Key takeaways
- IAS and IFRS are one set of standards, officially called IFRS Accounting Standards and issued by the International Accounting Standards Board (IASB).
- Standards first issued before 2001 keep their IAS numbers (for example IAS 16, IAS 36). They are fully in force and have the same authority as IFRS 1–19.
- Only some IAS standards have been replaced by a numbered IFRS: IAS 18 and IAS 11 by IFRS 15, IAS 17 by IFRS 16, most of IAS 39 by IFRS 9, and IAS 1 by IFRS 18 from 2027.
- When an IAS is still in force, there is no “IFRS number” for that topic — the IAS is the IFRS requirement.
Many finance professionals ask: “What is the IFRS for property, plant and equipment?” or “Is IAS still used?” The confusion is understandable. The world now talks about “IFRS”, yet some of the most important standards — inventories, cash flows, income taxes, PPE, impairment, provisions — still carry IAS numbers. This page explains how the numbering works and gives a complete reference list of every standard with its IFRS # and IAS # relationship, so you can cite standards correctly in reports, audits, interviews and exams.
1. Why there are two numbering series
The International Accounting Standards Committee (IASC) issued International Accounting Standards — IAS 1 to IAS 41 — between 1973 and 2001. In 2001 the IASC was replaced by the International Accounting Standards Board (IASB), which adopted all existing IAS and began issuing new standards as International Financial Reporting Standards (IFRS), starting with IFRS 1 in 2003. Rather than renumber everything, the IASB kept the IAS numbers. Over time it has amended many IAS and replaced some with new IFRS.
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How IAS and IFRS fit together
View the data behind this chart
| Level | Items |
|---|---|
| Umbrella | IFRS Accounting Standards – issued by the IASB — one body of standards |
| Components | IFRS 1–19 – issued 2003 onwards (18 current); IAS standards – issued 1973–2001 (25 still in force); Interpretations – IFRIC and SIC |
| Foundation | Conceptual Framework – not a standard — guides all of the above |
2. IFRS 1–19: full list
| Standard | Title | Status | IFRS # & IAS # link |
|---|---|---|---|
| IFRS 1 | First-time Adoption of International Financial Reporting Standards | In force | — |
| IFRS 2 | Share-based Payment | In force | — |
| IFRS 3 | Business Combinations | In force | Replaced IAS 22 |
| IFRS 4 | Insurance Contracts | Superseded by IFRS 17 (2023) | — |
| IFRS 5 | Non-current Assets Held for Sale and Discontinued Operations | In force | Replaced IAS 35 |
| IFRS 6 | Exploration for and Evaluation of Mineral Resources | In force | — |
| IFRS 7 | Financial Instruments: Disclosures | In force | Replaced IAS 30 |
| IFRS 8 | Operating Segments | In force | Replaced IAS 14 |
| IFRS 9 | Financial Instruments | In force (2018) | Replaced most of IAS 39 |
| IFRS 10 | Consolidated Financial Statements | In force | Replaced consolidation parts of IAS 27 |
| IFRS 11 | Joint Arrangements | In force | Replaced IAS 31 |
| IFRS 12 | Disclosure of Interests in Other Entities | In force | — |
| IFRS 13 | Fair Value Measurement | In force | — |
| IFRS 14 | Regulatory Deferral Accounts | In force (optional) | — |
| IFRS 15 | Revenue from Contracts with Customers | In force (2018) | Replaced IAS 18 & IAS 11 |
| IFRS 16 | Leases | In force (2019) | Replaced IAS 17 |
| IFRS 17 | Insurance Contracts | In force (2023) | Replaced IFRS 4 |
| IFRS 18 | Presentation and Disclosure in Financial Statements | Effective 1 Jan 2027 | Replaces IAS 1 |
| IFRS 19 | Subsidiaries without Public Accountability: Disclosures | Effective 1 Jan 2027 | — |
3. IAS standards and their IFRS status
The IAS standards below are part of IFRS Accounting Standards. Where the status is “In force”, the IAS is the IFRS requirement and there is no separate IFRS number. Numbers missing from the sequence (such as IAS 3–6, IAS 9, IAS 13–15, IAS 22, IAS 25, IAS 30, IAS 31, IAS 35) were withdrawn or superseded earlier.
