Also in 2001, it was decided that newly issued standards would be labeled IFRS instead of IAS, and that the entire set of IASC/IASB standards (including the IAS issued until 2001 and the IFRS issued since then) would also be known as IFRS.
In 2001, it was determined that new standards would bear the label IFRS rather than IAS, and that the entire collection of IASC/IASB standards (including those issued prior to 2001 and those issued since then) would also be referred to as IFRS.