Name : Imran Ullah

Roll No. : 14

Subject : Financial Accounting

Assignment : IAS

Subject Teacher : Sir, Masood Mandokhail

Date of Submission : 8/4/19

 Table of Contents
What is IAS?...............................................................................................................................................5

List of International Accounting Standards.................................................................................................5

IAS 1 – Presentation of Financial Statements..........................................................................................5

IAS 2 – Invent.........................................................................................................................................5

IAS 3 - Consolidated Financial Statements.............................................................................................5

IAS 4 Depreciation Accounting...............................................................................................................6

IAS 5 Information to Be Disclosed in Financial Statements....................................................................6

IAS 6 Accounting Responses to Changing Prices...................................................................................6

IAS 7 – Cash Flow Statements................................................................................................................6

IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors..........................................6

IAS 9 Accounting for Research and Development Activities..................................................................7

IAS 10- Events after the Balance Sheet Date...........................................................................................7

IAS 11- Construction Contracts...............................................................................................................7

IAS 12- Income Taxes.............................................................................................................................7

IAS 13 Presentation of Current Assets and Current Liabilities.................................................................8

IAS 14- Segment Reporting.....................................................................................................................8

IAS 15 — Information Reflecting the Effects of Changing Prices (Withdrawn).....................................8

IAS 16- Property, Plant and Equipment...................................................................................................8

IAS 17- Leases........................................................................................................................................8

IAS 18- Revenue.....................................................................................................................................9

IAS 19- Employee Benefits.....................................................................................................................9

 IAS 20- Accounting for Government Grants and Disclosure of Government Assistance........................9

IAS 21- Effects in changes in Foreign Exchange Rates.........................................................................10

IAS 22 — Business Combinations (Superseded)...................................................................................10

IAS 23- Borrowing Costs......................................................................................................................10

IAS 24 Related Party Disclosure...........................................................................................................10

IAS 25 Accounting for Investments......................................................................................................10

IAS 26- Accounting and Reporting by Retirement Benefit Plans..........................................................11

IAS 27- Consolidate and Separate Financial Statements.......................................................................11

IAS 28- Investment in Associates..........................................................................................................11

IAS 29 Financial Reporting...................................................................................................................11

IAS 30 — Disclosures in the Financial Statements of Banks and Similar Financial Institutions...........12

IAS 31- Interests in Joint Ventures........................................................................................................12

IAS 32- Financial Instruments: Presentation.........................................................................................12

IAS 33- Earning Per Share....................................................................................................................12

IAS 34- Interim Financial Reporting.....................................................................................................13

IAS 36- Impairment of Assets...............................................................................................................13

IAS 37- Provisions, Contingent Liabilities and Contingent Assets........................................................13

IAS 38- Intangible Assets......................................................................................................................14

IAS 39- Financial Instruments: Recognition and Measurements...........................................................14

IAS 40- Investment Property.................................................................................................................14

IAS 41- Agriculture...............................................................................................................................14

How many IAS Are Dissolved or Merged?...............................................................................................15

1= IAS 3 Consolidated Financial Statements.........................................................................................15

2=IAS 4 Depreciation Accounting.........................................................................................................15

3=IAS 5 Information to Be Disclosed in Financial Statements..............................................................15

4=IAS 6 Accounting Responses to Changing Prices.............................................................................15

5=IAS 9 Accounting for Research and Development Activities............................................................15

6=IAS 13 Presentation of Current Assets and Current Liabilities..........................................................15

7=IAS 14 Reporting Financial Information by Segment (1981)............................................................16

8=IAS 17 Accounting for Leases (1982)...............................................................................................16

9=IAS 18 Revenue Recognition (1982).................................................................................................16

10=IAS 22 Accounting for Business Combinations (1983)...................................................................16

11=IAS 25 Accounting for Investments................................................................................................16

12=IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial............................16

13=IAS 31 Financial Reporting of Interests in Joint Ventures (1990)...................................................16

14=IAS 35 Discontinuing Operations....................................................................................................16

15=IAS 39 Financial Instruments: Recognition and Measurement........................................................16

What is IAS?
definition: IAS means International Accounting Standards. International accounting
standards are used to deal with the preparation and presentation of financial statements and
explain how should record and show companies financial information.

