Formerly, International Accounting Standards (IASs) were issued by the IASC from the years 1973 through 2000. Then an International Accounting Standards Board came up that replaced the IASC in 2001. From that time, the IASB has done some amendments to some IASs and there is still a proposition to continue with the amendments to other IASs.
There have been some replacements on some IASs with new International Financial Reporting Standards (IFRSs), and there has been an adoption and propositions for IFRSs to handle certain new on topics which were not previously on IAS. By use of committees, the IASB and IAS have issued each an interpretation of standards. Financial statements may lack categorization as complying with IFRSs in anticipation of fully compliance with all of the required elements of each suitable standard and each associated interpretation. This was the finale of a reorganization based on the recommendations of the report on recommendations suggesting the Shaping of the IASC in the Future.
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The IASB configuration has the following main features: the IASC Foundation is a self-governing organization having two main arms, the Trustees and the IASB, as well as a Standards Advisory Council and the International Financial Reporting Interpretations Committee. The IASC Foundation Trustees choose the IASB members, exercise exclusion and elevate the resources required, but the IASB has private responsibility for putting in place IFRS (international accounting standards).
The UK had to adopt the financial standards because these standards set a common base for use in the reporting cases of their financial standards. Being a base and an international organization; the United Kingdom companies would have had to adopt these standards in order to comply with stated international financial reporting standards. Many countries feel that complying internationally might help them recognized in getting international standards that serves them a favour of expressing themselves as internationally recognized companies. This to many of them will create the image that a company that has adopted international standards is a world-class company that can therefore ensure its expansion therefore to other countries overseas
In addition to these suggestions, the International Accounts Service Board has formulated each International Financial Reporting Standard and its corresponding date it takes effect. In the next section, I am going to take explorations on the IFRSs and their recommended effective dates as stipulated by the IASBs.
The International Financial Reporting Standards IFRS 1-First time Adoption of these financial reporting standards that was originally issued in the year 2003 would start to take its effect in the beginning of the next financial period starting on or after first of January 2004. This standard was later amended in relation to its corresponding Standard six on a re vision in 2005 and its effect would have taken place on or after the first of January the following financial year.
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