The International Accounting Standards (IAS) are a set of accounting standards developed to ensure consistency and transparency in financial reporting across different countries. Established by the International Accounting Standards Committee (IASC) in 1973, these standards aim to provide a common framework for financial statements, making it easier for investors and stakeholders to understand and compare financial information globally. In 2001, the IASC was replaced by the International Accounting Standards Board (IASB), which continued to develop and improve these standards. While many IAS have been replaced by newer International Financial Reporting Standards (IFRS), some IAS are still in use today, guiding companies in their financial reporting practices.