=> List and write brief note on the following

• 17 International financial reporting standards (IFRSs)

• 23 IFRIC Interpretations

• 41 International accounting standards (IASS)

1. 17 International financial reporting standards (IFRSs)

IFRSs are International Financial Reporting Standards that are issued by the
International Accounting Standards Board (IASB) to provide a common global
language for financial reporting. There are currently 17 IFRSs, numbered from
IFRS 1 to IFRS 17.

Here is a list and a brief explanation of each one:

IFRS 1 First-time Adoption of International Financial Reporting Standards: To

provide a transparent, high-quality and comparable starting point for the
accounting under IFRSs for entities that adopt IFRSs for the first time, and to
specify the recognition, measurement and disclosure requirements for such
entities.

IFRS 2 Share-based Payment: To prescribe the accounting treatment for share-

based payment transactions, which are transactions in which an entity receives
goods or services as consideration for its own equity instruments or by incurring
liabilities that are based on the price of its own equity instruments or other
variables related to its own equity instruments.

IFRS 3 Business Combinations: To specify the accounting treatment for business

combinations, which are transactions or other events in which an acquirer obtains
control of one or more businesses, and to enhance the relevance, reliability and

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comparability of the information that an entity provides in its financial statements
about a business combination and its effects.

IFRS 4 Insurance Contracts: To specify the financial reporting for insurance

contracts by any entity that issues such contracts, and to permit a temporary
exemption from applying some aspects of IFRSs to such contracts, until the IASB
completes the second phase of its project on insurance contracts. This standard
was superseded by IFRS 17 in 2017.

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations: To specify
the accounting treatment for non-current assets held for sale and discontinued
operations, which are components of an entity that either have been disposed of
or are classified as held for sale, and represent a separate major line of business
or geographical area of operations, or are part of a single coordinated plan to
dispose of such a line of business or area of operations.

IFRS 6 Exploration for and Evaluation of Mineral Resources: To specify the

financial reporting for the exploration for and evaluation of mineral resources,
which are the search for mineral resources, including minerals, oil, natural gas
and similar non-regenerative resources, after the entity has obtained legal rights
to explore in a specific area, and the determination of the technical feasibility and
commercial viability of extracting the mineral resource.

IFRS 7 Financial Instruments: Disclosures: To require entities to provide

disclosures in their financial statements that enable users to evaluate the
significance of financial instruments for the entity’s financial position and
performance, and the nature and extent of risks arising from financial instruments
to which the entity is exposed during the period and at the end of the reporting
period, and how the entity manages those risks.

IFRS 8 Operating Segments: To require an entity to disclose information about its

operating segments, products and services, the geographical areas in which it
operates, and its major customers, based on the information that is reported
internally to the chief operating decision maker for the purposes of allocating
resources and assessing performance.

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IFRS 9 Financial Instruments: To establish principles for the recognition,
measurement, presentation and disclosure of financial assets, financial liabilities
and some contracts to buy or sell non-financial items, and to prescribe the hedge
accounting requirements for managing the risks arising from financial
instruments.

IFRS 10 Consolidated Financial Statements: To establish principles for the

presentation and preparation of consolidated financial statements when an entity
controls one or more other entities, and to define the principle of control and
how to apply it in various scenarios.

IFRS 11 Joint Arrangements: To establish principles for the financial reporting by

parties to a joint arrangement, which is an arrangement of which two or more
parties have joint control, and to classify joint arrangements as either joint
operations or joint ventures, depending on the rights and obligations of the
parties to the arrangement.

IFRS 12 Disclosure of Interests in Other Entities: To require an entity to disclose

information that enables users of its financial statements to evaluate the nature
of, and risks associated with, its interests in other entities, and the effects of those
interests on its financial position, financial performance and cash flows.

IFRS 13 Fair Value Measurement: To define fair value, establish a single

framework for measuring fair value, and require disclosures about fair value
measurements, for assets, liabilities and an entity’s own equity instruments that
are measured or disclosed at fair value in the financial statements.