IAS were created by the International Accounting Standards Committee (IASC) and publish
from 1973 to 2000. which was replaced by the International Accounting standards boards (IASB)
in 2001 since then the IASB has changed some International Accounting Standards and replace
others with new International Financial Reporting Standards (IFRS)

List of International Accounting Standards.

IAS 1 – Presentation of Financial Statements.

IAS 1 Presentation of Financial Statements sets out the overall requirements for financial
statements, including how they should be structured, the minimum requirements for their content
and overriding concepts such as going concern, the accrual basis of accounting and the
current/non-current distinction. The standard requires a complete set of financial statements to
comprise a statement of financial position, a statement of profit or loss and other comprehensive
income, a statement of changes in equity and a statement of cash flows.

IAS 1 was reissued in September 2007 and applies to annual periods beginning on or after 1
January 2009.

IAS 2 – Invent.

IAS 2 Inventories contains the requirements on how to account for most types of inventory. The
standard requires inventories to be measured at the lower of cost and net realisable value (NRV)
and outlines acceptable methods of determining cost, including specific identification (in some
cases), first-in first-out (FIFO) and weighted average cost.

A revised version of IAS 2 was issued in December 2003 and applies to annual periods
beginning on or after 1 January 2005
IAS 3 - Consolidated Financial Statements.

Consolidated financial statements is the statement for the preparation and presentation of
financial statements. Requiring entities to consolidate entities it controls.

Superseded in 1989 by IAS 27 and IAS 28

IAS 4 Depreciation Accounting.

IAS 4 depreciation Accounting is the allocation of the depreciable amount of an asset over its
estimated useful life.

Withdrawn in 1999

Superseded IAS 36

IAS 5 Information to Be Disclosed in Financial Statements.

Statement of movement of equity from the statement of financial statement position where IAS 5
requires the disclosure of movements in share capital accounts, reserves and retained earnings for
the period.

Superseded by IAS 1 effective 1 July 1998

IAS 6 Accounting Responses to Changing Prices

to specify disclosures reflecting the effects of changing prices on the measurements used in the
determination of an enterprise's results of operations and its fin

Superseded by IAS 15, which was withdrawn December 2003

IAS 7 – Cash Flow Statements.

IAS 7 Statement of Cash Flows requires an entity to present a statement of cash flows as an
integral part of its primary financial statements. Cash flows are classified and presented into
operating activities (either using the 'direct' or 'indirect' method), investing activities or financing
activities, with the latter two categories generally presented on a gross basis.

IAS 7 was reissued in December 1992, retitled in September 2007, and is operative for financial
statements covering periods beginning on or after 1 January 1994.
IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors is applied in selecting
and applying accounting policies, accounting for changes in estimates and reflecting corrections
of prior period errors.

The standard requires compliance with any specific IFRS applying to a transaction, event or
condition, and provides guidance on developing accounting policies for other items that result in
relevant and reliable information. Changes in accounting policies and corrections of errors are
generally retrospectively accounted for, whereas changes in accounting estimates are generally
accounted for on a prospective basis.

IAS 8 was reissued in December 2005 and applies to annual periods beginning on or after 1
January 2005.

IAS 9 Accounting for Research and Development Activities.

Superseded by IAS 38 effective 1 July 1999

IAS 10- Events after the Balance Sheet Date.

IAS 10 Events After The Reporting Period contains requirements for when events after the end
of the reporting period should be adjusted in the financial statements. Adjusting events are those
providing evidence of conditions existing at the end of the reporting period, whereas non-
adjusting events are indicative of conditions arising after the reporting period (the latter being
disclosed where material).

IAS 10 was reissued in December 2003 and applies to annual periods beginning on or after 1
January 2005.

