Financial Statements | MCQs

Explanation

IAS (International Accounting Standards):

• These are older accounting standards that were issued before IFRS.
• Still valid unless replaced by IFRS.

IFRS (International Financial Reporting Standards):

• Issued by the IASB (International Accounting Standards Board).
• Modern framework used globally for preparing financial statements.

ISA (International Standards on Auditing):

• These are used by auditors, not for preparing financial statements but for auditing them.