IFRS 14 Regulatory Deferral Accounts: To specify the financial reporting

requirements for regulatory deferral account balances that arise when an entity
provides goods or services to customers at a price or rate that is subject to rate
regulation, and to permit a first-time adopter of IFRSs to continue to recognise
amounts related to rate regulation in accordance with its previous GAAP when it
adopts IFRSs.

IFRS 15 Revenue from Contracts with Customers: To establish principles for

reporting useful information to users of financial statements about the nature,

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amount, timing and uncertainty of revenue and cash flows arising from an entity’s
contracts with customers, and to specify the recognition, measurement and
disclosure requirements for such revenue and cash flows.

IFRS 16 Leases: To introduce a single lessee accounting model and require a lessee
to recognise assets and liabilities for all leases with a term of more than 12
months, unless the underlying asset is of low value, and to specify how to account
for the lease payments as depreciation and interest expense.

IFRS 17 Insurance Contracts: To establish the principles for the recognition,

measurement, presentation and disclosure of insurance contracts within the
scope of the standard, and to ensure that an entity provides relevant information
that faithfully represents those contracts, and that gives a basis for users of
financial statements to assess the effect that insurance contracts have on the
entity’s financial position, financial performance and cash flows.

2. 23 IFRIC Interpretations

IFRIC Interpretations are guidance on the application of IFRS Standards issued by

the IFRS Interpretations Committee, which is a body under the International
Accounting Standards Board (IASB). IFRIC Interpretations are authoritative and
have the same status as IFRS Standards1. There are currently 23 IFRIC
Interpretations, numbered from IFRIC 1 to IFRIC 23.

Here is a list and a brief explanation of each one:

IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities:

To prescribe the accounting treatment for changes in the measurement of
existing decommissioning, restoration and similar liabilities that are recognised as
part of the cost of an item of property, plant and equipment.

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IFRIC 2 Members’ Shares in Co-operative Entities and Similar Instruments: To
provide guidance on how to classify members’ shares in co-operative entities and
similar instruments as financial liabilities or equity under IAS 32 Financial
Instruments: Presentation.

IFRIC 3 Emission Rights: To prescribe the accounting treatment for emission rights
granted or acquired under emissions trading schemes, such as the European
Union Emissions Trading Scheme. This Interpretation was withdrawn in 2005.

IFRIC 4 Determining whether an Arrangement contains a Lease: To provide

guidance on how to determine whether an arrangement is, or contains, a lease
that should be accounted for in accordance with IAS 17 Leases. This Interpretation
was superseded by IFRS 16 Leases in 2019.

IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and

Environmental Rehabilitation Funds: To prescribe the accounting treatment for
contributions to and interests in decommissioning, restoration and environmental
rehabilitation funds, which are established to fund some or all of the costs of
decommissioning plant or other equipment, or in undertaking environmental
rehabilitation.

IFRIC 6 Liabilities arising from Participating in a Specific Market—Waste Electrical

and Electronic Equipment: To provide guidance on how to account for liabilities
for waste management costs under the European Union’s Directive on Waste
Electrical and Electronic Equipment, which requires producers of such equipment
to take back and recycle or dispose of it.

IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in

Hyperinflationary Economies: To provide guidance on how to apply the
restatement approach in IAS 29 when an entity identifies the existence of
hyperinflation in the economy of its functional currency for the first time, or when
an entity becomes a first-time adopter of IFRS Standards and has a functional
currency that is hyperinflationary.

IFRIC 8 Scope of IFRS 2: To clarify that IFRS 2 Share-based Payment applies to

transactions in which an entity receives goods or services as consideration for its

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own equity instruments, even if the identifiable consideration received appears to
be less than the fair value of the equity instruments granted or liability incurred.

