Table of Contents

17 IFRSs.......................................................................................................................................................1
23 IFRICs......................................................................................................................................................4
41 IASs.........................................................................................................................................................8
 17 IFRSs
 IFRS (International Financial Reporting Standards) is a set of global
accounting standards that are widely used in financial reporting. There are
currently 17 IFRS standards, which cover various aspects of financial
reporting, including revenue recognition, financial instruments, and earnings
per share. These standards aim to provide a consistent and transparent
framework for companies to follow when preparing their financial statements.
These standards are regularly updated by the International Accounting Standards
Board (IASB) to ensure that they remain relevant and effective in providing a
consistent framework for financial reporting.

1. IFRS 1 (First-Time Adoption of International Financial Reporting

Standards): is the standard that is applied during preparation of a
company’s first IFRS-based financial statements. IFRS 1 was created to help
companies transition to IFRS and provides practical accommodations
intended to make first-time adoption cost-effective. It also provides
application guidance for addressing difficult conversion topics.
2. IFRS 2 (Share-based Payment): applies when a company receives goods
and services in exchange for its own equity instruments or a cash amount
based on the price of its own equity instruments. These goods can include
inventories, property, plant and equipment, intangible assets, and other non-
financial assets. There are two notable exceptions: shares issued in a
business combination, which are dealt with under IFRS 3 Business
Combinations; and contracts for the purchase of goods that are within the
scope of International Accounting Standard (IAS®) 32 Financial Instruments:
Presentation or IFRS 9 Financial Instruments.
3. IFRS 3 (Business combinations): is an International Financial Reporting
Standard issued by the International Accounting Standards Board (IASB) that
provides guidance on how to account for business combinations. Under IFRS
3, a business combination is defined as a transaction in which one entity
obtains control over another entity. Control is defined as the ability to direct
the activities of the acquired entity and the power to gain benefits from its
activities.
4. IFRS 4 (Insurance contracts with limited exceptions): It provides the
principles for accounting for insurance contracts. Under IFRS 4 insurance
contracts are classified in to (1) insurance contracts with coverage periods of
one year or more and (2) insurance contracts with coverage periods of less
than one year. IFRS4 requires that insurers provide a range of disclosures to
help users understand the nature and extent of their insurance liabilities and
assets.
5. IFRS 5 (Non-current assets held for sale and discontinued
operations): It deals with the classification and measurement of non-current
assets held for sale and discontinued operations. IFRS 5 specifies that non-

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 current assets held for sale should be classified as assets held for sale and
reported separately from other non-current assets. Additionally, it provides
guidance on how to measure the carrying amount of assets held for sale and
how to recognize any gains or losses arising from their disposal.
6. IFRS 6 (Explorations for and evaluations of mineral resources): it
provides guidance on how to account for costs incurred during the
exploration for and evaluation of mineral resources.
7. IFRS 7 (Financial instruments: Disclosures): is an International Financial
Reporting Standard that focuses on financial instruments: Classification and
measurement. It sets out the principles for determining the appropriate
classification of financial instruments into one of several categories, such as
financial assets at fair value through profit or loss, held to maturity
investments, and loans and receivables. IFRS 7 provides guidance on the
measurement of financial instruments at fair value, including the use of
observable market data and the consideration of non-observable inputs.
8. IFRS 8 (Operating segments): is an international financial reporting
standard that provides guidance on how to identify, measure and report
operating segments. An operating segment is a component of an entity that
meets certain criteria, such as being distinct business or product line that is
expected to generate future cash flows. It also requires entities to report
segment information in their financial statements, including a description of
each operating segment, its financial performance and any transfers between
segments.
9. IFRS 9 (Financial instruments): is a comprehensive standard that replaces
earlier standards related to financial instruments, such as IAS 39. It
introduces new requirements for the classification and measurement of
financial assets, as well as new rules for hedge accounting and impairment of
financial assets. IFRS 9 also includes new disclosure requirements designed
to give users of financial statements a better understanding of an entity's
exposure to risk and its financial position.
10.IFRS 10 (consolidated financial statements): is an International Financial
Reporting Standard issued by the International Accounting Standards Board
(IASB). It provides guidance on how to account for and report on consolidated
financial statements, including the treatment of subsidiaries, joint
arrangements, and associates. The standard sets out four key criteria to
assess control: (1)Power (2)Performance obligation (3)Variable interest
(4)Significant influence
11.IFRS 11 (Joint Arrangements): provides guidance on how to account for
and report on joint arrangements, which are relationships between two or
more entities that jointly conduct an activity or operation. The standard sets
out the accounting requirements for joint arrangements, including the
recognition and measurement of assets, liabilities, revenues, and expenses.
IFRS 11 also provides guidance on the disclosure requirements for joint
arrangements, including information about the nature and extent of the joint
arrangement, the interests held by the parties, and the amounts recognized
in the financial statements. IFRS 11 superseded the previous standard, IAS
31, Interests in Joint Ventures, and introduced new requirements for the

