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- Standards.
International Accounting Standards (IASs) were issued by the
IASC from
1973 to 2000. The IASB replaced the IASC in 2001. Since then, the
IASB has amended some IASs, has proposed to amend other IASs, has
proposed to replace some IASs with new International Financial
Reporting Standards (IFRSs), and has adopted or proposed certain
new IFRSs on topics for which there was no previous IAS. Through
committees, both the IASC and the IASB also have issued
Interpretations of Standards. Financial statements may not be
described as complying with IFRSs unless they comply with all of
the requirements of each applicable standard and each applicable
interpretation.
- Summaries of
Standards. Click on an IAS or IFRS number below to go to an
unofficial summary of the standard. Please
remember that the summaries of IASs and IFRSs only cover
highlights and are not a substitute for reading the entire
standard. They should not be relied on for preparing financial
statements.
- IASB
Framework. While not a standard, the IASB Framework for the
Preparation and Presentation of Financial Statements serves as a
guide to resolving accounting issues that are not addressed
directly in a standard. Moreover, in the absence of a standard or
an interpretation that specifically applies to a transaction, IAS
8 requires that an entity must use its judgement in developing and
applying an accounting policy that results in information that is
relevant and reliable. In making that judgement, IAS 8.11 requires
management to consider the definitions, recognition criteria and
measurement concepts for assets, liabilities, income, and expenses
in the Framework. The IASB adopted the Framework in April 2001. It
had originally been adopted by the IASC in 1989.
- Preface to
IFRSs. Sets out IASB's objectives, the scope of IFRSs, due
process, and policies on effective dates, format, and language for
IFRSs.
- Effective
Dates. Click here for a
Table of
Effective Dates of Recent Standards.
- How to Obtain.
- The IASB
publishes individual copies of its standards, an annual "Bound
Volume" of all existing standards and interpretations, and a CD
ROM with standards and Interpretations. Subscribers also get
access to publications via the Internet. Publications and
subscriptions may be ordered on IASB's website
www.iasb.org.
- When IASB
standards are endorsed by the Accounting Regulatory Committee of
the European Commission for use in the European Union, they
(minus the non-mandatory guidance and bases for conclusions) are
published in the Official Journal of the European Union
in all of the EU languages.
They Can Be Accessed Here.
- The term
'IFRSs'. The term International Financial Reporting Standards
(IFRSs) has both a narrow and a broad meaning. Narrowly, IFRSs
refers to the new numbered series of pronouncements that the IASB
is issuing, as distinct from the International Accounting
Standards (IASs) series issued by its predecessor. More broadly,
IFRSs refers to the entire body of IASB pronouncements, including
standards and interpretations approved by the IASB and IASs and
SIC interpretations approved by the predecessor International
Accounting Standards Committee. [On this website, consistent with
IASB policy, we abbreviate International Financial Reporting
Standards (plural) as IFRSs and International Accounting Standards
(plural) as IASs.]
-
Interpretations. Click here for information about the
Information
about Interpretations of IASB Standards.
- Technical
Corrections. Click here for information about the
IASB's Approach to Making Minor Technical Corrections to Its
Standards.
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| International Financial Reporting Standards |
 Preface
to International Financial Reporting Standards |
|
IFRS 1
First-time Adoption of International Financial Reporting Standards |
|
IFRS 2
Share-based Payment |
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IFRS 3
Business Combinations |
|
IFRS 4
Insurance Contracts |
|
IFRS 5
Non-current Assets Held for Sale and Discontinued Operations |
|
IFRS 6
Exploration for and Evaluation of Mineral Assets |
|
IFRS 7
Financial Instruments: Disclosures |
| Framework for the Preparation and Presentation of
Financial Statements |
|
Framework
for the Preparation and Presentation of Financial Statements |
| International Accounting Standards |
|
IAS 1
Presentation of Financial Statements |
|
IAS 2
Inventories |
IAS 3
Consolidated Financial Statements
Originally issued 1976, effective 1 Jan 1977. Superseded in 1989 by
IAS 27 and
IAS 28. |
IAS 4 Depreciation Accounting
Withdrawn in 1999, replaced by IAS 16, 22, and 38, all of which were
issued or revised in 1998. |
IAS 5
Information to Be Disclosed in Financial Statements
Originally issued October 1976, effective 1 January 1997. Superseded by
IAS 1 in 1997. |
IAS 6
Accounting Responses to Changing Prices
Superseded by IAS 15,
which was withdrawn December 2003 |
|
IAS 7
Cash Flow Statements |
|
IAS 8
Accounting Policies, Changes in Accounting Estimates, and Errors
|
IAS 9
Accounting for Research and Development Activities
Superseded by IAS 38
effective 1.7.99 |
|
IAS 10
Events After the Balance Sheet Date |
|
IAS 11
Construction Contracts |
|
IAS 12
Income Taxes |
IAS 13
Presentation of Current Assets and Current Liabilities
Superseded by IAS 1. |
|
IAS 14
Segment Reporting |
IAS 15
Information Reflecting the Effects of Changing Prices
Withdrawn December 2003 |
|
IAS 16
Property, Plant and Equipment |
|
IAS 17
Leases |
|
IAS 18
Revenue |
|
IAS 19
Employee Benefits |
|
IAS 20
Accounting for Government Grants and Disclosure of Government Assistance |
|
IAS 21
The Effects of Changes in Foreign Exchange Rates |
IAS 22
Business Combinations
Superseded by IFRS
3 effective 31 March 2004. |
|
IAS 23
Borrowing Costs |
|
IAS 24
Related Party Disclosures |
IAS 25
Accounting for Investments
Superseded by IAS 39
and IAS 40
effective 2001. |
|
IAS 26
Accounting and Reporting by Retirement Benefit Plans |
|
IAS 27
Consolidated and Separate Financial Statements |
|
IAS 28
Investments in Associates |
|
IAS 29
Financial Reporting in Hyperinflationary Economies |
IAS 30
Disclosures in the Financial Statements of Banks and Similar Financial
Institutions
Superseded by IFRS
7 effective 2007. |
|
IAS 31
Interests In Joint Ventures |
IAS 32
Financial Instruments: Disclosure and Presentation
Disclosure provisions superseded by
IFRS 7
effective 2007. |
|
IAS 33
Earnings Per Share |
|
IAS 34
Interim Financial Reporting |
IAS 35
Discontinuing Operations
Superseded by IFRS
5 effective 2005. |
|
IAS 36
Impairment of Assets |
|
IAS 37
Provisions, Contingent Liabilities and Contingent Assets |
|
IAS 38
Intangible Assets |
|
IAS 39
Financial Instruments: Recognition and Measurement |
|
IAS 40
Investment Property |
|
IAS 41
Agriculture |
