Basics of IFRS

IASC was formed in 1973, by few accountancy regulating bodies. In 2001, the IASB was born and all accounting standards issued was name prefixed 'IAS'. Later, this was renamed as International Financial Reporting Standards and accounting standards issued after renaming was prefixed with IFRS.

source https://www.caclubindia.com/articles/ifrs-44287.asp