Is there any difference between IAS and IFRS Or these are interchangeable terms?

IAS & IFRS are not interchangeable terms and here are some of the fundamental differences between the two:

1. IAS stands for International Accounting Standards, while IFRS refers to International Financial Reporting Standards.

2. IAS standards were published between1973 and2001, while IFRS standards were published from2001 onwards.

3. IAS standards were issued by the IASC, while the IFRS are issued by the IASB, which succeeded the IASC.

4. Principles of the IFRS take precedence if there’s contradiction with those of the IAS, and this results in the IAS principles being dropped.

An older set of standards stating how particular types of transactions and other events should be reflected in financial statements. In the past, international accounting standards (IAS) were issued by the Board of the International Accounting Standards Committee (IASC). Since2001, the new set of standards has been known as the international financial reporting standards (IFRS) and has been issued by the International Accounting Standards Board (IASB).

No difference at all . 

The earlier Standards were denoted as IAS ( International Accounting Standards ) which were promulgated by International Accounting Standards Board.

The new ones are denoted as IFRS and one refers to IFRS , it covers both IAS & IFRS as also the underlying Interpretations for both IAS & IFRS.

hOWEVER NOT CORRECT TO STATE THAT THEY ARE INTERCHANGEABLE.

IAS gives your accounting principals where as IFRS talks about disclosure requirements

Both are necessary so that all financial statements at written and studied in same language.

interchangeable terms sometimes

IFRS prevails when few conflicts arises and result in a revision of IAS. the revision of IAS after amendments is known as IFRS.

It is not an interchangeable terms. 

International Financial Reporting Standards are a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board.

 IFRS are sometimes confused with International Accounting Standards (IAS), which are the older standards that IFRS replaced. (IAS were issued from 1973 to 2000.)

In case there is a conflict, provision and requirements of IFRS prevail over IAS.

Every previous answer is correct. These standards were issued, first of all, to regulate the drawing of the Consolidated Financial Statements of listed companies. Now they are also compulsory as to the"ordinary" Financial statement of the above-mentioned conpanies.

IAS refers to International Accounting Standards which was managed by International Accounting Standards Committee till 2001. IFRS refers to International Financial Reporting Standards and it is managed by International Accounting Standards Board from 2001 to till date. IFRS policies and procedures will supercede the International Accounting Standards in all respects.

IAS (international Accounting standards) was published in the year 1973-2001 and IFRS after 2001 and IFRS will supercede IAS .  There is no major difference between two.  IFRS is updated standards which is implemented

Following the establishment of new Committee IASB (International Accounting Standards Board) in,  all new standard issued with new named of series i.e IFRS. All standard issued before the establishment of IASB is named with IAS (International Accounting standard )  i.e IAS1 to IAS there are issued by International Accounting Standards Committee (IASC).