IAS 11- Construction Contracts

IAS 11 Construction Contracts provides requirements on the allocation of contract revenue and
contract costs to accounting periods in which construction work is performed. Contract revenues
and expenses are recognised by reference to the stage of completion of contract activity where
the outcome of the construction contract can be estimated reliably, otherwise revenue is
recognised only to the extent of recoverable contract costs incurred.

IAS 11 was reissued in December 1993 and is applicable for periods beginning on or after 1
January 1995.
IAS 12- Income Taxes.

IAS 12 Income Taxes implements a so-called 'comprehensive balance sheet method' of

accounting for income taxes which recognises both the current tax consequences of transactions
and events and the future tax consequences of the future recovery or settlement of the carrying
amount of an entity's assets and liabilities. Differences between the carrying amount and tax base
of assets and liabilities, and carried forward tax losses and credits, are recognised, with limited
exceptions, as deferred tax liabilities or deferred tax assets, with the latter also being subject to a
'probable profits' test.

IAS 12 was reissued in October 1996 and is applicable to annual periods beginning on or after 1
January 1998.

IAS 13 Presentation of Current Assets and Current Liabilities

Superseded by IAS 1 effective 1 July 1998

IAS 14- Segment Reporting.

IAS 14 Segment Reporting requires reporting of financial information by business or

geographical area. It requires disclosures for 'primary' and 'secondary' segment reporting formats,
with the primary format based on whether the entity's risks and returns are affected
predominantly by the products and services it produces or by the fact that it operates in different
geographical areas.

IAS 14 was issued in August 1997, was applicable to annual periods beginning on or after 1 July
1998, and was superseded by IFRS 8 Operating Segments with effect from annual periods
beginning on or after 1 January 2009.

IAS 15 — Information Reflecting the Effects of Changing Prices (Withdrawn).

N/A Withdrawn effective 1 January 2005

IAS 16- Property, Plant and Equipment

IAS 16 Property, Plant and Equipment outlines the accounting treatment for most types of
property, plant and equipment. Property, plant and equipment is initially measured at its cost,
subsequently measured either using a cost or revaluation model, and depreciated so that its
depreciable amount is allocated on a systematic basis over its useful life.
 IAS 16 was reissued in December 2003 and applies to annual periods beginning on or after 1
January 2005.

IAS 17- Leases

IAS 17 Leases prescribes the accounting policies and disclosures applicable to leases, both for
lessees and lessors. Leases are required to be classified as either finance leases (which transfer
substantially all the risks and rewards of ownership and give rise to asset and liability recognition
by the lessee and a receivable by the lessor) and operating leases (which result in expense
recognition by the lessee, with the asset remaining recognised by the lessor).

IAS 17 was reissued in December 2003 and applies to annual periods beginning on or after 1
January 2005. IAS 17 will be superseded by IFRS 16 Leases as of 1 January 2019

IAS 18- Revenue

IAS 18 Revenue outlines the accounting requirements for when to recognise revenue from the
sale of goods, rendering of services, and for interest, royalties and dividends. Revenue is
measured at the fair value of the consideration received or receivable and recognised when
prescribed conditions are met, which depend on the nature of the revenue.

IAS 18 was reissued in December 1993 and is operative for periods beginning on or after 1
January 1995.

IAS 19- Employee Benefits.

IAS 19 Employee Benefits (1998) outlines the accounting requirements for employee benefits,
including short-term benefits (e.g. wages and salaries, annual leave), post-employment benefits
such as retirement benefits, other long-term benefits (e.g. long service leave) and termination
benefits. The standard establishes the principle that the cost of providing employee benefits
should be recognised in the period in which the benefit is earned by the employee, rather than
when it is paid or payable, and outlines how each category of employee benefits are measured,
providing detailed guidance in particular about post-employment benefits.

IAS 20- Accounting for Government Grants and Disclosure of Government Assistance

IAS 20 Accounting for Government Grants and Disclosure of Government Assistance outlines
how to account for government grants and other assistance. Government grants are recognised in
profit or loss on a systematic basis over the periods in which the entity recognises expenses for
the related costs for which the grants are intended to compensate, which in the case of grants
related to assets requires setting up the grant as deferred income or deducting it from the carrying
amount of the asset.
 IAS 20 was issued in April 1983 and is applicable to annual periods beginning on or after 1
January 1984.

