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An Introduction
Presentation of Financial
Statements
This standard deals with
the presentation and
disclosure of accounts
Inventories
This standard deals with the
valuation and disclosure of
inventories and related
matters
This standard is not followed
any more. It is replaced by
IAS – 27 and IAS – 28
This standard was about
consolidated financial
statements
This standard is not followed any
more. It is replaced by IAS – 16
and IAS – 22 and IAS – 38
The standard was about
Depreciation
This standard is replaced by IAS –
1
The standard was about
information to be disclosed
in financial statements
This standard is superseded by
IAS – 15
The standard was about
accounting responses to
changing prices
Cash flow Statements
This standard is related to
the making of cash flow
statement. It includes the
formats and methods
allowed and disclosure
needed
Net Profit or Loss for the period,
Fundamental errors and changes in
accounting policies
The items related to Income Statement
and changes in accounting policies
and methods along with the errors
which are categorized as
fundamental errors are included in
this standard
Superseded by IAS – 38
The standard was about
research and development
cost
Events after the balance sheet
date
This standard is related to the
issues that arise after the
completion of balance sheet
but the effect reaches to past
accounting record
Construction Contracts
This is a part of job order
costing and several matters
which arise because of the
extension of the contracts to
more than one year are
included in this standard
Income Taxes
Income tax laws may be different in
countries following these standards.
This standard discusses that how
this matter is to be handled and how
the effect of taxes is to be shown in
financial statements
Superseded by IAS – 1
Presentation of current assets
and current liabilities
Segment Reporting
This standard deals with the
reporting the company’s
performance and position
by segments i.e. by
products, areas etc.
Information reflecting the
effects of changing prices
This standard is related to
the effect of changing in
prices and the impact on
the organization
Property, Plant and
Equipment
It deals with the issues
related to the timing of
recognition of assets, their
carrying amounts and
depreciation charges
Leases
This standard prescribes for
lesser and lessee the
appropriate accounting
policies and disclosure
Revenue
This deals with the
recognition of revenue i.e.
time, amount and heads
which should or should
not be included in the
head.
Employee Benefits
This standard is related to the
accounting and disclosure of
employees benefits. This
contains the liability towards
them and the expense related
to them
Accounting for government
grants and disclosure of
government assistance
Whenever there are any
government grants and
assistances those are to be
accounted for and disclosed in a
specific manner the standards
deals with such accounting and
disclosure.
The effects of changes in
foreign exchange rates
The enterprises dealing in
foreign currency or having
operations in foreign
countries both are discussed
in this standard.
Business Combinations
The accounting and
disclosure in case of
acquisition and mergers
when an acquirer can not
be identified are covered
in this standard.
Borrowing Costs
The standard deals with the
treatment of the borrowing
cost i.e. whether it should be
expensed out in the year of
occurrence or conditions in
which this cost can be
capitalized.
Related Party disclosures
Enterprises which are directly
or indirectly controlled by
reporting enterprises are
considered related party and
that is what is included in
this standard.
Superseded by IAS – 29
and IAS - 30
Accounting and reporting by
retirement benefits plans
It is applicable to those
enterprises where retirement
benefit plans are prepared.
Consolidated financial
statements and accounting for
investments in subsidiaries
It is related to the accounting
presentation and disclosure
of financial statements of
group of enterprises working
under a parent company.
Accounting for investments
in associates
This standard is related to the
accounting for an investor
who has made investment in
associated companies
Financial Reporting in
hyperinflationary
economics
This standard is only related to
those countries’ economies
who have hyperinflationary
economies
Disclosure in the financial
statements of banks and
similar financial institutions
The standard is related to the
accounting and disclosure
needed in the statements of
banks and financial
institutions
Financial Reporting for
interest in Joint Ventures
This standard is related to
recording the assets,
liabilities, income and
expenses in the books of
venturers and investors
regardless of the form of the
joint venture
Financial Instruments –
Disclosure and Presentation
The standard is related to all
types of financial assets i.e.
recognized or unrecognized.
The disclosure and
presentation of such
financial assets is included
in this standard.
Earnings Per Share – EPS
This standard is applied to
those enterprises whose
shares are publicly traded
and who are in the process
of issuing ordinary shares.
Interim Financial Reporting
This standard does not mention
that for which companies it is
mandatory to issues interim
financial reports but those
companies are required to
publish interim financial
reports whose shares are
publicly traded.
Discontinuing Operations
This standard applies to all
discontinuing operations of
all enterprises
Impairment of Assets
This standard is applied to the
impairment of all assets
other than those which are
exempted the list is provided
in the standard.
Provisions, Contingent
Liabilities and Contingent
Assets
All provisions, contingent
liabilities and assets are to
be created and maintained in
the accounts of a company in
the light of this standard.
Intangible Assets
Except a few exceptions this
standard is applicable to all
intangible assets.
Financial Instruments –
Recognition and
Measurement
This is related to recognizing the
value, gain/losses on financial
instruments
Investment Property
This standard is related to
recognition measurement
and disclosure in investment
property
Agriculture – Effective
January 1 2003
The standard is applied to
biological assets agricultural
produce and products that
are the result of agricultural
activity.

