accn3 IAS

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IAS 1 - basic

Presentation of financial statements 

Requires companies comply with accounting concepts and accounting standards

  • Going concern  

  • Accruals 

  • Consistency 

  • Materiality 

1 of 10

IAS 2 - basic

Inventories 

Requires that inventory is valued at the lower of cost or net realisable value 

2 of 10

IAS 7 - basic

 Cash flow statements 

Requires that companies include a cash flow statement in their final accounts. Showing such as an overall view of money flowing in and out during the period, linking profit with changes in assets and liabilities and the effect on cash of the company. 

3 of 10

IAS 8 - basic

Accounting policies, changes in accounting estimates and errors 

  Gives the definition of: 

  • Accounting polices 

  • Accounting principles 

  • Accounting bases 

  • errors 

4 of 10

IAS 10 - basic

Events after the reporting period 

Allows for events which may occur, or information  that becomes available in the period between theend of the financial year and the date the financial statements are authorised for issue. Standard distinguishes between adjusting events and non-distinguishing events. 

5 of 10

IAS 16 - basic

 Property, plant and equipment 

Sets out the accounting treatment for NCA (such as land & buildings, vehicles, office equipment) 

  • Recognition 

  • Initial measurement 

  • Cost and revaluation models 

  • depreciation 

6 of 10

IAS 18 - basic

 Revenue  

Sets out the accounting treatment to ensure that revenue is correctly shown the income statement. It covers the recognition of revenue: 

  • Sale of goods and services 

  • Interest, royalties and dividends 

7 of 10

IAS 36 - basic

Impairment of assets  

Sets out the accounting procedures to ensure that assets are shown in the balance sheet at no more than their value, or recoverable amount. The standard requires and impairment review to be carried out when there is evidence that impairment has taken place. The standard gives a number of indicators of impairment. 

8 of 10

IAS 37 - basic

 Provisions, contingent liabilities and contingent assets 

Ensures a consistent accounting treatments for provisions, contingent assets and contingent liabilities. It requires that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. 

9 of 10

IAS 38 - basic

 Intangible assets 

Sets out the accounting treatment of expenditure on intangible assets. It covers: 

  • Recognition 

  • Initial measurement  

  • Cost and revaluation models 

10 of 10

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