IAS 21- Effects in changes in Foreign Exchange Rates

IAS 21 The Effects of Changes in Foreign Exchange Rates outlines how to account for foreign
currency transactions and operations in financial statements, and also how to translate financial
statements into a presentation currency. An entity is required to determine a functional currency
(for each of its operations if necessary) based on the primary economic environment in which it
operates and generally records foreign currency transactions using the spot conversion rate to
that functional currency on the date of the transaction.

IAS 21 was reissued in December 2003 and applies to annual periods beginning on or after 1
January 2005.

IAS 22 — Business Combinations (Superseded)

IAS 22 superseded by IFRS 3 Business Combinations (2004), effective for business

combinations for which the agreement date is on or after 31 March 2004

IAS 23- Borrowing Costs

IAS 23 Borrowing Costs requires that borrowing costs directly attributable to the acquisition,
construction or production of a 'qualifying asset' (one that necessarily takes a substantial period
of time to get ready for its intended use or sale) are included in the cost of the asset. Other
borrowing costs are recognised as an expense.

IAS 23 was reissued in March 2007 and applies to annual periods beginning on or after 1
January 2009.

IAS 24 Related Party Disclosure.

IAS 24 Related Party Disclosures requires disclosures about transactions and outstanding
balances with an entity's related parties. The standard defines various classes of entities and
people as related parties and sets out the disclosures required in respect of those parties,
including the compensation of key management personnel.

IAS 24 was reissued in November 2009 and applies to annual periods beginning on or after 1
January 2011.
IAS 25 Accounting for Investments

Superseded by IAS 39 and IAS 40 effective 2001.

IAS 26- Accounting and Reporting by Retirement Benefit Plans

IAS 26 Accounting and Reporting by Retirement Benefit Plans outlines the requirements for the
preparation of financial statements of retirement benefit plans. It outlines the financial statements
required and discusses the measurement of various line items, particularly the actuarial present
value of promised retirement benefits for defined benefit plans.

IAS 26 was issued in January 1987 and applies to annual periods beginning on or after 1 January
1988.

IAS 27- Consolidate and Separate Financial Statements

IAS 27 Consolidated and Separate Financial Statements outlines when an entity must consolidate
another entity, how to account for a change in ownership interest, how to prepare separate
financial statements, and related disclosures. Consolidation is based on the concept of 'control'
and changes in ownership interests while control is maintained are accounted for as transactions
between owners as owners in equity.

IAS 27 was reissued in January 2008 and applies to annual periods beginning on or after 1 July
2009 and is superseded by IAS 27 Separate Financial Statements and IFRS 10 Consolidated
Financial Statements with effect from annual periods beginning on or after 1 January 2013.

IAS 28- Investment in Associates

IAS 28 Investments in Associates outlines the accounting for investments in associates. An

associate is an entity over which an investor has significant influence, being the power to
participate in the financial and operating policy decisions of the investee (but not control or joint
control), and investments in associates are, with limited exceptions, required to be accounted for
using the equity method.

IAS 28 was reissued in December 2003, applies to annual periods beginning on or after 1
January 2005, and is superseded by IAS 28 Investments in Associates and Joint Ventures and
IFRS 12 Disclosure of Interests in Other Entities with effect from annual periods beginning on or
after 1 January 2013.
IAS 29 Financial Reporting.

IAS 29 Financial Reporting in Hyperinflationary Economies applies where an entity's functional

currency is that of a hyperinflationary economy. The standard does not prescribe when
hyperinflation arises but requires the financial statements (and corresponding figures for
previous periods) of an entity with a functional currency that is hyperinflationary to be restated
for the changes in the general pricing power of the functional currency.

IAS 29 was issued in July 1989 and is operative for periods beginning on or after 1 January
1990.

- Financial Reporting in hyperinflationary economies

IAS 30 — Disclosures in the Financial Statements of Banks and Similar Financial

Institutions.