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 accounting for joint arrangements. The standard is effective for annual
periods beginning on or after January 1, 2019, with early adoption permitted
12.IFRS 12 (Disclosure of interests in other entities): provides guidance on
the disclosure requirements for companies that have subsidiaries, joint
arrangements, or associates. The standard sets out the disclosure
requirements for these types of investments, including information about the
nature and extent of the investment, the interests held by the company, and
the amounts recognized in the financial statements. IFRS 12 also introduces
new disclosure requirements for the fair value of assets and liabilities
measured at fair value, as well as the amount of dividends declared or
proposed, and the related tax relief. The standard is effective for annual
periods beginning on or after January 1, 2018, with early adoption permitted.
13.IFRS 13 (Fair Value Measurement): provides guidance on how to measure
the fair value of assets and liabilities, including the use of appropriate
valuation techniques and the consideration of market observable data. The
standard sets out the fair value hierarchy, which categorizes assets and
liabilities into three levels based on the degree of market observability: Level
1 (unadjusted quoted prices in active markets), Level 2 (observable inputs
other than unadjusted quoted prices), and Level 3 (unobservable inputs).
IFRS 13 also provides guidance on the disclosure requirements for fair value
measurements, including information about the nature and extent of the fair
value measurements, the valuation techniques used, and the significant
judgments made. The standard is effective for annual periods beginning on or
after January 1, 2013, with early adoption permitted.
14.IFRS 14 (Regulatory Decks): provides guidance on how to account for and
report on regulatory decks, which are agreements between an entity and a
regulator that establish the terms and conditions of the entity's operations.
The standard sets out the accounting requirements for regulatory decks,
including the recognition and measurement of assets, liabilities, revenues,
and expenses. IFRS 14 also provides guidance on the disclosure requirements
for regulatory decks, including information about the nature and extent of the
regulatory deck, the interests held by the entity, and the amounts recognized
in the financial statements. The standard is effective for annual periods
beginning on or after January 1, 2020, with early adoption permitted.
15.IFRS 15 (Revenue from Contracts with Customers): provides guidance
on how to account for and report on revenue from contracts with customers.
The standard sets out the five-step model for recognizing revenue, which
includes identifying the contract, identifying the performance obligations,
determining the transaction price, allocating the transaction price to the
performance obligations, and recognizing revenue when (or as) the entity
satisfies the performance obligations. IFRS 15 also provides guidance on the
disclosure requirements for revenue, including information about the nature
and extent of the revenue, the interests held by the entity, and the amounts
recognized in the financial statements. The standard is effective for annual
periods beginning on or after January 1, 2018, with early adoption permitted.
16.IFRS 16 (Leases): provides guidance on how to account for and report on
leases, which are agreements between an entity and a lessor that grant the

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 entity the right to use an asset for a period of time in exchange for
consideration. The standard sets out the accounting requirements for leases,
including the recognition and measurement of assets, liabilities, revenues,
and expenses. IFRS 16 supersedes the previous standard, IAS 17, Leases, and
introduces new requirements for the accounting for leases, including the
recognition of lease assets and lease liabilities on the balance sheet. The
standard is effective for annual periods beginning on or after January 1, 2019,
with early adoption permitted.
IFRS 17 (Insurance Contracts): provides guidance on how to account for and
report on insurance contracts, which are agreements between an entity and a
policyholder that transfer financial risk from the policyholder to the entity. The
standard sets out the accounting requirements for insurance contracts, including
the recognition and measurement of assets, liabilities, revenues, and expenses.
IFRS 17 supersedes the previous standard, IFRS 4, Insurance Contracts, and
introduces new requirements for the accounting for insurance contracts, including
the recognition of insurance contract assets and liabilities on the balance sheet. The
standard is effective for annual periods beginning on or after January 1, 2022, with
early adoption permitted.

23 IFRICs

 IFRIC stands for International Financial Reporting Interpretations Committee.

It is an independent body that provides guidance on how to apply
International Financial Reporting Standards (IFRS) in specific situations. The
committee issues interpretations, which are official pronouncements that
explain how to account for certain transactions or events under IFRS. These
interpretations are based on the wording of the standards and aim to provide
clarity and consistency in financial reporting. The IFRIC also considers
requests for interpretation from stakeholders and provides guidance on
complex or unusual transactions.
1. IFRIC 1 (changes in existing decommissioning Restoration and
similar liabilities): is an Interpretation issued by the International Financial
Reporting Interpretations Committee (IFRIC), which provides guidance on how
to apply the new accounting standards issued by the IASB. Specifically, IFRIC
1 addresses the issue of how to account for decommissioning, restoration,
and similar liabilities that existed at the time of adoption of IFRS 1. IFRIC 1
provides guidance on how to account for pre-existing decommissioning,
restoration, and similar liabilities under the new IFRS 1 standards, giving
companies two options for measuring these liabilities.
2. IFRIC 2 (members' shares in co-operative entities and similar
instrument): Co-operative entities are organizations that are owned and
controlled by their members, who share in the profits and losses of the entity.
According to IFRIC 2, members' shares in co-operative entities and similar

