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LIST ALL THE 45 IFRS STANDARDS AND GIVE THE IT OBJECTIVES

LIST ALL THE 45 IFRS STANDARDS AND GIVE THE IT OBJECTIVES

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The following is the list of IFRS and IAS that issued by International Accounting Standard Board (IASB).There are 16 IFRS and 29 IAS

16 IFRS :-

1) IFRS 1- First-time Adoption of International Financial Reporting Standards

It sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. This IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period.

2) IFRS 2- Share-Based Payment

It requires an entity to recognize share-based payment transactions (example: granted shares, share options, or share appreciation rights) in its financial statements, also including transactions with employees or other parties to be settled in cash, other assets, or equity instruments of the entity.

3) IFRS 3- Business Combinations

It outlines the accounting when an acquirer obtains control of a business (example: an acquisition or merger). Such business combinations are accounted for using the ‘acquisition method’, which generally requires assets acquired and liabilities assumed to be measured at their fair values at the acquisition date.

4) IFRS 4- Insurance Contracts

It applies, with limited exceptions, to all insurance contracts (including reinsurance contracts) that an entity issues and to reinsurance contracts that it holds.

5) IFRS 5- Non-current Assets Held for Sale and Discontinued Operations

It outlines how to account for non-current assets held for sale (or for distribution to owners). In general terms, assets held for sale are not depreciated, are measured at the lower of carrying amount and fair value fewer costs to sell, and are presented separately in the statement of financial position. Specific disclosures are also required for discontinued operations and disposals of non-current assets.

6) IFRS 6- Exploration for and Evaluation of Mineral Resources

It has the effect of allowing entities to adopt the standard for the first time to use accounting policies for exploration and evaluation assets that were applied before adopting IFRSs. It also modifies impairment testing of exploration and evaluation assets by introducing different impairment indicators and allowing the carrying amount to be tested at an aggregate level (not greater than a segment).

7) IFRS 7- Financial Instruments: Disclosures

It requires disclosure of information about the significance of financial instruments to an entity, and the nature and extent of risks arising from those financial instruments, both in qualitative and quantitative terms. Specific disclosures are required in relation to transferred financial assets and a number of other matters.

8) IFRS 8- Operating Segments

It requires particular classes of entities (essentially those with publicly traded securities) to disclose information about their operating segments, products and services, the geographical areas in which they operate, and their major customers.

9) IFRS 9- Financial Instruments

It includes requirements for recognition and measurement, impairment, recognition, and general hedge accounting

10) IFRS 10– Consolidated Financial Statements

It outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee.

11) IFRS 11– Joint Arrangements

It outlines the accounting by entities that jointly control an arrangement. Joint control involves the contractually agreed sharing of control and arrangements subject to joint control are classified as either a joint venture; representing a share of net assets and equity accounted or a joint operation; representing rights to assets and obligations for liabilities, accounted for accordingly.

12) IFRS 12- Disclosure of Interests in Other Entities

It is a consolidated disclosure standard requiring a wide range of disclosures about an entity’s interests in subsidiaries, joint arrangements, associates and unconsolidated ‘structured entities’. Disclosures are presented as a series of objectives, with detailed guidance on satisfying those objectives.

13) IFRS 13-Fair Value Measurement

It applies to IFRSs that require or permit fair value measurements or disclosures and provides a single IFRS framework for measuring fair value and requires disclosures about fair value measurement. The Standard defines fair value on the basis of an exit price notion and uses a fair value hierarchy, which results in a market-based rather than entity-specific measurement.

14) IFRS 14-Regulatory Deferral Accounts

It permits an entity which is a first-time adopter of International Financial Reporting Standards to continue to account, with some limited changes, for ‘regulatory deferral account balances’ in accordance with its previous GAAP, both on initial adoption of IFRS and in subsequent financial statements.

15) IFRS 15Revenue From Contract

It specifies how and when an IFRS reporter will recognize revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles-based five-step model to be applied to all contracts with customers.

16) IFRS 16Lease Accounting

It specifies how an IFRS reporter will recognize, measure, present, and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value.

29 IAS :-

1) IAS 1: Presentation of Financial Statements

IAS 1 is about the overall requirements for the arrangement of the structure of financial statements, guidelines, and the minimum requirements for their content. The elements consist of presenting the complete set of financial statements yearly and incorporating the amounts for the preceding year.

2) IAS 2: Inventories

The second IAS in the IAS and IFRS list is about the guidance for the determination of the cost formulas of inventories and subsequent recognizing the cost as an expense. This can include any write-down to any other realizable value.