IFRIC 9 Reassessment of Embedded Derivatives: To provide guidance on whether

an entity should reassess whether an embedded derivative should be separated
from a host contract and accounted for as a derivative under IAS 39 Financial
Instruments: Recognition and Measurement. This Interpretation was superseded
by IFRS 9 Financial Instruments in 2018.

IFRIC 10 Interim Financial Reporting and Impairment: To prohibit the reversal of

an impairment loss recognised in a previous interim period in respect of goodwill,
an investment in an equity instrument or a financial asset carried at cost, even if a
subsequent interim impairment test indicates that the impairment loss has
decreased.

IFRIC 11 IFRS 2—Group and Treasury Share Transactions: To provide guidance on

how to apply IFRS 2 to share-based payment arrangements involving an entity’s
own equity instruments or equity instruments of another entity in the same
group, such as a parent or a subsidiary.

IFRIC 12 Service Concession Arrangements: To provide guidance on how service

concession operators should recognise and measure the obligations and rights
arising from service concession arrangements, which are arrangements whereby a
government or other public sector entity grants contracts for the supply of public
services, such as roads, bridges, tunnels, airports, energy distribution networks,
prisons or hospitals, to private operators.

IFRIC 13 Customer Loyalty Programmes: To prescribe the accounting treatment

for customer loyalty programmes, which are schemes that provide customers
with incentives to buy goods or services, such as award credits, free products or
discounts, and to allocate the consideration received or receivable from a sale
between the award credits and the other components of the sale.

IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding

Requirements and their Interaction: To provide guidance on how to assess the
limit on the amount of the surplus in a defined benefit plan that can be

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recognised as an asset under IAS 19 Employee Benefits, and how to account for
any minimum funding requirements for such a plan.

IFRIC 15 Agreements for the Construction of Real Estate: To provide guidance on

how to determine whether an agreement for the construction of real estate is
within the scope of IAS 11 Construction Contracts or IAS 18 Revenue, and when
revenue from the construction should be recognised.

IFRIC 16 Hedges of a Net Investment in a Foreign Operation: To provide guidance

on the accounting treatment for hedges of a net investment in a foreign
operation, including the identification of the foreign currency risks that qualify for
hedge accounting, the hedging instruments that are eligible for such a hedge, and
where the gains or losses on the hedging instrument should be recognised.

IFRIC 17 Distributions of Non-cash Assets to Owners: To provide guidance on how

to account for non-reciprocal distributions of non-cash assets to owners, such as
the distribution of property, plant and equipment, shares or other equity
instruments, and how to measure the dividend payable and the difference
between the carrying amount of the assets distributed and the amount of the
dividend payable.

IFRIC 18 Transfers of Assets from Customers: To provide guidance on how to

account for transfers of items of property, plant and equipment by entities that
receive such transfers from their customers, such as utilities that receive
infrastructure assets from customers or government grants, and agree to provide
the customer with ongoing access to goods or services, such as the supply of
electricity or water.

IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments: To provide

guidance on how to account for the extinguishment of a financial liability by the
issue of equity instruments, such as the conversion of debt to equity, and how to
measure the equity instruments issued and the gain or loss on the extinguishment
of the liability.

IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine: To provide

guidance on the accounting treatment for stripping costs incurred in the

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production phase of a surface mine, which are the costs of removing waste
materials to access the mineral ore, and how to allocate the benefit from the
stripping activity between the inventory produced and a stripping activity asset.

IFRIC 21 Levies: To provide guidance on when to recognise a liability for a levy

imposed by a government, which is a non-reciprocal transfer to a government in
accordance with legislation, and how to account for the liability in the absence of
a specific standard.

IFRIC 22 Foreign Currency Transactions and Advance Consideration: To provide

guidance on how to determine the date of the transaction for the purpose of
determining the exchange rate to use on initial recognition of an asset, expense
or income when an entity has received or paid advance consideration in a foreign
currency.