IAS 30 is superseded by IFRS 7 Financial Instruments: Disclosures effective 1 January 2007

IAS 31- Interests in Joint Ventures

IAS 31 Interests in Joint Ventures sets out the accounting for an entity's interests in various
forms of joint ventures: jointly controlled operations, jointly controlled assets, and jointly
controlled entities. The standard permits jointly controlled entities to be accounted for using
either the equity method or by proportionate consolidation.

IAS 31 was reissued in December 2003, applies to annual periods beginning on or after 1
January 2005, and is superseded by IFRS 11 Joint Arrangements and IFRS 12 Disclosure of
Interests in Other Entities with effect from annual periods beginning on or after 1 January 2013.

IAS 32- Financial Instruments: Presentation

IAS 32 Financial Instruments: Presentation outlines the accounting requirements for the
presentation of financial instruments, particularly as to the classification of such instruments into
financial assets, financial liabilities and equity instruments. The standard also provides guidance
on the classification of related interest, dividends and gains/losses, and when financial assets and
financial liabilities can be offset.

IAS 32 was reissued in December 2003 and applies to annual periods beginning on or after 1
January 2005.
IAS 33- Earning Per Share

IAS 33 Earnings Per Share sets out how to calculate both basic earnings per share (EPS) and
diluted EPS. The calculation of Basic EPS is based on the weighted average number of ordinary
shares outstanding during the period, whereas diluted EPS also includes dilutive potential
ordinary shares (such as options and convertible instruments) if they meet certain criteria.

IAS 33 was reissued in December 2003 and applies to annual periods beginning on or after 1
January 2005.

IAS 34- Interim Financial Reporting

IAS 34 Interim Financial Reporting applies when an entity prepares an interim financial report,
without mandating when an entity should prepare such a report. Permitting less information to be
reported than in annual financial statements (based on providing an update to those financial
statements), the standard outlines the recognition, measurement and disclosure requirements for
interim reports.

IAS 34 was issued in June 1998 and is operative for periods beginning on or after 1 January
1999.

IAS 36- Impairment of Assets

IAS 36 Impairment of Assets seeks to ensure that an entity's assets are not carried at more than
their recoverable amount (i.e. the higher of fair value less costs of disposal and value in use).
With the exception of goodwill and certain intangible assets for which an annual impairment test
is required, entities are required to conduct impairment tests where there is an indication of
impairment of an asset, and the test may be conducted for a 'cash-generating unit' where an asset
does not generate cash inflows that are largely independent of those from other assets.

IAS 36 was reissued in March 2004 and applies to goodwill and intangible assets acquired in
business combinations for which the agreement date is on or after 31 March 2004, and for all
other assets prospectively from the beginning of the first annual period beginning on or after 31
March 2004.

IAS 37- Provisions, Contingent Liabilities and Contingent Assets

IAS 37 Provisions, Contingent Liabilities and Contingent Assets outlines the accounting for
provisions (liabilities of uncertain timing or amount), together with contingent assets (possible
assets) and contingent liabilities (possible obligations and present obligations that are not
probable or not reliably measurable). Provisions are measured at the best estimate (including
risks and uncertainties) of the expenditure required to settle the present obligation and reflects
the present value of expenditures required to settle the obligation where the time value of money
is material.

IAS 37 was issued in September 1998 and is operative for periods beginning on or after 1 July
1999.

IAS 38- Intangible Assets

IAS 38 Intangible Assets outlines the accounting requirements for intangible assets, which are
non-monetary assets which are without physical substance and identifiable (either being
separable or arising from contractual or other legal rights). Intangible assets meeting the relevant
recognition criteria are initially measured at cost, subsequently measured at cost or using the
revaluation model, and amortised on a systematic basis over their useful lives (unless the asset
has an indefinite useful life, in which case it is not amortised).

IAS 38 was revised in March 2004 and applies to intangible assets acquired in business
combinations occurring on or after 31 March 2004, or otherwise to other intangible assets for
annual periods beginning on or after 31 March 2004.

