NAME:AJIBAWO MISTURAH AYOMIDE
DEPARTMENT:FINANCE
MATRIC NO:230812165
DATE:
Write out all the IAS and IFRS standards,state out the ones that replaced each
other and write a brief history in them
IAS(International Accounting Standards):
They are international accounting standards are set of practices established by the
International Accounting Board Standards
The International Accounting Standards
Committee (IASC) was established in 1973 to develop global accounting standards. It
issued the International Accounting Standards (IAS) from 1973 to 2001. In 2001, the
IASC was replaced by the International Accounting Standards Board (IASB), which
took over the responsibility of setting international accounting standards. The
IASB introduced the International Financial Reporting Standards (IRS) to replace
and update the IAS.
lAS played a crucial role in establishing a foundation for global accounting
practices and continues to influence financial reporting standards worldwide.
IFRS(International Financial Reporting Standards):
International Financial Reporting Standards
(IFRS) are a set of accounting standards developed by the International Accounting
Standards Board (IASB) to provide a global framework for the preparation and
presentation of financial statements. Introduced in 2001, IFS aim to ensure
consistency, transparency, and comparability of financial information across
international boundaries, thereby enhancing investors confidence and decision
making
IAS AND IFRS ACCOUNTING STANDARDS INCLUDE:
IAS:
1. IAS 1: Presentation of Financial Statements
2. IAS 2: Inventories
3. IAS 7: Statement of Cash Flows
4. IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors
5. IAS 10: Events After the Reporting Period
6. IAS 12: Income Taxes
7. IAS 16: Property, Plant and Equipment
8. IAS 19: Employee Benefits
9. IAS 20: Accounting for Government Grants and Disclosure of Government
Assistance
10. IAS 21: The Effects of Changes in ForeignExchange Rates
11. IAS 23: Borrowing Costs
12. IAS 24: Related party Disclosures
13. IAS 26: Accounting and Reporting byRetirement Benefit Plans
14. IAS 27: Separate Financial Statements
15. IAS 28: Investments in Associates and Joint Ventures
16. IAS 29: Financial Reporting inHyperinflationary Economies
17. IAS 32: Financial Instruments: Presentation
18. IAS 33: Earnings per Share
19. IAS 34: Interim Financial Reporting
20. IAS 36: Impairment of Assets
21. IAS 37: Provisions, Contingent Liabilities and Contingent Assets
22. IAS 38: Intangible Assets
23. IAS 40: Investment Property
24. IAS 41:Agriculture
IFRS:
1. IFS 1: First-time Adoption of InternationalFinancial Reporting
Standards
2. IFRS 2: Share-based Payment
3. IFRS 3: Business Combinations
4. IFS 4: Insurance Contracts
5. IRS 5: Non-current Assets Held for Sale and
6. Discontinued Operations
7. IFRS 6: Exploration for and Evaluation ofMineral Resources
8. IFS 7: Financial Instruments: Disclosures
9. IFRS 8: Operating Segments
10. IFS 9: Financial Instruments
11. IFS 10: Consolidated Financial Statements
12. IRS 11: Joint Arrangements
13. IFRS 12: Disclosure of Interests in Other Entities
14. IFRS 13: Fair Value Measurement
15. IFS 14: Regulatory Deferral Accounts
16. IFS 15: Revenue from Contracts with
17. Customers
18. IFRS 16: Leases
19. IFS 17: Insurance Contracts
REPLACED STANDARDS
• IFS 3 replaced IAS 22 (BusinessCombinations)
• IFS 7 replaced the disclosure requirements inAS 30 (Disclosures in the
Financial Statements of Banks and Similar Financial Institutions) andIAS 32
(Financial Instruments: Presentation) in part.
• IFS 8 replaced IAS 14 (Segment Reporting)
• IFS 9 replaced IAS 39 (Financial Instruments:Recognition and
Measurement)
• IFS 10 replaced parts of IAS 27 (Consolidated and Separate Financial
Statements) and SIC-12(Consolidation - Special Purpose Entities)
• IFRS 11 replaced IAS 31 (Interests in JointVentures)
• IFRS 12 replaced parts of IAS 27 (SeparateFinancial Statements), IAS 28
(Investments in Associates), and IAS 31 (Interests in Joint Ventures)
• IFS 13 replaced parts of various standards dealing with fair value
measurement
• IFS 15 replaced IAS 18 (Revenue), IAS 11(Construction Contracts), SIC-
31 (Revenue-Barter Transactions Involving Advertising
Services), IFRIC 13 (Customer Loyalty
Programmes), IFRIC 15 (Agreements for the Construction of Real Estate), and IFRIC
18 (Transfers of Assets from Customers)
• IFRS 16 replaced IA.S 17 (Leases), IFRIC 4(Determining Whether an Arrangement
Contains Lease), SIC-15 (Operating Leases-Incentives), and SIC-27 (Evaluating the
Substance of Transactions Involving the Legal Form of a Lease)
• IFS 17 will replace IFS 4 (Insurance