IFRIC 23 Uncertainty over Income Tax Treatments: To clarify how to apply the
recognition and measurement requirements in IAS 12 Income Taxes when there is
uncertainty over income tax treatments, such as the acceptability of a particular
tax treatment under tax law, and how to reflect the effect of the uncertainty in
the accounting for income taxes.

3. 41 International accounting standards (IASS)

There are 41 International Accounting Standards (IAS) that were issued by the
International Accounting Standards Council (IASC) and later amended or endorsed
by the International Accounting Standards Board (IASB). These standards cover
various topics related to financial reporting, such as presentation, measurement,
recognition, disclosure, and accounting policies. Some of these standards have
been superseded by newer standards, such as IFRS 15 Revenue from Contracts
with Customers, which replaced IAS 11 Construction Contracts and IAS 18
Revenue.

Here is a list of the 41 IAS, along with a brief explanation of their main objective:

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IAS 1 Presentation of Financial Statements: To prescribe the basis for presentation
of general purpose financial statements, to ensure comparability both with the
entity’s financial statements of previous periods and with the financial statements
of other entities.

IAS 2 Inventories: To prescribe the accounting treatment for inventories, including

the determination of cost and its subsequent recognition as an expense, and the
amount of any write-down to net realisable value.

IAS 3 Consolidated Financial Statements: To prescribe the accounting treatment

for the preparation and presentation of consolidated financial statements for a
group of entities under the control of a parent. This standard was superseded in
1989 by IAS 27 and IAS 28.

IAS 4 Depreciation Accounting: To prescribe the accounting treatment for

depreciation of depreciable assets, based on the expected pattern of
consumption of the future economic benefits embodied in the asset. This
standard was withdrawn in 1999.

IAS 5 Information to Be Disclosed in Financial Statements: To prescribe the

information that should be disclosed in financial statements, such as the basis of
preparation, accounting policies, and additional information to enable users to
understand the financial position, performance and changes in financial position
of an entity. This standard was superseded by IAS 1 in 1998.

IAS 6 Accounting Responses to Changing Prices: To prescribe the accounting

treatment for the effects of changes in the general level of prices or in the specific
prices of individual assets. This standard was superseded by IAS 15, which was
withdrawn in 2003.

IAS 7 Statement of Cash Flows: To require the presentation of information about

the historical changes in cash and cash equivalents of an entity by means of a
statement of cash flows, which classifies cash flows during the period according to
operating, investing and financing activities.

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IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: To
prescribe the criteria for selecting and changing accounting policies, together with
the accounting treatment and disclosure of changes in accounting policies,
changes in accounting estimates and corrections of errors.

IAS 9 Accounting for Research and Development Activities: To prescribe the

accounting treatment for research and development costs, distinguishing
between research costs and development costs, and specifying the circumstances
in which development costs should be recognised as an asset. This standard was
superseded by IAS 38 in 1999.

IAS 10 Events After the Reporting Period: To prescribe the accounting treatment
and disclosure of events after the reporting period, such as adjusting events that
provide evidence of conditions that existed at the end of the reporting period,
and non-adjusting events that indicate conditions that arose after the reporting
period.

IAS 11 Construction Contracts: To prescribe the accounting treatment of revenue

and costs associated with construction contracts, including the recognition of
contract revenue, the recognition of contract costs, and the allocation of contract
revenue and costs to accounting periods. This standard was superseded by IFRS
15 in 2017.

IAS 12 Income Taxes: To prescribe the accounting treatment for income taxes,
including the recognition and measurement of current and deferred tax liabilities
and assets, and the presentation and disclosure of income taxes in the financial
statements.

IAS 13 Presentation of Current Assets and Current Liabilities: To prescribe the

classification and presentation of current assets and current liabilities in the
statement of financial position, based on their liquidity and expected realisation
or settlement within one year. This standard was superseded by IAS 1 in 1998.

IAS 14 Segment Reporting: To require the disclosure of information about an

entity’s operating segments, products and services, geographical areas and major
customers, to enable users to evaluate the nature and financial effects of the

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business activities and the economic environment in which the entity operates.
This standard was superseded by IFRS 8 in 2009.