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 instruments should be classified as equity, rather than as liabilities or assets.
This means that the amount paid by members for their shares should be
recorded as capital contributions, rather than as loans or investments. IFRIC 2
addresses the issue of how to account for any differences between the
amounts received from members and the amounts owed to members. This
can occur when members join or leave the co-operative entity, or when the
entity distributes profits to its members.
3. IFRIC 3 (emission rights): Emission rights are permissions granted to
entities to emit certain levels of pollutants into the environment. These rights
can be traded or sold, and can have a significant impact on an entity's
financial statements. According to IFRIC 3, emission rights should be
recognized as intangible assets if they meet certain criteria. Specifically, the
rights must be separable, meaning they can be separated from the entity's
other assets and liabilities, and they must have a finite useful life.
4. IFRIC 4 (determining whether an arrangement contains a lease): This
is an important question, as lessee accounting principles apply to
arrangements that contain leases, while user principal and agent
considerations apply to arrangements that do not contain leases. According
to IFRIC 4, an arrangement contains a lease if the arrangement conveys the
right to use an asset for a period of time in exchange for consideration. The
arrangement must also specify the period of time over which the asset will be
used, and the consideration must be sufficient to compensate the entity for
the use of the asset.
5. IFRIC 5 (rights to interests arising from decommissioning restoration
and environmental rehabilitation funds Interpretations Committee):
These funds are established to pay for the cost of decommissioning,
restoring, and rehabilitating assets that have been used in the production of
oil and gas, as well as other natural resources. According to IFRIC 5, rights to
interests arising from these funds should be recognized as financial assets if
they meet certain criteria. Specifically, the rights must be separable, meaning
they can be separated from the entity's other assets and liabilities, and they
must have a finite useful life.
6. IFRIC 6 (liabilities arising from participating in a specific market-
waste electrical and electrical equipment): WEEE is a type of hazardous
waste that includes items such as old televisions, computers, and mobile
phones. According to IFRIC 6, liabilities arising from participating in the WEEE
market should be recognized if the entity has incurred a legal or constructive
obligation to pay for the cost of disposing of the waste. The standard also
provides guidance on how to measure the amount of the liability, as well as
how to recognize and measure any changes in the liability over time.
7. IFRIC 7 (applying the restatement approach under IAS 29 financial
reporting in hyperinflationary economies): This standard provides
guidance on how to report financial statements in hyperinflationary
economies, where prices are increasing at extremely high rates. According to
IFRIC 7, the restatement approach should be used when the entity's
functional currency is the currency of a hyperinflationary economy, and the
entity's financial statements are prepared in that currency. Under this

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 approach, the entity's financial statements are restated into a different
currency, such as a stable foreign currency, in order to provide a more
accurate picture of the entity's financial performance.
8. IFRIC 8 (scope of IFRS 2): This standard sets out the principles for
accounting for share-based payment transactions, including the
measurement of the transaction and the recognition of the associated costs.
According to IFRIC 8, the scope of IFRS 2 includes all share-based payment
transactions that are within the scope of IFRS. This includes transactions
where the entity receives goods or services in exchange for equity
instruments, such as shares or options.
9. IFRIC 9 (reassessment of embedded derivatives): An embedded
derivative is a component of a financial instrument that contains an option or
a derivative that is embedded in another financial instrument. According to
IFRIC 9, an entity must reassess whether an embedded derivative is a
material feature of the financial instrument if certain events occur, such as a
change in the underlying market conditions or a change in the entity's
intentions regarding the financial instrument.
10.IFRIC 10 (interim financial reporting and impairment): This standard
sets out the principles for reporting interim financial information, including
the requirements for presenting a complete set of financial statements and
the limitations on the disclosure of non-GAAP financial measures. According
to IFRIC 10, an entity must assess whether it has any assets that are impaired
at the end of each interim period. If an asset is impaired, the entity must
recognize an impairment loss in the interim financial statements.
11.IFRIC 11 (IFRS 2 group and treasury share transaction): This standard
sets out the principles for accounting for transactions involving groups of
shares or other equity instruments that are held by a parent entity and its
subsidiaries. According to IFRIC 11, a group of shares or other equity
instruments is considered to be a single asset for the purpose of applying
IFRS 2. This means that the parent entity and its subsidiaries must account
for the group of shares or other equity instruments as a single asset, rather
than separately accounting for each individual share or instrument.
12.IFRIC 12 (service concession arrangements): These are agreements
under which an entity grants another entity the right to provide services to it,
such as the operation and maintenance of a facility or the provision of a
service. According to IFRIC 12, the entity granting the right to provide
services should recognize a financial asset if the arrangement is a lease, and
the entity providing the services should recognize a liability for the services
provided. The standard also provides guidance on how to determine the
amount of the financial asset and liability, as well as how to recognize and
measure any changes in their fair value over time.
13.IFRIC 13 (customer loyalty programs): These are programs under which
an entity provides rewards or other incentives to its customers in exchange
for their continued patronage. According to IFRIC 13, an entity should
recognize a liability for the rewards or incentives provided to customers if the
entity has a legal or constructive obligation to provide the rewards or
incentives. The standard also provides guidance on how to determine the

