INTERNATIONAL ACCOUNTING STANDARDS International accounting standard are made for the benefits of the existing company. International accounting standards, shortly known as IAS are issued by the International accounting standards Boards for the betterment of the company, thus it also keeps a note of all the accountants working for any company. IAS was formed in the year 1973, and from that times its main motive is to compare all the business modules and their transparency for their company, it was accepted globally by all the companies for showing the true and fair value of the company. Accountant also face many kind of problem in their work and thus commit mistakes and thus IAS helps the accountant to show them the places or the points they should be rectified. IAS also helps the company to be influenced with the invertors and other market competitor, thus is increases highly competition between all the existing competitor and never make them feel that they are alone in this race. International financial reporting standards(IFRS) has been adopted and highly privileged by the European Union, whereas there were many countries which has not accepted this standard such as the United States, Japan and China as the only major capital markets, they were highly familiar with the IAS. As of 2018, 144 jurisdictions had required that the use of IFRS has to be accepted by most of the listed companies or basically all the listed companies and later on 12 jurisdictions had permitted to use it. IAS basically compare all the information provided by the existing companies and thus it cross check the provided data and shows the true and fair value of company thus the standards helps the company to be sorting the position of the company in the market competition. It has been 69 years that the modern version of the IAS has been debuted in the year 1950, it is viewed by the IAS as a permanent solutions to implement policies, and for collecting taxes, maintaining laws and orders, and ensure the development of the existing company. Currently there are 4,926 officers which are fully operated.