IAS 15 Information Reflecting the Effects of Changing Prices: To require the

disclosure of supplementary information about the effects of changing prices on
the financial performance, position and cash flows of an entity, using either a
general purchasing power approach or a current cost approach. This standard was
withdrawn in 2003.

IAS 16 Property, Plant and Equipment: To prescribe the accounting treatment for
property, plant and equipment, including the recognition of the assets, the
determination of their carrying amounts, the depreciation charges and
impairment losses to be recognised in relation to them, and the information to be
disclosed about them.

IAS 17 Leases: To prescribe the accounting treatment for leases, including the
classification of leases as finance leases or operating leases, the recognition of
lease payments as an expense or as a reduction of the lease liability, and the
disclosure of lease transactions. This standard was superseded by IFRS 16 in 2019.

IAS 18 Revenue: To prescribe the accounting treatment for revenue arising from
certain types of transactions and events, such as the sale of goods, the rendering
of services, and the use by others of entity assets yielding interest, royalties and
dividends. This standard was superseded by IFRS 15 in 2017.

IAS 19 Employee Benefits: To prescribe the accounting treatment for employee

benefits, including short-term benefits, post-employment benefits, other long-
term benefits and termination benefits, and the recognition and measurement of
the liabilities and expenses arising from such benefits, as well as the disclosure of
information about them.

IAS 20 Accounting for Government Grants and Disclosure of Government

Assistance: To prescribe the accounting treatment and disclosure of government
grants and other forms of government assistance, such as non-monetary grants,
below-market rate loans, and guarantees, and the recognition of the related
income and expenses.

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IAS 21 The Effects of Changes in Foreign Exchange Rates: To prescribe the
accounting treatment for foreign currency transactions and foreign operations,
including the identification of functional and presentation currencies, the
translation of foreign currency items, the recognition of exchange differences, and
the translation of financial statements of foreign operations.

IAS 22 Business Combinations: To prescribe the accounting treatment for business

combinations, including the identification of the acquirer, the determination of
the cost of the acquisition, the allocation of the cost to the assets acquired and
liabilities assumed, and the recognition and measurement of goodwill or negative
goodwill. This standard was superseded by IFRS 3 in 2004.

IAS 23 Borrowing Costs: To prescribe the accounting treatment for borrowing

costs, including the recognition of borrowing costs as an expense in the period in
which they are incurred, except to the extent that they are capitalised as part of
the cost of a qualifying asset.

IAS 24 Related Party Disclosures: To require the disclosure of information about

transactions and outstanding balances with related parties, such as entities that
directly or indirectly control or are controlled by the reporting entity, key
management personnel, and close family members of those parties, to enable
users to assess the potential effects of such relationships on the financial
statements.

IAS 25 Accounting for Investments: To prescribe the accounting treatment for

investments in equity and debt securities, including the recognition and
measurement of investments, the classification of investments as current or non-
current, the accounting for changes in fair value, and the disclosure of
information about investments. This standard was superseded by IAS 39 and IAS
40 in 2001.

IAS 26 Accounting and Reporting by Retirement Benefit Plans: To prescribe the

measurement and disclosure principles for the reports of retirement benefit
plans, such as defined contribution plans and defined benefit plans, and to

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distinguish between the reporting by the plan itself and the reporting by the
sponsoring entity.

IAS 27 Separate Financial Statements: To prescribe the accounting treatment and

disclosure for investments in subsidiaries, joint ventures and associates when an
entity prepares separate financial statements, and to require the entity to
account for such investments either at cost, in accordance with IFRS 9, or using
the equity method.

IAS 28 Investments in Associates and Joint Ventures: To prescribe the accounting

treatment for investments in associates and joint ventures, and to require the
application of the equity method when the investment gives the investor
significant influence or joint control over the investee, unless the investment is
held by a venture capital organisation or a mutual fund and is measured at fair
value through profit or loss in accordance with IFRS 9.