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 amount of the liability, as well as how to recognize and measure any changes
in the liability over time.
14.IFRIC (IAS 19 the limit of defined benefit asset minimum funding
requirements and the interaction): This standard sets out the principles
for accounting for employee benefits, including pension and other post-
employment benefits. According to IFRIC 14, the limit of defined benefit asset
minimum funding requirements refers to the amount that an entity is
required to contribute to a pension plan or other post-employment benefit
plan in order to meet the minimum funding requirements. The standard
provides guidance on how to determine the amount of the limit, as well as
how to recognize and measure any changes in the limit over time.
15.IFRIC 15 (agreements for construction of real estate): These
agreements are typically long-term contracts under which an entity
undertakes to construct a building or other structure for a customer.
According to IFRIC 15, the entity should recognize a financial asset if the
agreement is a lease, and the entity should recognize a liability for the costs
incurred under the agreement. The standard also provides guidance on how
to determine the amount of the financial asset and liability, as well as how to
recognize and measure any changes in their fair value over time.
16.IFRIC (hedges of a net investment in foreign operation): This standard
sets out the principles for accounting for the exposure to exchange rate risks
arising from a net investment in a foreign operation. According to IFRIC 16, an
entity may use hedge accounting to mitigate the exposure to exchange rate
risks. The standard provides guidance on how to determine whether a hedge
is eligible for hedge accounting, as well as how to recognize and measure any
changes in the hedging instrument over time.
17.IFRIC 17 (distributions of non-cash assets to owners): These are
transactions under which an entity distributes non-cash assets, such as
inventory or equipment, to its owners. According to IFRIC 17, the entity
should recognize a liability for the distribution if the distribution is a dividend,
and the entity should recognize a gain or loss on the distribution if the
distribution is not a dividend. The standard also provides guidance on how to
determine the amount of the liability or gain/loss, as well as how to recognize
and measure any changes in their fair value over time.
18.IFRIC 18 (transfers of assets from customers): These are transactions
under which an entity receives assets from its customers, such as inventory
or equipment, in exchange for goods or services provided to the customer.
According to IFRIC 18, the entity should recognize a financial asset if the
transfer is a sale, and the entity should recognize a gain or loss on the
transfer if the transfer is not a sale. The standard also provides guidance on
how to determine the amount of the financial asset or gain/loss, as well as
how to recognize and measure any changes in their fair value over time.
19.IFRIC 19 (extinguishing financial liabilities with equity instruments):
This standard sets out the principles for accounting for transactions in which
an entity extinguishes a financial liability by issuing equity instruments, such
as shares or options. According to IFRIC 19, the entity should recognize a gain
or loss on the extinguishment of the financial liability, measured as the

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 difference between the carrying amount of the financial liability and the fair
value of the equity instruments issued. The standard also provides guidance
on how to determine the fair value of the equity instruments, as well as how
to recognize and measure any changes in their fair value over time.
20.IFRIC 20 (stripping costs in the production phase of a surface mine):
These are costs incurred to remove overburden (the soil and rock that sits
atop a mineral deposit) in order to access the mineral deposit. According to
IFRIC 20, the entity should recognize a asset if the stripping costs meet
certain criteria, such as being directly attributable to the production of a
particular mineral deposit and being expected to enhance the value of the
deposit. The standard also provides guidance on how to determine the
amount of the asset, as well as how to recognize and measure any changes
in its fair value over time.
21.IFRIC 21 (levies): These are fees or other charges imposed by an entity on
its customers or other third parties, such as fines or penalties for non-
compliance with regulations or contractual obligations. According to IFRIC 21,
an entity should recognize revenue from a levy if it meets certain criteria,
such as being directly attributable to the provision of a specific good or
service and being expected to generate future economic benefits. The
standard also provides guidance on how to determine the amount of the
revenue, as well as how to recognize and measure any changes in its fair
value over time.
22.IFRIC 22 (foreign currency transactions and advance consideration):
These are transactions under which an entity receives advance payment from
a customer in exchange for goods or services provided to the customer.
According to IFRIC 22, the entity should recognize revenue from the
transaction if it meets certain criteria, such as being directly attributable to
the provision of a specific good or service and being expected to generate
future economic benefits. The standard also provides guidance on how to
determine the amount of the revenue, as well as how to recognize and
measure any changes in its fair value over time.
23.IFRIC 23 (uncertainty over income tax treatments): This standard sets
out the principles for accounting for uncertain tax positions, such as those
arising from complex tax laws or conflicting interpretations of tax regulations.
According to IFRIC 23, an entity should recognize a liability for the uncertain
tax position if it meets certain criteria, such as being probable of being
asserted by the tax authority and having a material impact on the entity's
financial position. The standard also provides guidance on how to determine
the amount of the liability, as well as how to recognize and measure any
changes in its fair value over time.

