Question

IPSAS	Description	IAS/IFRS	Description
1	Presentation of Financial Statements
2	Cash Flow Statements
12	Inventories
17	Property, Plant & Equipment
33	First-time adoption of Accrual Basis IPSASs’

Identify/find the corresponding IAS/IFRSs’ for the IPSASs’ listed in the table above, then write on at least 3 similarities and 3 differences between the respective standards.

Answer 1

Following are corresponding IAS/IFRS's for the below mentioned IPSAS's

IPSAS	Description	IAS/IFRS	Description
1	Presentation of financial statement	IAS 1
2	Cash Flow Statements	IAS 7
12	Inventories	IAS 2
17	Property, plant and equipment	IAS 16
33	First time adoption of accrual basis IPSASs'	IFRS 1

Please note that IAS and IFRS are the same thing. They don't have much of differences. Lete explain you what is IAS and what is IFRS.

IAS standards were published by International Accounting Standards Committee (IASC) between 1973 and 2001

Whereas IFRS are published by International Accounting Standard Board (IASB) from 2001 onwards.

When IASB was established in 2001, it decided to adopt all IAS standard and from future onwards issue accounting standards with the initial name as IFRS.

If there is any contradiction between IAS and IFRS then IFRS should be given precedence over IAS.

Thus, IAS and IFRS are one and same thing and the above IPSAS mentioned by you have same principles as far as.IAS and IFRS are concerned.