Introduction to International Accounting Standards (I.A.S)

The accounting profession has been recognized at a professional level since the 1900s. Professional accounting bodies have consequently been set up to establish the standard of professional qualification as well as to enforce the International Code of Ethics for Professional Accountants (PAs).

In 1969, the Accounting Standards Steering Committee was established in England and Wales to issue a Statement of Standard Accounting Practice (SSAP). The objective of the SSAP is to allow, by way of standardizing accounting practices, for a fair comparison of the performances and financial positions among business firms during the accounting year.

Following an agreement between accounting agencies from Britain, the United States of America, Canada, Australia, Ireland, Netherlands, France, German, Mexico, and Japan, the International Accounting Standards Committee (IASC) was established in London in 1973, and had provided accounting standards known as the International Accounting Standards (IAS).

In April 2001, however, the Committee was replaced by the International Accounting Standards Board (IASB). The  IASB, while retaining the standards previously issued by the IASC, has since taken over the development of globally-acceptable and comprehensible accounting standards under the International Financial Reporting Standards (IFRS) Foundation.

In Malaysia, the Malaysian Institute of Accountants (MIA) is established under the Accountants Act 1967, thereby becoming the only accountancy body