41 IASs

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The International Accounting Standards (IAS) are a set of accounting standards that
provide guidance on how to report financial information. There are currently 41 IASs,
which cover various aspects of financial reporting.
1. IAS 1 (Presentation of Financial Statements): is an International
Accounting Standard that outlines the requirements for presenting financial
statements that are consistent with generally accepted accounting principles
(GAAP). The standard requires that financial statements be presented in a
manner that provides a true and fair view of the entity's financial position and
performance. This includes providing relevant information about the entity's
assets, liabilities, equity, revenues, expenses, and cash flows.
2. IAS 2 (Inventories): is an International Accounting Standard that outlines
the requirements for how inventories should be recognized, measured, and
presented in financial statements. Inventories are defined as assets that are
held for sale in the ordinary course of business. Examples of inventories
include finished goods, work-in-progress, and raw materials.
3. IAS 3 (Consolidated Financial Statements) is an International Accounting
Standard that outlines the requirements for preparing consolidated financial
statements. Consolidated financial statements are financial statements that
combine the financial information of a group of entities under common
control. This can include parent companies and their subsidiaries, as well as
other entities that are controlled by the same entity or group of entities.
4. IAS 4 (Depreciation): Assets Held for Sale and Discontinued Operations is
an International Accounting Standard that outlines the requirements for how
depreciation should be accounted for in financial statements. Depreciation is
the allocation of the cost of an asset over its useful life, which is the period of
time during which the asset is expected to be used by the entity. This is done
to reflect the decline in the value of the asset over time, as it becomes less
valuable as it ages or is used more frequently.
5. IAS 5 (International Accounting Standard 5): provides guidance on the
information that should be disclosed in financial statements to provide a fair
and transparent view of a company's financial position and performance. The
standard sets out the disclosure requirements for each major category of
items in the balance sheet and income statement, as well as certain
supplementary items. IAS 5 emphasizes the importance of providing a
complete and transparent picture of a company's financial position and
performance, and requires companies to follow specific accounting standards
and guidelines to ensure consistency and accuracy in their financial
reporting.
6. IAS 6 (Accounting for Exploration and Evaluation of Mineral
Resources): Provides guidance on how to account for exploration and
evaluation expenditures related to mineral resources. The standard sets out
the principles and procedures for recognizing, measuring, and reporting these
expenditures in financial statements, as well as the disclosure requirements
for each.
7. IAS 7 (Statement of Cash Flows): is an International Accounting Standard
that outlines the rules for preparing a statement of cash flows, which is a key

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 financial statement that reports the inflows and outflows of cash and cash
equivalents of a company over a specific period of time. The standard
requires companies to present their statement of cash flows using the
indirect method, which means that the net cash provided by (used in)
operating activities, investing activities, and financing activities are
calculated and reported separately.
8. IAS 8 (Accounting Policies, Changes in Accounting Estimates and
Errors): is an International Financial Reporting Standard (IFRS) that provides
guidance on how to select and apply accounting policies, as well as how to
make changes to those policies and how to deal with errors in financial
statements.
9. IAS 9 (Accounting for Research and Development Activities): is an
International Accounting Standard that provides guidance on how to account
for research and development (R&D) activities. The standard emphasizes the
importance of recognizing R&D expenditures as expenses when they are
incurred, rather than capitalizing them as assets. To apply IAS 9, entities must
first identify which of their activities meet the definition of R&D. This can
include activities such as designing new products, improving existing
products, or developing new processes or technologies. Once R&D activities
have been identified, entities must determine the appropriate accounting
treatment for each one. IAS 9 also provides guidance on other aspects of R&D
accounting, such as the classification of R&D expenditures as either internal
or external, and the disclosure requirements for R&D activities.
10.IAS 10 (Events after the reporting period): refer to the subsequent
events that occur after the financial reporting period has closed. These
events can include any changes or occurrences that may have a material
impact on the company's financial position..
To be specific, IAS 10 Events after the reporting period include: 1. Dividends
declared or paid after the reporting period. 2. Share repurchases or buybacks
after the reporting period. 3. Any changes in the company's capital structure,
such as new issues of shares or debt, or the repayment of borrowings.
11.IAS 11 (Construction Contracts): is an International Accounting Standard
that outlines the accounting treatment for construction contracts. It provides
guidance on how to recognize revenue and profits, as well as how to measure
and report the progress of construction projects. IAS 11 provides a framework
for contractors to account for construction contracts in a consistent and
transparent manner, ensuring that stakeholders have a clear understanding
of the financial performance of the project.
12.IAS 12 (income Taxes): is an International Accounting Standard that
outlines the accounting treatment for income taxes. It provides guidance on
how to recognize, measure, and present income taxes in financial
statements. IAS 12 also provides guidance on the calculation of tax rates, the
recognition of tax assets and liabilities, and the disclosure of tax information
in financial statements. It applies to all entities that prepare financial
statements in accordance with International Financial Reporting Standards
(IFRS).