| Standard | Title | Status | IFRS # & IAS # link |
|---|---|---|---|
| IAS 1 | Presentation of Financial Statements | In force until replaced by IFRS 18 (2027) | IFRS 18 & IAS 1 |
| IAS 2 | Inventories | In force | No IFRS number — IAS 2 is the IFRS standard |
| IAS 7 | Statement of Cash Flows | In force (amended by IFRS 18 from 2027) | No IFRS number — IAS 7 is the IFRS standard |
| IAS 8 | Accounting Policies, Changes in Accounting Estimates and Errors | In force (renamed ‘Basis of Preparation of Financial Statements’ by IFRS 18 from 2027) | No IFRS number |
| IAS 10 | Events after the Reporting Period | In force | No IFRS number |
| IAS 11 | Construction Contracts | Superseded by IFRS 15 (2018) | IFRS 15 & IAS 11 |
| IAS 12 | Income Taxes | In force | No IFRS number — IAS 12 is the IFRS standard |
| IAS 16 | Property, Plant and Equipment | In force | No IFRS number — IAS 16 is the IFRS standard |
| IAS 17 | Leases | Superseded by IFRS 16 (2019) | IFRS 16 & IAS 17 |
| IAS 18 | Revenue | Superseded by IFRS 15 (2018) | IFRS 15 & IAS 18 |
| IAS 19 | Employee Benefits | In force | No IFRS number |
| IAS 20 | Accounting for Government Grants and Disclosure of Government Assistance | In force | No IFRS number |
| IAS 21 | The Effects of Changes in Foreign Exchange Rates | In force | No IFRS number — IAS 21 is the IFRS standard |
| IAS 23 | Borrowing Costs | In force | No IFRS number |
| IAS 24 | Related Party Disclosures | In force | No IFRS number |
| IAS 26 | Accounting and Reporting by Retirement Benefit Plans | In force | No IFRS number |
| IAS 27 | Separate Financial Statements | In force (consolidation moved to IFRS 10) | IFRS 10 & IAS 27 |
| IAS 28 | Investments in Associates and Joint Ventures | In force | No IFRS number |
| IAS 29 | Financial Reporting in Hyperinflationary Economies | In force | No IFRS number |
| IAS 32 | Financial Instruments: Presentation | In force | Works with IFRS 9 & IFRS 7 |
| IAS 33 | Earnings per Share | In force | No IFRS number |
| IAS 34 | Interim Financial Reporting | In force | No IFRS number |
| IAS 36 | Impairment of Assets | In force | No IFRS number — IAS 36 is the IFRS standard |
| IAS 37 | Provisions, Contingent Liabilities and Contingent Assets | In force | No IFRS number — IAS 37 is the IFRS standard |
| IAS 38 | Intangible Assets | In force | No IFRS number |
| IAS 39 | Financial Instruments: Recognition and Measurement | Largely superseded by IFRS 9 (hedge-accounting option remains) | IFRS 9 & IAS 39 |
| IAS 40 | Investment Property | In force | No IFRS number |
| IAS 41 | Agriculture | In force | No IFRS number |
4. Which IAS was replaced by which IFRS
| IFRS # | Replaced IAS # / standard | Effective |
|---|---|---|
| IFRS 15 | IAS 18 Revenue and IAS 11 Construction Contracts | 1 Jan 2018 |
| IFRS 16 | IAS 17 Leases | 1 Jan 2019 |
| IFRS 18 | IAS 1 Presentation of Financial Statements | 1 Jan 2027 |
| IFRS 9 | IAS 39 Financial Instruments: Recognition and Measurement (most of it) | 1 Jan 2018 |
| IFRS 10 | Consolidation requirements of IAS 27 (and SIC-12) | 1 Jan 2013 |
| IFRS 11 | IAS 31 Interests in Joint Ventures | 1 Jan 2013 |
| IFRS 8 | IAS 14 Segment Reporting | 1 Jan 2009 |
| IFRS 7 | IAS 30 Disclosures in Financial Statements of Banks | 1 Jan 2007 |
| IFRS 5 | IAS 35 Discontinuing Operations | 1 Jan 2005 |
| IFRS 3 | IAS 22 Business Combinations | 2004 |
| IFRS 17 | IFRS 4 Insurance Contracts | 1 Jan 2023 |
Effective dates are for annual periods beginning on or after the date shown, as issued by the IASB. Jurisdictions adopt standards through their own processes, so local effective dates may differ.
