are internationally recognised and applied accounting standards drawn up by the International Accounting Standards Committee (IASC). The development of IAS is driving forward the intention of globally harmonised accounting standards

The accounting standards promulgated by the International Accounting Standards Committee ('IASC') known as IAS

Financial reporting standards issued by the International Accounting Standards Board (IASB). The objective of financial statements prepared in accordance with the IASs is to provide investors with information about the net assets, financial position and results of operations of the enterprise, or their changes over time, that will assist them in their decisions. By contrast, financial statements prepared in accordance with the HGB (German Commercial Code) are slanted towards creditor protection.