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13.IAS 13 (Presentation of Current Assets and Current Liabilities): is an
International Accounting Standard that provides guidance on how to classify
and present current assets and current liabilities in financial statements. IAS
13 emphasizes the importance of presenting current assets and current
liabilities in a way that provides a clear picture of an entity's liquidity and
solvency. It also provides guidance on how to classify and present certain
specific types of assets and liabilities, such as investments in subsidiaries,
associates, and joint ventures, and long-term commitments such as leases
and purchase agreements.
14.IAS 14 (Segment Reporting): is an International Accounting Standard that
outlines the requirements for reporting financial information for segments of
an entity's operations. The standard provides guidance on how to identify,
measure, and report on the financial performance of different segments of an
entity's business. This includes information on revenues, expenses, assets,
liabilities, and cash flows for each segment. IAS 14 is an important standard
that helps ensure transparency and accountability in financial reporting for
entities with multiple segments of their operations.
15.IAS 15 (information reflecting the effects of changing prices): also
known as International Accounting Standard 15, pertains to accounting for
advance consideration. In simpler terms, it deals with the financial reporting
of changes in the prices of goods or services that were previously sold. To be
more specific, IAS 15 outlines the accounting treatment for price concessions,
discounts, and rebates given to customers. It requires that these adjustments
be recognized as a reduction in revenue at the time they are offered to the
customer, rather than when the original sale was made.
16.IAS 16 (property, plant and equipment): deals with the accounting
treatment for property, plant, and equipment (PP&E). PP&E includes items
such as buildings, machinery, and vehicles that are owned by a business and
used in its operations. Under IAS 16, PP&E is initially recorded at cost, and
then depreciated over its useful life. The depreciation expense is recorded as
an operating expense on the income statement. The standard also provides
guidance on how to determine the useful life of PP&E, as well as how to
account for any impairment losses if the asset's carrying value exceeds its
recoverable amount. IAS 16 also covers the accounting for the disposal of
PP&E, as well as the classification of assets as either held for sale or held for
investment.
17.IAS 17 (Leases): pertains to the accounting treatment for leases. Leases are
commonly used by businesses to acquire assets such as buildings,
equipment, and vehicles without having to purchase them outright. Under IAS
17, a lease is defined as a contract, or part of a contract, that conveys the
right to use an asset for an agreed period of time in exchange for
consideration. The standard requires that leases be recognized on the
balance sheet as a liability and an asset at the inception of the lease. IAS 17
also provides guidance on how to account for lease income, as well as how to
handle lease modifications, terminations, and transfers.
18.IAS 18 (Revenue): deals with the accounting treatment for revenue.
Revenue is one of the most important aspects of financial reporting, as it

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 represents the amount of money earned by a business from its sales of goods
or services. Under IAS 18, revenue is recognized when it is earned, which is
typically when the risks and rewards of ownership have been transferred to
the customer. This means that revenue should be recognized at the point in
time when the customer obtains control of the goods or services, rather than
when the sale is made or when the payment is received. IAS 18 also provides
guidance on how to handle returns, refunds, and other forms of consideration
that may affect revenue recognition.
19.IAS 19 (Employee Benefits): pertains to the accounting treatment for
employee benefits. Employee benefits can include a wide range of items,
such as wages, salaries, bonuses, and other forms of compensation. Under
IAS 19, employee benefits are recognized as an expense on the income
statement at the time they are earned by the employees. This means that the
benefits must be recorded as an expense when they are earned, rather than
when they are paid out. IAS 19 also provides guidance on how to handle
other forms of employee benefits, such as share-based payment, pension
plans, and other post-employment benefits.
20.IAS 20 (Accounting for government grants and disclosure of
government assistance): deals with the accounting treatment for
government grants and other forms of government assistance. Government
grants can take many forms, such as cash grants, tax credits, or other forms
of financial support. Under IAS 20, government grants are recognized as
revenue when they are received, rather than when they are given. This
means that the grant is recorded as an asset on the balance sheet at the
point in time when it is received, and then the asset is gradually reduced over
the period of time during which the grant is used. IAS 20 also provides
guidance on how to handle other forms of government assistance, such as
subsidies, tax incentives, and other forms of financial support. The standard
requires that all government grants and assistance be disclosed in the
financial statements, along with a description of their nature and amount.
21.IAS 21 (The Effects of Changes in Foreign Exchange Rates): is an
International Accounting Standard that outlines how to account for foreign
currency transactions and translations. To summarize, IAS 21 provides
guidance on how to recognize and measure foreign exchange gains and
losses arising from transactions and translations, as well as how to present
these items in the financial statements.
22.IAS 22 (Business Combinations): is an International Accounting Standard
that outlines the accounting for business combinations. To summarize, IAS 22
provides guidance on how to account for business combinations, including
the recognition and measurement of assets and liabilities acquired, the
allocation of purchase price to identifiable assets and liabilities, and the
determination of goodwill or gain from the combination.
23.IAS 23 (Borrowing Costs): is an International Accounting Standard that
outlines how to account for borrowing costs. To summarize, IAS 23 provides
guidance on how to recognize and measure borrowing costs, which are the
interest and other costs incurred by an entity in connection with its
borrowings.

