounting Standards or IAS are the older accounting standards provided by the International Accounting Standards Board or IASB who is an independent international standard-setting body that based in London. Such standards are designed to make it easier for businesses all around the globe to generate and compare financial data and reporting. This also helps create transparency and trust in the accounting process. The International Accounting Standards was replaced by International Financial Reporting Standards (IFRS) in 2001.

The International Financial Reporting Standards (IFRS)

With IFRS replacing the original international accounting standards to establish even more consistency with a focus on financial record keeping. The IFRS standards outline effective methods for the following:

  • Maintaining transactional data
  • Defining types of transactions
  • Financial reporting
  • Proper record-keeping
  • Assessing financial impacts

As with the original standards, the goal is to ensure accounting transparency and encourage effective practices. Though, the IFRS is not universal where in other countries, rely on the Generally Accepted Accounting Principles (GAAP).

International Accounting Standards

Accounting Software for Compliance

While there are many accounting software available in the market to chose from, we cannot shy the fact that certain accounting software which are tailored to each country’s government requirements have more competitive advantage over those general ones.

A great example of this software is QNE Software. QNE Software offers off-the-shelves Accounting and Inventory System that consists of General Ledger Module, AR and AP Modules, Sales and Purchases Modules, Inventory Module and the BIR Module. With QNE Software’s Accounting and Inventory System having the BIR Module, apply for Computerized Accounting System (CAS) has never been easy on top of the services that QNE provides in order to make sure that its valued clients are able to utilize the system to their advantage. QNE Software sticks with its mission to help businesses be ahead of their league by providing cost effective business solutions making it truly the First Choice of Filipino Accountants and Business Owners.

If you are interested in upgrading to a BIR-Ready Online Accounting System, take your accounting to a whole new level and unleash the power of AI with QNE Cloud Accounting Software. Create your FREE Cloud Accounting Plan now!

International Accounting Standards

Related Posts