3) IAS 7: Statement of Cash Flows

In the list of IFRS standards and IAS standards, the guidelines of how to present data in a cash flow statement are described in the IAS 7. The information about the cash flow is the unit’s cash and cash equivalents altered during this period.

4) IAS 8: The Accounting Policies, Changes in Accounting Estimates and Errors

​​​​​The IAS 8 consists of the criteria for choosing and changing accounting policies along with the accounting treatment, changes in the estimates of the accounting, the disclosure of alterations in the accounting policies, and the correction of errors. So when an International Financial Reporting Standards interpretation specifically refers to a transaction, other event or condition, then an entity must use that standard.

5) IAS 10: Events after the Reporting Period

The IAS 10 in the list of IFRS standards suggest the situations when an enterprise should adjust its financial statements for after the reporting period events. And the other guideline as per IAS 10 is the disclosure the entity should provide about the time when the financial statements were authorized for issue and also about the events post reporting time.

6) IAS 11: Construction Contracts

In the list of IFRS standards, the IAS 11 suggests about the accounting regarding revenue treatment and the costs associated with construction contracts. The IAS 11 requires the outcome of a construction contract, reliable estimation, and the contract expenses about the stage of completion at the end of reporting time.

7) IAS 12: Income Taxes

The IAS 12 in the IFRS list prescribes the accounting solutions for income taxes that include all domestic and foreign taxes, which can be based on taxable profits.IAS 12 requirements include the step for an entity to recognize a deferred tax liability or a deferred tax asset for temporary differences with some exceptions.

8) IAS 16: Property, Plant, and Equipment

In the list of IFRS standards, the IAS 16 establishes principles about the recognition of property, plant, and equipment as assets of an entity to measure the carrying amounts and the measuring of the depreciation charges and impairment losses related to them.

9) IAS 17: Leases

IAS 16 is superseded by IFRS 15 from the list of IFRS standards. The IAS 17 is classified into two types, a finance lease and an operating lease. The Finance lease is for if the contract transfers considerably, then all the risks and rewards are to be incidental to ownership. And the operating lease is for if the lease does not transfer significantly, then also all the risks and rewards are incidental to ownership.

10) IAS 18: Revenue

The IAS 18 is superseded by IFRS 15 of the International Financial Reporting Standards list. IAS 18 addresses the right moment and how to recognize and measure revenue. What is Revenue? It is the gross inflow of economic benefits acquired by ordinary activities of an entity during an estimated period. IAS 18 applies to the revenues from the events of sales of goods, the rendering of services, and the use of entity assets yielding interests, royalties, dividends, by others.

11) IAS 19: Employee Benefits

In the list of IFRS standards and IAS standards, the IAS 19 applies for all types of employee benefits except for the share-based payment type, for IFRS 2 applies to share-based payment types of employee benefits. IAS 19 in the list of IFRS standards requires the enterprise to recognize a contract when an employee has provided service in trade for future employee benefits and the recognition for an expense when the entity acquires economic benefits arising for the services offered by the employees in exchange for employee perks.

12) IAS 20: Accounting for Government grants and the Disclosure of Government Assistance

The IAS 20 in the IAS and IFRS list is about the grants provided by the government, which are transfers of resources given to an enterprise in return for past or future agreement with specific conditions relating to the operating activities of the enterprise. The economic benefit specifically provided to an entity or range of entities qualifying under specific criteria is called government support.

13) IAS 21: Effects of the Changes in Foreign Exchange Rates

The IAS 21 prescribes how an entity should carry on foreign activities in two ways. This may consist of transactions using foreign currencies, or it may include some international business operations. The principles issued by the IAS 21 in the IFRS standards list are used by the exchange rate/s to report the effects of the changes in it for financial statements.

14) IAS 23: Borrowing Costs

In the IAS and IFRS list, IAS 23 provides guidance on the process for the enterprises to measure borrowing costs, particularly the cost of acquisition and construction or production that are funded by an entity’s general borrowings.  

15) IAS 24 Related party disclosures

The objective of IAS 24 is to ensure that an entity’s financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances, including commitments, with such parties.

16) IAS 26 Accounting and reporting by retirement benefit plans

IAS 26 prescribes the minimum content of the financial statements of retirement benefit plans. It requires that the financial statements of a defined benefit plan must contain either:

  • a statement that shows the net assets available for benefits; the actuarial present value of promised retirement benefits, distinguishing between vested benefits and non-vested benefits; and the resulting excess or deficit; or
  • a statement of net assets available for benefits including either a note disclosing the actuarial present value of promised vested and non-vested retirement benefits or a reference to this information in an accompanying actuarial report.