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24.IAS 24 (Related Party Disclosures): is an International Accounting
Standard that outlines how to account for transactions and balances with
related parties. To summarize, IAS 24 provides guidance on how to recognize
and measure transactions and balances with related parties, as well as how
to disclose information about these relationships in the financial statements.
25.IAS 25 (Accounting for Investments): is an International Accounting
Standard that outlines how to account for investments in financial assets. IAS
25 provides guidance on how to recognize and measure investments in
financial assets, including available-for-sale (AFS) investments, held-to-
maturity (HTM) investments, and loans and receivables.
26.IAS 26 (Accounting and Reporting by Retirement Benefit Plans): is an
International Accounting Standard that outlines how to account for and report
on retirement benefit plans. IAS 26 provides guidance on how to recognize
and measure the assets and liabilities of a retirement benefit plan, as well as
how to disclose information about the plan in the financial statements.
27.IAS 27 (Separate Financial Statements): is an International Accounting
Standard that outlines how to prepare separate financial statements for
subsidiaries, joint ventures, and associates. It provides guidance on how to
account for and report on investments in subsidiaries, joint ventures, and
associates, as well as how to disclosed information about these investments
in the financial statements.
28.IAS 27 (Consolidated and Separate Financial Statements): is an
International Accounting Standard that outlines how to prepare consolidated
financial statements for a group of companies, as well as how to prepare
separate financial statements for entities that are not consolidated. It
provides guidance on how to account for and report on the relationships
between entities in a group, as well as how to disclosed information about
these relationships in the financial statements.
29.IAS 28 (Investments in Associates and Joint Ventures): is an
International Accounting Standard that outlines the accounting treatment for
investments in associates and joint ventures. Under IAS 28, investments in
associates and joint ventures are initially recognized at cost, which is the
amount paid to acquire the investment. However, if the investment is made
at fair value, the initial recognition may be at fair value instead. IAS 28
provides guidance on how to account for dividends received from associates
and joint ventures, as well as how to account for any losses or gains arising
from the disposal of an investment in an associate or joint venture.
30.IAS 28 (Investments in Associates specifically): deals with the
accounting treatment for investments in associates, which are entities in
which the investor has a significant influence but not control. In IAS 28, an
investment in an associate is initially recognized at cost, which is the amount
paid to acquire the investment. However, if the investment is made at fair
value, the initial recognition may be at fair value instead. IAS 28 also provides
guidance on how to account for dividends received from associates, as well
as how to account for any losses or gains arising from the disposal of an
investment in an associate. Additionally, it sets out the principles for
accounting for investments in associates and joint ventures, and provides

