INTERNATIONAL ACCOUNTING STANDARDS AND THE

INTERNATIONAL FINANCIAL REPORTING STANDARDS AND THEIR

MEANING.

Outline of all International Accounting Standards (IASs), International

Financial Reporting Standards (IFRSs), and their meanings:

1. International Accounting Standards (IAS)

These were issued by the International Accounting Standards Committee

(IASC) before 2001 and are still in use unless replaced by IFRS.

IAS Title Meaning

IAS 1 Presentation of Sets guidelines for structure and content
Financial Statements of financial statements.
IAS 2 Inventories Prescribes accounting for inventory and
cost formulas (e.g., FIFO, weighted
average).
IAS 7 Statement of Cash Requires presentation of cash flows
Flows from operating, investing, and financing
activities.
IAS 8 Accounting Policies, Guides how to apply and disclose
Changes in Accounting changes in policies and correct errors.
Estimates and Errors
IAS 10 Events after the Deals with adjusting and non-adjusting
Reporting Period events post balance sheet date.
IAS 12 Income Taxes Covers accounting for current and
deferred tax.
IAS 16 Property, Plant and Specifies recognition and depreciation
Equipment of fixed assets.
IAS 19 Employee Benefits Deals with pensions, termination
benefits, etc.
IAS 20 Accounting for Covers recognition and disclosure of
Government Grants and government support.
Disclosure of
Government Assistance
IAS 21 The Effects of Changes Governs translation of foreign currency
in Foreign Exchange transactions.
Rates
IAS 23 Borrowing Costs Deals with capitalization of interest
costs on qualifying assets.
IAS 24 Related Party Requires disclosure of transactions with
Disclosures related parties.
IAS 26 Accounting and Provides guidance for pension plan
Reporting by financials.
 Retirement Benefit
Plans
IAS 27 Separate Financial Addresses accounting for investments in
Statements subsidiaries in individual financials.
IAS 28 Investments in Governs accounting using equity
Associates and Joint method.
Ventures
IAS 29 Financial Reporting in Requires restatement of financials for
Hyperinflationary inflation.
Economies
IAS 32 Financial Instruments: Defines classification of financial
Presentation instruments.
IAS 33 Earnings per Share Sets the calculation method of EPS.
IAS 34 Interim Financial Provides guidelines for quarterly or
Reporting interim reports.
IAS 36 Impairment of Assets Requires testing and accounting for
asset impairment.
IAS 37 Provisions, Contingent Governs recognition of uncertain
Liabilities and liabilities and potential assets.
Contingent Assets
IAS 38 Intangible Assets Covers recognition, amortization, and
impairment of intangibles.
IAS 39 Financial Instruments: Governs measurement of financial
Recognition and instruments (mostly replaced by IFRS
Measurement 9).
IAS 40 Investment Property Deals with property held for rental or
capital appreciation.
IAS 41 Agriculture Covers biological assets and agricultural
produce.
2. International Financial Reporting Standards (IFRS)

Issued by the International Accounting Standards Board (IASB) post-2001.

IFRS Title Meaning

IFRS 1 First-time Adoption Provides guidance for companies
of IFRS adopting IFRS for the first time.
IFRS 2 Share-based Payment Covers transactions involving share
options, employee stock options.
IFRS 3 Business Provides rules on mergers and
Combinations acquisitions.
IFRS 4 Insurance Contracts Temporary standard on insurance
(being replaced by IFRS 17).
IFRS 5 Non-current Assets Governs classification and presentation
Held for Sale and of held-for-sale assets.
Discontinued
Operations
IFRS 6 Exploration for and Temporary standard on exploration
Evaluation of Mineral activities.
Resources
IFRS 7 Financial Requires disclosure of financial
Instruments: instrument risks.
Disclosures
IFRS 8 Operating Segments Prescribes segment reporting based on
internal reports.
IFRS 9 Financial Instruments Replaces IAS 39; covers classification
and measurement.
IFRS 10 Consolidated Provides rules for control and
Financial Statements consolidation.
IFRS 11 Joint Arrangements Governs accounting for joint ventures
and operations.
IFRS 12 Disclosure of Combines disclosures about
Interests in Other subsidiaries, associates, joint
Entities arrangements.
IFRS 13 Fair Value Provides a framework for fair value
Measurement measurement.
IFRS 14 Regulatory Deferral Interim standard for rate-regulated
Accounts activities.
IFRS 15 Revenue from Sets the 5-step model for revenue
Contracts with recognition.
Customers
IFRS 16 Leases Brings most leases onto balance sheets
for lessees.
IFRS 17 Insurance Contracts Comprehensive standard on insurance
accounting (effective 2023).