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International accounting standards ias intro

  • 2. Presentation of Financial Statements This standard deals with the presentation and disclosure of accounts
  • 3. Inventories This standard deals with the valuation and disclosure of inventories and related matters
  • 4. This standard is not followed any more. It is replaced by IAS – 27 and IAS – 28 This standard was about consolidated financial statements
  • 5. This standard is not followed any more. It is replaced by IAS – 16 and IAS – 22 and IAS – 38 The standard was about Depreciation
  • 6. This standard is replaced by IAS – 1 The standard was about information to be disclosed in financial statements
  • 7. This standard is superseded by IAS – 15 The standard was about accounting responses to changing prices
  • 8. Cash flow Statements This standard is related to the making of cash flow statement. It includes the formats and methods allowed and disclosure needed
  • 9. Net Profit or Loss for the period, Fundamental errors and changes in accounting policies The items related to Income Statement and changes in accounting policies and methods along with the errors which are categorized as fundamental errors are included in this standard
  • 10. Superseded by IAS – 38 The standard was about research and development cost
  • 11. Events after the balance sheet date This standard is related to the issues that arise after the completion of balance sheet but the effect reaches to past accounting record
  • 12. Construction Contracts This is a part of job order costing and several matters which arise because of the extension of the contracts to more than one year are included in this standard
  • 13. Income Taxes Income tax laws may be different in countries following these standards. This standard discusses that how this matter is to be handled and how the effect of taxes is to be shown in financial statements
  • 14. Superseded by IAS – 1 Presentation of current assets and current liabilities
  • 15. Segment Reporting This standard deals with the reporting the company’s performance and position by segments i.e. by products, areas etc.
  • 16. Information reflecting the effects of changing prices This standard is related to the effect of changing in prices and the impact on the organization
  • 17. Property, Plant and Equipment It deals with the issues related to the timing of recognition of assets, their carrying amounts and depreciation charges
  • 18. Leases This standard prescribes for lesser and lessee the appropriate accounting policies and disclosure
  • 19. Revenue This deals with the recognition of revenue i.e. time, amount and heads which should or should not be included in the head.
  • 20. Employee Benefits This standard is related to the accounting and disclosure of employees benefits. This contains the liability towards them and the expense related to them
  • 21. Accounting for government grants and disclosure of government assistance Whenever there are any government grants and assistances those are to be accounted for and disclosed in a specific manner the standards deals with such accounting and disclosure.
  • 22. The effects of changes in foreign exchange rates The enterprises dealing in foreign currency or having operations in foreign countries both are discussed in this standard.
  • 23. Business Combinations The accounting and disclosure in case of acquisition and mergers when an acquirer can not be identified are covered in this standard.
  • 24. Borrowing Costs The standard deals with the treatment of the borrowing cost i.e. whether it should be expensed out in the year of occurrence or conditions in which this cost can be capitalized.
  • 25. Related Party disclosures Enterprises which are directly or indirectly controlled by reporting enterprises are considered related party and that is what is included in this standard.
  • 26. Superseded by IAS – 29 and IAS - 30
  • 27. Accounting and reporting by retirement benefits plans It is applicable to those enterprises where retirement benefit plans are prepared.
  • 28. Consolidated financial statements and accounting for investments in subsidiaries It is related to the accounting presentation and disclosure of financial statements of group of enterprises working under a parent company.
  • 29. Accounting for investments in associates This standard is related to the accounting for an investor who has made investment in associated companies
  • 30. Financial Reporting in hyperinflationary economics This standard is only related to those countries’ economies who have hyperinflationary economies
  • 31. Disclosure in the financial statements of banks and similar financial institutions The standard is related to the accounting and disclosure needed in the statements of banks and financial institutions
  • 32. Financial Reporting for interest in Joint Ventures This standard is related to recording the assets, liabilities, income and expenses in the books of venturers and investors regardless of the form of the joint venture
  • 33. Financial Instruments – Disclosure and Presentation The standard is related to all types of financial assets i.e. recognized or unrecognized. The disclosure and presentation of such financial assets is included in this standard.
  • 34. Earnings Per Share – EPS This standard is applied to those enterprises whose shares are publicly traded and who are in the process of issuing ordinary shares.
  • 35. Interim Financial Reporting This standard does not mention that for which companies it is mandatory to issues interim financial reports but those companies are required to publish interim financial reports whose shares are publicly traded.
  • 36. Discontinuing Operations This standard applies to all discontinuing operations of all enterprises
  • 37. Impairment of Assets This standard is applied to the impairment of all assets other than those which are exempted the list is provided in the standard.
  • 38. Provisions, Contingent Liabilities and Contingent Assets All provisions, contingent liabilities and assets are to be created and maintained in the accounts of a company in the light of this standard.
  • 39. Intangible Assets Except a few exceptions this standard is applicable to all intangible assets.
  • 40. Financial Instruments – Recognition and Measurement This is related to recognizing the value, gain/losses on financial instruments
  • 41. Investment Property This standard is related to recognition measurement and disclosure in investment property
  • 42. Agriculture – Effective January 1 2003 The standard is applied to biological assets agricultural produce and products that are the result of agricultural activity.