Many changes have been done by converting some International Accounting Standards (IAS) into

International Financial Reporting Standards (IFRS). Choose one case and do the following:

1. Write a report describing each of the selected IAS and related IFRS, compere between them and

critically clarify the main changes happened to convert IAS into its related IFRS. Also, describe the

disadvantages of the IAS and how the related IFRS avoided these disadvantages and solves the

problems.