IAS 29 Financial Reporting in Hyperinflationary Economies: To require the

financial statements of an entity whose functional currency is the currency of a
hyperinflationary economy to be stated in terms of the measuring unit current at
the end of the reporting period, and to disclose the fact that the financial
statements and the corresponding figures for previous periods have been
restated for the changes in the general purchasing power of the functional
currency.

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

Institutions: To prescribe the disclosures to be made in the financial statements of
banks and similar financial institutions, such as information about the nature and
level of risks arising from financial instruments, the carrying amounts and fair
values of financial assets and liabilities, and the concentration of assets, liabilities
and off-balance sheet items.

IAS 31 Interests In Joint Ventures: To prescribe the accounting treatment for

interests in joint ventures, and to require the application of either the
proportionate consolidation method or the equity method when the interest
gives the venturer joint control over the joint venture, unless the interest is held

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by a venture capital organisation or a mutual fund and is measured at fair value
through profit or loss in accordance with IFRS 9.

IAS 32 Financial Instruments: Presentation: To prescribe the presentation of

financial instruments as liabilities or equity, and the offsetting of financial assets
and financial liabilities, and to enhance the disclosure of information about the
nature and extent of risks arising from financial instruments.

IAS 33 Earnings Per Share: To prescribe the calculation and disclosure of earnings
per share (EPS), both basic and diluted, for entities whose ordinary shares or
potential ordinary shares are publicly traded or that are in the process of issuing
such shares to the public.

IAS 34 Interim Financial Reporting: To prescribe the minimum content of an

interim financial report, and to require the recognition and measurement of the
amounts reported to be based on the same accounting policies as those applied
in the annual financial statements, except for changes in accounting policies that
are made after the date of the most recent annual financial statements and that
are to be reflected in the next annual financial statements.

IAS 35 Discontinuing Operations: To prescribe the accounting treatment and

disclosure for discontinuing operations, which are components of an entity that
either have been disposed of or are classified as held for sale, and represent a
separate major line of business or geographical area of operations, or are part of
a single coordinated plan to dispose of such a line of business or area of
operations. This standard was superseded by IFRS 5 in 2004.

IAS 36 Impairment of Assets: To prescribe the procedures to apply to ensure that

assets are carried at no more than their recoverable amount, and to define how
recoverable amount is determined, and when an impairment loss is recognised or
reversed, and what disclosures are required.

IAS 37 Provisions, Contingent Liabilities and Contingent Assets: To ensure that

appropriate recognition criteria and measurement bases are applied to
provisions, contingent liabilities and contingent assets, and that sufficient

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information is disclosed in the notes to the financial statements to enable users to
understand their nature, timing and amount.

IAS 38 Intangible Assets: To prescribe the accounting treatment for intangible

assets that are not dealt with specifically in another IFRS, and to specify the
recognition criteria, the measurement bases, the amortisation methods and
impairment testing, and the disclosure requirements for such assets.

IAS 39 Financial Instruments: Recognition and Measurement: To establish

principles for recognising and measuring financial assets, financial liabilities and
some contracts to buy or sell non-financial items, and to prescribe the hedge
accounting requirements for managing the risks arising from financial
instruments. This standard was superseded by IFRS 9 in 2018.

IAS 40 Investment Property: To prescribe the accounting treatment for

investment property, which is property held to earn rentals or for capital
appreciation or both, and to distinguish it from owner-occupied property and
property held for sale in the ordinary course of business, and to specify the
recognition, measurement, presentation and disclosure requirements for such
property.

IAS 41 Agriculture: To prescribe the accounting treatment for biological assets and
agricultural produce at the point of harvest, and to require the use of fair value
measurement for such assets, unless fair value cannot be measured reliably, and
to specify the recognition, measurement, presentation and disclosure
requirements for such assets.

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