International Accounting Standards Explained is an introduction to IASC and to the requirements of the IAS. It outlines how
the standards are used on a daily basis by companies in preparation of their financial statements. It offers a detailed description
of the International Accounting Standards Committee and how it is structured. It examines the use of IAS from a practice orientation
and looks at the main components of the financial statements, including questions of recognition and measurement of key financial
statement items. There is also a discussion of the IASC Framework for the Preparation and Presentation of Financial Statements.
The framework provides a foundation for the development of new standards and is used as reference for applying IAS in the
absence of detailed application guidance.