IAS 39- Financial Instruments: Recognition and Measurements

IAS 39 Financial Instruments: Recognition and Measurement outlines the requirements for the
recognition and measurement of financial assets, financial liabilities, and some contracts to buy
or sell non-financial items. Financial instruments are initially recognised when an entity becomes
a party to the contractual provisions of the instrument, and are classified into various categories
depending upon the type of instrument, which then determines the subsequent measurement of
the instrument (typically amortised cost or fair value). Special rules apply to embedded
derivatives and hedging instruments.

IAS 39 was reissued in December 2003, applies to annual periods beginning on or after 1
January 2005, and will be largely replaced by IFRS 9 Financial Instruments for annual periods
beginning on or after 1 January 2018.

IAS 40- Investment Property

IAS 40 Investment Property applies to the accounting for property (land and/or buildings) held to
earn rentals or for capital appreciation (or both). Investment properties are initially measured at
cost and, with some exceptions. may be subsequently measured using a cost model or fair value
model, with changes in the fair value under the fair value model being recognised in profit or
loss.
 IAS 40 was reissued in December 2003 and applies to annual periods beginning on or after 1
January 2005.

IAS 41- Agriculture

IAS 41 Agriculture sets out the accounting for agricultural activity – the transformation of
biological assets (living plants and animals) into agricultural produce (harvested product of the
entity's biological assets). The standard generally requires biological assets to be measured at fair
value less costs to sell.

IAS 41 was originally issued in December 2000 and first applied to annual periods beginning on
or after 1 January 2003.

How many IAS Are Dissolved or Merged?

ANS. The total number of International standards are 41 in which some of them are dissolved to
other standards.

They are as follow

1= IAS 3 Consolidated Financial Statements.

In 1976 IAS 3 Consolidated Financial Statement issued then in January 1, 1990 IAS 3 is
dissolved with IAS 27 and IAS 28

2=IAS 4 Depreciation Accounting

in 1976 IAS 4 Depreciation Accounting issued then in July 1, 1999 IAS 4 dissolved with IAS 36

3=IAS 5 Information to Be Disclosed in Financial Statements

In 1976 IAS 5 issued then in July 1, 1998 IAS 5 merged to IAS 1

4=IAS 6 Accounting Responses to Changing Prices

In 1977 IAS 6 issued and then merged in January 1, 1983 with IAS 15
5=IAS 9 Accounting for Research and Development Activities

IAS 9 was issued in 1978 and merged in July 1, 1999 with IAS 38

6=IAS 13 Presentation of Current Assets and Current Liabilities

IAS 13 was issued in 1979 and merged in July 1, 1998 with IAS 1

7=IAS 14 Reporting Financial Information by Segment (1981)

IAS 14 was issued in 1981 and dissolved in January 1, 2009 with IFRS 8

8=IAS 17 Accounting for Leases (1982)

IAS 17 was issued in 1982 and dissolved in January 1, 2019 with IFRS 16

9=IAS 18 Revenue Recognition (1982)

IAS 18 was issued in 1982 and dissolved in January 1, 2018 with IFRS 15

10=IAS 22 Accounting for Business Combinations (1983)

IAS 22 was issued in 1983 and dissolved in April 1, 2004 with IFRS 3

11=IAS 25 Accounting for Investments

IAS 25 was issued in 1986 and dissolved in January 1, 2001 with IAS 39 and IAS 40

12=IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial

IAS 30 issued in 1990 and dissolved in January 1, 2007 with IFRS 7

13=IAS 31 Financial Reporting of Interests in Joint Ventures (1990)

IAS 31 was issued in 1990 and merged in January 1, 2013 with IFRS 11 and IFRS 12

14=IAS 35 Discontinuing Operations

IAS 35 was issued in 1998 and merged in January 1, 2005 with IFRS 5

15=IAS 39 Financial Instruments: Recognition and Measurement

IAS 39 was issued in 1998 and merged in January 1, 2018 with IFRS 9
References.
https://www.iasplus.com

https://en.wikipedia.org