IFRS SERIES
| Standard | Full Name | Short Definition / Objective | Key Points / Recommendations |
|---|---|---|---|
| IFRS 1 | First-time Adoption of IFRS | Provides guidance for companies adopting IFRS for the first time | Focus on transitional adjustments and exemptions |
| IFRS 2 | Share-based Payment | Recognizes expense when goods/services are received in exchange for shares or options | Note measurement of cash vs equity-settled |
| IFRS 3 | Business Combinations | Deals with accounting for mergers and acquisitions | Focus on goodwill, purchase method, non-controlling interest |
| IFRS 4 | Insurance Contracts | Specifies accounting for insurance contracts | Focus on temporary measures until IFRS 17 |
| IFRS 5 | Non-current Assets Held for Sale | Defines treatment of assets classified as held for sale | Recognize at lower of carrying amount or fair value minus costs to sell |
| IFRS 6 | Exploration for and Evaluation of Mineral Resources | Guides recognition of exploration costs | Focus on capitalization and impairment |
| IFRS 7 | Financial Instruments: Disclosures | Requires disclosure of risks and impact of financial instruments | Note risk categories, fair value disclosure |
| IFRS 8 | Operating Segments | Provides rules to report segment information | Focus on chief operating decision maker and segment profit |
| IFRS 9 | Financial Instruments | Covers classification, measurement, impairment, and hedge accounting | Key: expected credit loss model and fair value vs amortized cost |
| IFRS 10 | Consolidated Financial Statements | Defines control and consolidation rules | Focus on parent-subsidiary relationships |
| IFRS 11 | Joint Arrangements | Accounting for joint operations and joint ventures | Distinguish joint operations vs joint ventures |
| IFRS 12 | Disclosure of Interests in Other Entities | Requires disclosure of subsidiaries, associates, JVs | Focus on exposure and risks |
| IFRS 13 | Fair Value Measurement | Provides a framework to measure fair value | Focus on fair value hierarchy and valuation techniques |
| IFRS 14 | Regulatory Deferral Accounts | Temporary standard for rate-regulated activities | Limited scope; mostly regulatory note |
| IFRS 15 | Revenue from Contracts with Customers | Revenue recognized based on transfer of control | Focus on 5-step model and performance obligations |
| IFRS 16 | Leases | Accounting for lessees and lessors | Focus on right-of-use assets, lease liabilities |
| IFRS 17 | Insurance Contracts | Sets principles for insurance contract accounting | Focus on measurement models and insurance revenue |
IAS SERIES
| Standard | Full Name | Short Definition / Objective | Key Points / Recommendations |
|---|---|---|---|
| IAS 1 | Presentation of Financial Statements | Sets overall requirements for FS presentation | Focus on statement of financial position and statement of profit/loss |
| IAS 2 | Inventories | Accounting for inventory cost and valuation | Lower of cost and net realizable value |
| IAS 7 | Statement of Cash Flows | Provides rules for cash flow presentation | Operating, investing, financing classification |
| IAS 8 | Accounting Policies, Changes and Errors | Guidance for selecting and changing policies | Retrospective vs prospective adjustments |
| IAS 10 | Events after Reporting Period | Treatment of events after reporting period | Adjusting vs non-adjusting events |
| IAS 12 | Income Taxes | Accounting for current and deferred taxes | Focus on temporary differences and deferred tax assets/liabilities |
| IAS 16 | Property, Plant and Equipment | Recognition, measurement, and depreciation of PPE | Focus on cost model vs revaluation model |
| IAS 19 | Employee Benefits | Accounting for pensions, post-employment benefits | Short-term vs long-term benefits, actuarial gains/losses |
| IAS 20 | Government Grants | Accounting for government assistance | Capital vs income recognition |
| IAS 21 | The Effects of Changes in Foreign Exchange Rates | Accounting for FX translation | Functional currency and foreign operations |
| IAS 23 | Borrowing Costs | Recognition of borrowing costs | Capitalize qualifying asset borrowing costs |
| IAS 24 | Related Party Disclosures | Disclosure of related party transactions | Identify related parties and nature of transactions |
| IAS 26 | Accounting and Reporting by Retirement Benefit Plans | Accounting for pension and retirement plans | Focus on contributions and obligations |
| IAS 27 | Separate Financial Statements | Accounting in separate FS | Measurement of investments in subsidiaries |
| IAS 28 | Investments in Associates and JVs | Accounting for associates and joint ventures | Use equity method for recognition |
| IAS 29 | Financial Reporting in Hyperinflationary Economies | Adjust FS for hyperinflation | Focus on price-level adjustments |
| IAS 32 | Financial Instruments: Presentation | Classify financial instruments as liability/equity | Focus on rights and obligations |
| IAS 33 | Earnings per Share | Calculation and presentation of EPS | Basic and diluted EPS |
| IAS 34 | Interim Financial Reporting | Preparation of interim FS | Minimum required content and frequency |
| IAS 36 | Impairment of Assets | Recognize and measure impairment losses | Recoverable amount and impairment reversal |
| IAS 37 | Provisions, Contingent Liabilities and Contingent Assets | Recognition and measurement of provisions | Focus on probable, reliable estimate |
| IAS 38 | Intangible Assets | Recognition and amortization of intangibles | Internally generated vs acquired intangibles |
| IAS 40 | Investment Property | Accounting for property held for rental or capital gain | Fair value vs cost model |
| IAS 41 | Agriculture | Accounting for biological assets and produce | Fair value less costs to sell |
Description:
“This is a complete index of all IFRS and IAS standards for CA X ACCA students. We have provided short definitions and key points for each standard. While we have tried to make it accurate, some details might occasionally need careful checking. Detailed notes for each IFRS and IAS will be uploaded in sequence in the coming days.”