IFRS Standards

IAS 1

Presentation of Financial Statements

Sets the overall requirements for how a complete set of financial statements must be structured and what they must contain.

IAS 2

Inventories

How to determine the cost of inventories and recognise them as an expense, including any write-down to net realisable value.

IAS 7

Statement of Cash Flows

Requires an entity to classify cash flows into operating, investing and financing activities, and prescribes how to present each.

IAS 8

Accounting Policies, Changes in Accounting Estimates and Errors

Sets the criteria for selecting accounting policies and prescribes how to treat changes in policy, changes in estimate, and prior period errors.

IAS 10

Events after the Reporting Period

Distinguishes events that confirm conditions existing at the reporting date from those that arose afterwards, and prescribes when each is recognised or merely disclosed.

IAS 12

Income Taxes

Prescribes the accounting treatment for current and deferred tax, including how deferred tax arises from temporary differences between accounting and tax bases.

IAS 16

Property, Plant and Equipment

Prescribes the recognition, measurement, depreciation and derecognition of property, plant and equipment.

IAS 19

Employee Benefits

Prescribes the accounting for all forms of employee benefits, most significantly the split treatment of defined benefit pension plans.

IAS 20

Accounting for Government Grants and Disclosure of Government Assistance

Prescribes when and how government grants are recognised, matched against the costs they are intended to compensate.

IAS 21

The Effects of Changes in Foreign Exchange Rates

Prescribes how to account for transactions in a foreign currency and how to translate the results of a foreign operation into the presentation currency.

IAS 23

Borrowing Costs

Requires borrowing costs directly attributable to acquiring, constructing or producing a qualifying asset to be capitalised as part of its cost.

IAS 24

Related Party Disclosures

Requires disclosure of related party relationships, transactions and outstanding balances, so users can see whether they may have affected the financial statements.

IAS 26

Accounting and Reporting by Retirement Benefit Plans

Prescribes how a retirement benefit plan itself, not the sponsoring employer, should prepare and present its own financial statements.

IAS 27

Separate Financial Statements

Prescribes the accounting and disclosure for investments in subsidiaries, joint ventures and associates when an entity presents separate (unconsolidated) financial statements.

IAS 28

Investments in Associates and Joint Ventures

Prescribes the equity method of accounting for investments where an investor has significant influence, or joint control, over the investee.

IAS 29

Financial Reporting in Hyperinflationary Economies

Requires the financial statements of an entity whose functional currency is hyperinflationary to be restated in terms of the measuring unit current at the reporting date.

IAS 32

Financial Instruments: Presentation

Establishes principles for classifying financial instruments as liabilities or equity, and for offsetting financial assets and liabilities.

IAS 33

Earnings per Share

Prescribes principles for calculating and presenting basic and diluted earnings per share for entities with publicly traded ordinary shares.

IAS 34

Interim Financial Reporting

Prescribes the minimum content of an interim financial report, and the recognition and measurement principles applied to it.

IAS 36

Impairment of Assets

Ensures assets are carried at no more than their recoverable amount, and prescribes when an impairment loss is recognised or reversed.

IAS 37

Provisions, Contingent Liabilities and Contingent Assets

Sets the recognition criteria and measurement basis for provisions, and prescribes disclosure-only treatment for contingent liabilities and contingent assets.

IAS 38

Intangible Assets

Prescribes the accounting for intangible assets not dealt with specifically in another standard, most notably the strict criteria for capitalising development costs.

IAS 40

Investment Property

Prescribes the accounting for property held to earn rentals or for capital appreciation, rather than for use in the business or for sale in the ordinary course of business.

IAS 41

Agriculture

Prescribes the accounting for biological assets and agricultural produce at the point of harvest, generally at fair value less costs to sell.

IFRS 1

First-time Adoption of International Financial Reporting Standards

Sets out how an entity moving to IFRS for the first time builds its opening IFRS statement of financial position and reconciles it to its old GAAP figures.

IFRS 2

Share-based Payment

Requires an entity to recognise the fair value of goods or services received in a share-based payment transaction, most commonly employee share options.

IFRS 3

Business Combinations

Requires the acquisition method for business combinations: identifiable assets and liabilities at fair value, with any excess of consideration recognised as goodwill.

IFRS 5

Non-current Assets Held for Sale and Discontinued Operations

Sets the measurement and presentation rules for assets an entity is actively selling rather than continuing to use, and for discontinued operations.

IFRS 6

Exploration for and Evaluation of Mineral Resources

An interim standard permitting an entity to continue its previous accounting policies for exploration and evaluation expenditure, pending a wider IASB project.

IFRS 7

Financial Instruments: Disclosures

Requires disclosures about the significance of financial instruments to an entity, and the nature and extent of the risks arising from them.

IFRS 8

Operating Segments

Requires an entity to disclose information about its operating segments, based on the same internal reports its chief operating decision maker uses.

IFRS 9

Financial Instruments

Sets out how financial assets and liabilities are classified, measured, impaired using an expected credit loss model, and derecognised.

IFRS 10

Consolidated Financial Statements

Establishes a single control-based model for when a parent must consolidate a subsidiary, and prescribes consolidation procedures.

IFRS 11

Joint Arrangements

Classifies an arrangement under joint control as either a joint operation or a joint venture, and prescribes the accounting for each.

IFRS 12

Disclosure of Interests in Other Entities

A single standard requiring disclosure about an entity's interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities.

IFRS 13

Fair Value Measurement

Defines fair value as a market-based exit price and sets out a single framework, including a three-level hierarchy, for measuring and disclosing it.

IFRS 14

Regulatory Deferral Accounts

A narrow, interim standard letting a first-time IFRS adopter keep recognising rate-regulated balances from its previous GAAP, ring-fenced from ordinary assets and liabilities.

IFRS 15

Revenue from Contracts with Customers

Requires revenue to be recognised through a five-step model that reflects the transfer of promised goods or services to customers.

IFRS 16

Leases

Requires a lessee to recognise almost all leases on the statement of financial position as a right-of-use asset and a lease liability.

IFRS 17

Insurance Contracts

Requires an insurer to measure insurance contracts using fulfilment cash flows plus a contractual service margin that defers profit over the coverage period.