The purpose of this review is to provide a brief introduction to the accounting standards issued by the International Accounting Standards Board (IASB). The standards issued by the board comprise International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS). IFRS and IAS both have the status of accounting standards. IFRS are new standards issued since the establishment of the IASB. IAS are standards that were issued in their original form by the Board’s predecessor.