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 guidance on how to measure these investments and recognize any gains or
losses arising from them.
31.IAS 29 (Financial Reporting in Hyperinflationary Economies): provides
guidance on how to account for and report financial information in
hyperinflationary economies. Under IAS 29, an entity is considered to be
operating in a hyperinflationary economy if the average annual inflation rate
is more than 100%. In such cases, the entity must use the applicable
functional currency (usually the local currency) to report its financial
performance and position. IAS 29 Financial Reporting in Hyperinflationary
Economies sets out the principles for accounting and reporting in
hyperinflationary economies, and provides guidance on how to measure and
recognize the effects of hyperinflation on an entity's financial performance
and position.
32.IAS 30 (Disclosures in Financial Statements of Banks and Similar
Financial Institutions): provides guidance on the disclosure requirements
for banks and other financial institutions. Under IAS 30, banks and similar
financial institutions are required to disclose information that is relevant to
their financial condition and performance, as well as the risks and
uncertainties associated with their activities. This includes information on
their assets, liabilities, equity, revenue, expenses, and cash flows.
33.IAS 31 (Interests in Joint Ventures): provides guidance on how to account
for interests in joint ventures, which are entities that are jointly controlled by
two or more parties. According to IAS 31, an interest in a joint venture is
initially recognized at cost, which is the amount paid to acquire the interest.
Subsequently, the interest is measured at fair value, which is the price that
would be received to sell the interest in an arm's length transaction. If the fair
value of the interest cannot be determined, it is measured at cost less any
impairment losses.
34.IAS 32 (Financial Instruments: Presentation): provides guidance on how
to present financial instruments in financial statements. Under IAS 32,
financial instruments are classified into one of four categories: Held for
trading, Held to maturity, Available for sale and Loans and receivables. IAS 32
Financial Instruments: Presentation sets out the principles for presenting
financial instruments in financial statements, and provides guidance on what
information should be disclosed and how it should be presented.
35.IAS 33 (Earnings per share): is a financial reporting standard that provides
guidance on how to account for earnings per share (EPS). EPS is a measure of
a company's profitability that is calculated by dividing the net income (or
loss) attributable to ordinary shareholders by the weighted average number
of ordinary shares outstanding during the period.
36.IAS 34 (Interim financial reporting): provides guidance on interim
financial reporting for publicly traded companies. The standard requires
companies to present a complete set of financial statements for each interim
period, including a balance sheet, income statement, and cash flow
statement. IAS 34 also provides guidance on how to handle certain specific
items that may arise during an interim period, such as dividends declared,
changes in accounting policies, and corrections of prior period errors.

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37.IAS 35 (Discontinuing operation): provides guidance on how to account
for discontinued operations, which are parts of a business that have been
sold or otherwise disposed of. The standard sets out how to classify and
report discontinued operations in the financial statements, as well as how to
allocate the proceeds from the disposal of a discontinued operation between
the various components of equity. IAS 35 also provides guidance on how to
handle certain specific items that may arise during the disposal of a
discontinued operation, such as taxes, interest, and depreciation.
38.IAS 36 (Impairment of assets): provides guidance on how to account for
the impairment of assets, which is the reduction in the value of an asset due
to changes in market conditions or other factors. The standard sets out how
to test for impairment, how to measure the extent of the impairment, and
how to report the results in the financial statements. IAS 36 also provides
guidance on how to handle certain specific items that may arise during the
impairment testing process, such as the effects of inflation, the cost of
restoring an asset to a usable condition, and the impact of market conditions
on the recoverable amount of an asset.
39.IAS 37 (Provisions, contingent liabilities and contingent assets):
provides guidance on how to account for provisions, contingent liabilities, and
contingent assets in financial statements. The standard sets out the
principles and procedures for recognizing, measuring, and reporting these
items, as well as the disclosure requirements for each. IAS 37 emphasizes the
importance of careful judgment and estimation when accounting for
provisions, contingent liabilities, and contingent assets, and requires
companies to follow specific accounting standards and guidelines to ensure
consistent and transparent reporting.
40.IAS 38 (Intangible assets): provides guidance on how to account for
intangible assets, which are non-physical assets that provide future economic
benefits to a business. The standard sets out how to recognize, measure, and
report intangible assets in financial statements, as well as the disclosure
requirements for each. IAS 38 emphasizes the importance of careful
judgment and estimation when accounting for intangible assets, and requires
companies to follow specific accounting standards and guidelines to ensure
consistent and transparent reporting.
41.IAS 39 (Financial instruments: Recognition and measurement):
provides guidance on how to recognize and measure financial instruments in
financial statements. The standard sets out the principles and procedures for
classifying, recognizing, and measuring financial instruments, as well as the
disclosure requirements for each. IAS 39 emphasizes the importance of
careful judgment and estimation when accounting for financial instruments,
and requires companies to follow specific accounting standards and
guidelines to ensure consistent and transparent reporting.
42.IAS 40 (Investment property): provides guidance on how to account for
investment property, which is property that is held by an entity with the
intention of earning rentals or other forms of income. The standard sets out
how to recognize, measure, and report investment property in financial
statements, as well as the disclosure requirements for each. IAS 40

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 emphasizes the importance of careful judgment and estimation when
accounting for investment property, and requires companies to follow specific
accounting standards and guidelines to ensure consistent and transparent
reporting.
43.IAS 41 (Agriculture): provides guidance on how to account for agricultural
assets, such as farmland, livestock, and crops. The standard sets out how to
recognize, measure, and report agricultural assets in financial statements, as
well as the disclosure requirements for each. IAS 41 defines an agricultural
asset as a non-financial asset that is used in the production of biological
assets, such as farmland, livestock, and crops. IAS 41 emphasizes the
importance of careful judgment and estimation when accounting for
agricultural assets, and requires companies to follow specific accounting
standards and guidelines to ensure consistent and transparent reporting.

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