17) IAS 27 Consolidated and separate financial statements

IAS 27 prescribes the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity elects, or is required by local regulations, to present separate financial statements.

18) IAS 28 Investments in associates and joint ventures

IAS 28 requires an investor to account for its investment in associates using the equity method. IFRS 11 requires an investor to account for its investments in joint ventures using the equity method (with some limited exceptions). IAS 28 prescribes how to apply the equity method when accounting for investments in associates and joint ventures.

19) IAS 29 Financial reporting in hyperinflationary economies

IAS 29 applies to any entity whose functional currency is the currency of a hyperinflationary economy.

Hyperinflation is indicated by factors such as prices, interest and wages linked to a price index, and cumulative inflation over three years of around 100 per cent or more.

20) IAS 31 Interest in joint ventures

The accounting standard IAS 31 sets out the requirements for accounting for interests in joint ventures and for reporting joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments

21) IAS 32 Financial instruments: presentation

IAS 32 specifies presentation for financial instruments. The recognition and measurement and the disclosure of financial instruments are the subjects of IFRS 9 or IAS 39 and IFRS 7 respectively.

For presentation, financial instruments are classified into financial assets, financial liabilities and equity instruments. Differentiation between a financial liability and equity depends on whether an entity has an obligation to deliver cash (or some other financial asset).

22) IAS 33 Earnings per share

IAS 33 deals with the calculation and presentation of earnings per share (EPS). It applies to entities whose ordinary shares or potential ordinary shares (for example, convertibles, options and warrants) are publicly traded. Non-public entities electing to present EPS must also follow the Standard.

23) IAS 34 Interim financial reporting

An interim financial report is a complete or condensed set of financial statements for a period shorter than a financial year. IAS 34 does not specify which entities must publish an interim financial report. That is generally a matter for laws and government regulations. IAS 34 applies if an entity using IFRS Standards in its annual financial statements publishes an interim financial report that asserts compliance with IFRS Standards.

24) IAS 36 Impairment of assets

The core principle in IAS 36 is that an asset must not be carried in the financial statements at more than the highest amount to be recovered through its use or sale. If the carrying amount exceeds the recoverable amount, the asset is described as impaired. The entity must reduce the carrying amount of the asset to its recoverable amount, and recognise an impairment loss. IAS 36 also applies to groups of assets that do not generate cash flows individually (known as cash-generating units).

25) IAS 37 Provisions, contingent liabilities and contingent assets

IAS 37 defines and specifies the accounting for and disclosure of provisions, contingent liabilities, and contingent assets.A provision is a liability of uncertain timing or amount. The liability may be a legal obligation or a constructive obligation. A constructive obligation arises from the entity’s actions, through which it has indicated to others that it will accept certain responsibilities, and as a result has created an expectation that it will discharge those responsibilities.

26) IAS 38 Intangible assets

IAS 38 sets out the criteria for recognising and measuring intangible assets and requires disclosures about them. An intangible asset is an identifiable non-monetary asset without physical substance. Such an asset is identifiable when it is separable, or when it arises from contractual or other legal rights. Separable assets can be sold, transferred, licensed, etc. Examples of intangible assets include computer software, licences, trademarks, patents, films, copyrights and import quotas. Goodwill acquired in a business combination is accounted for in accordance with IFRS 3 and is outside the scope of IAS 38. Internally generated goodwill is within the scope of IAS 38 but is not recognised as an asset because it is not an identifiable resource.

27) IAS 39 Financial instruments: recognition and measurement

IAS 39 establishes principles for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. It also prescribes principles for derecognising financial instruments and for hedge accounting. The presentation and the disclosure of financial instruments are the subjects of IAS 32 and IFRS 7 respectively.

28) IAS 40 Investment property

Investment property is land or a building (including part of a building) or both that is:

  • held to earn rentals or for capital appreciation or both;
  • not owner-occupied;
  • not used in production or supply of goods and services, or for administration; and
  • not held for sale in the ordinary course of business.

Investment property may include investment property that is being redeveloped.

29) IAS 41 Agriculture

IAS 41 prescribes the accounting treatment, financial statement presentation, and disclosures related to agricultural activity. Agricultural activity is the management of the biological transformation of biological assets (living animals or plants) and harvest of biological assets for sale or for conversion into agricultural produce or into additional biological assets.

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