ALL IAS + IFRS Flashcards
IFRS 13
Fair value measurement - the fair value of an asset is the price which would be receive on that measurement date
IAS 21
The effects of changes in foreign exchange rates - how the currency is translated into the financial statements
IAS 37
Provisions - to ensure the appropriate recognition and measurement is used and information is correctly disclosed
IAS 27
Separate financial statements - this standard requires an entity to account for its investments in subsidiaries, joint ventures and associates either at *COST * IFRS 9 financial instruments * using the equity method under IAS 28 investments in joint ventures
IFRS 5
Non current assets held for sale and discontinued operations - when a entity plans to recover its value by selling it rather than using it and a discontinued operation is a component of an entity that has been disposed of or classified as held for sale
IFRS 3
Business combinations - when a business obtain controls of a business
Combined
IFRS 10
Consolidated financial statement - an investor controls invested where it has power over invested, exposure to rights as variable returns and ability to use power to affect the variable returns
IAS 38
Intangible assets - non Monterey item that lacks physical substance. Recognition can only apply if it is probable that the future economic benefits will flow to the entity and the cost can be measured reliability - measured at cost or revaluation and amortised over their useful life
IFRS 2
Share based payments - director receives share options or other residual interest in the company net assets
IAS 19
Employee benefits - all forms of consideration expect shares, in exchange for service rendered by employees
IFRS 8
Operating segments - reportable segments are those operating segments must be separately disclosed. They must have similar operating characteristics to be disclosed as an operating segment
IFRS 15
Revenue from contracts with customers - Must have commercial substance contract, transaction price has been considered, performance obligation throughout service/contract life, allocation of the product to a stand alone item
IAS 16
PPE - recognition based upon the probability that future benefits will flow from the entity from the asset that can be measured reliability
IAS 20
Government grants and disclosure of government assistance - government grant is recognised when there is reasonable assurance that entity will company with the conditions attached to the grant and the grant will be received
IAS 38
Intangibles - must be identifiable from contracts or legal rights / control over benefits of asset / probable future economic benefits such as revenues
IAS 1
Presentation of financial statements - should be on the going concern basis and accruals concept
IAS 2
Inventories - valued at the lower of cost or NRV
IAS 7
Statement of cashflow - Categorised as investing activites, operating activities and financing activities
IAS 8
Changes in accounting policies, estimates and errors - accounting policies and errors are made retrospectively and estimates are made prospectively. This is to ensure that information is relevant and comparable
IAS 10
Events after the reporting date - Adjusting event existed at the time of the reporting date
IAS 12
Income tax - takes into the timing differences between the carrying amount of assets and the tax base of assets
IAS 16
measured at cost or revaluation model - recognition when probable future economic benefits can flow and can be measured reliability
IAS 23
Borrowing costs - costs incurred that are directly attributable to the construction of asset must be capitalised
IAS 24
Related party disclosure - Disclosure of key management personal transactions
IAS 28
Investments in associate or joint venture - significant influence or controlIA
IAS 32
Financial instruments - classification of financial assets and liability and equity instruments
IAS 33
EPS - calculated using the weighted average number of shares
IAS 34
Interim financial reporting
IAS 36
Impairment of assets - ensures that an entity is not carrying assets more than their recoverable amount
IAS 40
Investment property - held for activities of investment only - revaluation can only be used
IAS 41
Agriculture - biological assets are measured at fair value less cost to sell
IFRS 1
First time adoption of IFRS - set out procedure that entity must follow to when adopts IFRS
IFRS 7
Financial instruments disclosure - about the significance of the financial instruments to an entity
IFRS 11
Joint arrangements - Joint control and agreement
IFRS 12
Disclosure of interest in other entities
IFRS 16
Leases - recognition, measurement, presentation and disclosure of the lease