5. Interpretations: IFRIC and SIC
Interpretations are issued by the IFRS Interpretations Committee (IFRIC, formerly the Standing Interpretations Committee, SIC) to clarify how standards apply. They carry the same authority as the standards. Commonly used examples include IFRIC 21 Levies, IFRIC 22 Foreign Currency Transactions and Advance Consideration (which interprets IAS 21) and IFRIC 23 Uncertainty over Income Tax Treatments (which interprets IAS 12).
6. How to cite standards correctly
- Use the number that is currently in force: “IAS 16 Property, Plant and Equipment” — not an invented “IFRS 16” for PPE (IFRS 16 is Leases).
- When a topic moved, cite the new standard and, for context, the old one: “IFRS 16 (which replaced IAS 17)”.
- Refer to the whole body as IFRS Accounting Standards (or simply “IFRS”), which includes both IFRS and IAS.
- For financial statements, state compliance with “IFRS Accounting Standards as issued by the IASB” or as adopted in your jurisdiction.
7. A note for Bangladesh
Bangladesh historically adopted these standards locally as Bangladesh Accounting Standards (BAS) and Bangladesh Financial Reporting Standards (BFRS) through ICAB, keeping the same numbers (BAS 16 = IAS 16, BFRS 15 = IFRS 15). Today the Financial Reporting Council (FRC) prescribes IFRS for applicable entities. Always check FRC notifications for which standards and effective dates apply to your entity.
8. Practical guides on this site
- IFRS 15 Revenue (replaced IAS 18 & IAS 11)
- IFRS 16 Leases (replaced IAS 17)
- IFRS 18 Presentation and Disclosure (replaces IAS 1)
- IAS 7 Statement of Cash Flows · IAS 12 Income Taxes · IAS 16 PPE
- IAS 21 Foreign Currency · IAS 36 Impairment · IAS 37 Provisions
- The IFRS Conceptual Framework
Frequently asked questions
What is the difference between IAS and IFRS?
IAS were issued by the IASC between 1973 and 2001; IFRS have been issued by its successor, the IASB, since 2001. Together they form one body called IFRS Accounting Standards. An IAS that has not been replaced is just as authoritative as any IFRS.
Is IAS still used?
Yes. Many IAS remain in force — for example IAS 2 Inventories, IAS 7 Statement of Cash Flows, IAS 12 Income Taxes, IAS 16 Property, Plant and Equipment, IAS 21, IAS 36 and IAS 37. Companies applying IFRS must apply these IAS.
Which IAS have been replaced by IFRS?
Key examples: IAS 18 and IAS 11 by IFRS 15 (2018); IAS 17 by IFRS 16 (2019); most of IAS 39 by IFRS 9 (2018); IAS 1 by IFRS 18 (from 2027); IAS 31 by IFRS 11; IAS 14 by IFRS 8; IAS 22 by IFRS 3; and IAS 35 by IFRS 5.
Conclusion
There is one global set of standards: IFRS Accounting Standards. IAS numbers simply mark the older standards that are still in force, while IFRS numbers mark newer ones — including those that replaced IAS 1, 11, 17, 18 and 39. Cite the standard that is currently in force, mention the replaced IAS where helpful, and the references in your reports will be both accurate and familiar to any reader.
Written by Liakat Hossain
Finance and accounts professional with experience in FP&A, SAP FICO, Power BI, internal control, reporting, audit, tax, VAT and export-oriented business operations.
This article is original educational content based on professional finance practice. Real-project examples are anonymized, and scenario figures are identified as model outputs rather than guaranteed results.