International Accounting Standards (IAS)

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What is IAS 1?
Presentation of Financial S+tatements
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What is IAS 2?
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What is IAS 7?
Cash Flow Statements
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What is IAS 8?
Accounting policies, Changes in Accounting Estimates and Errors
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What is IAS 10?
Events after the Reporting Period
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What is IAS 16?
Property, Plant and Equipment
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What is IAS 18?
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What is IAS 36?
Impairment of Assets
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What is IAS 37?
Provisions, Contingent Liabilities and Contingent Assets
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What is IAS 38?
Intangible Assets
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What are the purposes of the accounting standards?
Ability to compare one period with another period and other companies. Consistency to help compare each period. Understandability. Relevant and reliable there should not be major errors ir bias.
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What does IAS 2 state?
States that inventories have to be valued at the lower of cost and net realisable value.
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What does IAS 8 state?
Adresses the criteria for selecting and changing accounting policies. And the correction of errors.
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What does IAS 1 state?
Sets out how the financial statements should be presented.
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What does IAS 7 state?
It provides information about changes in cash and cash equivalents using the indirect method.
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What does IAS 10 state?
After the accounts are authorised they can't be changed. IAS 10 distinguished between adjusting and non adjusting events.
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What is an adjusting event?
Events that happen before the reporting period that haven't been accounted for such as accruals or fraud. These need to be adjusted in the final accounts.
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What is a non-adjusting event?
Events that occur after the reporting period but are not accounted for because thaey are after the date of the final accounts.
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What does IAS 16 state?
All property, plant and equipment is initially recorded at cost including the cost to get the item ready for use. Uses the cost (Cost-depreciation and other costs)or revaluation model (Asset is revalued at a fair value-depreciation) to value assets.
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What does IAS 18 state?
States when to recognise revenue. Revenue should be measured at a fair value .
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What does IAS 36 state?
That assets must not be valued higher than what they could be sold for. If the asset exceeds the carrying value the value of the asset had to be reduced the difference is called the impairment loss.
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What does IAS 37 state?
Aims to achieve a consistent accoutning treatment for provisions, contingent liabilities and assets. Contingencies happen when an event may or may not happen, to follow the concept of prudence they should be taken into account.
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What is a contingent asset?
Is a possible asset that arises from past events and whose existence will onlu be confirmed by uncertian future events. It would not be prudent to recognise income that may never be realised.
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What is a contigent liability?
When a possible obligation arises from past events whose outcome is boased on uncertian future events or an obligation that is not recognised because it is not probable or cannot be reliably measured.
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What does IAS 38 state?
Intangible assets are assets you can't touch. Only purchased assets can be put on the balance sheet(software, patents, trademarks)Internally generated intangible assets can't be put on the balance sheet because they are subjective(goodwill, branding)
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What is IAS 2?



Card 3


What is IAS 7?


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Card 4


What is IAS 8?


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Card 5


What is IAS 10?


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