IAS 1 - Sets out how financial statements should be presented
1 of 13
Inventories
IAS 2 - Inventory is valued at the lower of cost and net realisable value. Valuation methods include FIFO & AVCO, LIFO is not allowed
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Statement of Cash Flows
IAS 7 - Divides into three sections: Operating Activities, Investing Activities & Financing Activities
3 of 13
Events After The Reporting Period
IAS 10 - Allows for events which may occur or information that becomes available between the year end and the financial statements are authorised for issue. Distinguishes between adjusting and non-adjusting events
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Income Taxes
IAS 12 - Requires that current tax is recognised on the face of the P&L. The amount of unpaid current tax is recognised as a liability on the SFP
5 of 13
Property, Plant & Equipment
IAS 16 - Sets out the principles of accounting for non current assets
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Impairment of Assets
IAS 36 - Ensures that assets are carried on the SFP at no more than their value or recoverable amount
7 of 13
Provisions, Contingent Liabilities and Contingent Assets
IAS 37 - Ensures that appropriate recognition criteria and measurement bases are applied to these three types of uncertainties
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Intangible Assets
IAS 38 - Sets out the accounting treatment of expenditure on acquiring, developing, maintaining or enhancing intangible assets (those with no physical form)
9 of 13
Business Combinations
IFRS 3 - Defines a business and business combinations
10 of 13
Consolidated Financial Statements
IFRS 10 - Requires consolidated financial statements are prepared for a group
11 of 13
Revenue From Contracts With Customers
IFRS 15 - Sets out how an entity recognises revenue with the five-stop process
12 of 13
Leases
IFRS 16 - Sets out the accounting treatment for leases between the lessor(who provides the right to use an asset) & the lessee (the entity that obtains the right to use an asset)
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Other cards in this set
Card 2
Front
Inventories
Back
IAS 2 - Inventory is valued at the lower of cost and net realisable value. Valuation methods include FIFO & AVCO, LIFO is not allowed
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