An Introduction

Presentation of
Financial Statements
This standard deals
with the
presentation and
disclosure of
 Inventories
This standard deals
with the valuation
and disclosure of
inventories and
related matters
 This standard is not
followed any more. It is
replaced by IAS 27 and
IAS 28
This standard was about
consolidated financial
statements
This standard is not followed
any more. It is replaced by
IAS 16 and IAS 22 and IAS
38
The standard was about
Depreciation
This standard is replaced by
IAS 1

The standard was about

information to be
disclosed in financial
statements
This standard is superseded
by IAS 15

The standard was about

accounting responses
to changing prices
 Cash flow Statements
This standard is
related to the making
of cash flow
statement. It
includes the formats
and methods allowed
and disclosure
 Net Profit or Loss for the period,
Fundamental errors and
changes in accounting policies
The items related to Income
Statement and changes in
accounting policies and
methods along with the
errors which are categorized
as fundamental errors are
included in this standard
 Superseded by IAS 38

The standard was about

research and
development cost
 Events after the balance
sheet date
This standard is related
to the issues that arise
after the completion of
balance sheet but the
effect reaches to past
accounting record
 Construction Contracts
This is a part of job
order costing and
several matters which
arise because of the
extension of the
contracts to more than
one year are included
 Income Taxes
Income tax laws may be
different in countries
following these standards.
This standard discusses that
how this matter is to be
handled and how the effect
of taxes is to be shown in
financial statements
 Superseded by IAS 1

Presentation of current
assets and current
liabilities
 Segment Reporting
This standard deals
with the reporting
the companys
performance and
position by segments
i.e. by products,
 Information reflecting
the effects of changing
prices
This standard is
related to the effect
of changing in prices
and the impact on
 Property, Plant and
Equipment
It deals with the
issues related to the
timing of recognition
of assets, their
carrying amounts
and depreciation
 Leases
This standard
prescribes for lesser
and lessee the
appropriate
accounting policies
and disclosure
 Revenue
This deals with the
recognition of
revenue i.e. time,
amount and heads
which should or
should not be
included in the head.
 Employee Benefits
This standard is related
to the accounting and
disclosure of
employees benefits.
This contains the
liability towards them
and the expense
Accounting for government
grants and disclosure of
government assistance
Whenever there are any
government grants and
assistances those are to
be accounted for and
disclosed in a specific
manner the standards
deals with such
accounting and
 The effects of changes in
foreign exchange rates
The enterprises dealing
in foreign currency or
having operations in
foreign countries both
are discussed in this
standard.
Business Combinations
The accounting and
disclosure in case of
acquisition and
mergers when an
acquirer can not be
identified are
covered in this
 Borrowing Costs
The standard deals with
the treatment of the
borrowing cost i.e.
whether it should be
expensed out in the
year of occurrence or
conditions in which this
cost can be capitalized.
Related Party disclosures
Enterprises which are
directly or indirectly
controlled by reporting
enterprises are
considered related
party and that is what
is included in this
Superseded by IAS 29
and IAS - 30
 Accounting and reporting
by retirement benefits
plans
It is applicable to those
enterprises where
retirement benefit
plans are prepared.
 Consolidated financial
statements and
accounting for
investments in
subsidiaries
It is related to the
accounting
presentation and
disclosure of financial
 Accounting for
investments in
associates
This standard is related
to the accounting for
an investor who has
made investment in
Financial Reporting in
hyperinflationary
economics
This standard is only
related to those
countries economies
who have
hyperinflationary
 Disclosure in the financial
statements of banks and
similar financial
institutions
The standard is related
to the accounting and
disclosure needed in
the statements of
banks and financial
 Financial Reporting for
interest in Joint Ventures
This standard is related
to recording the
assets, liabilities,
income and expenses
in the books of
venturers and
investors regardless of
the form of the joint
 Financial Instruments
Disclosure and
Presentation
The standard is related
to all types of financial
assets i.e. recognized
or unrecognized. The
disclosure and
presentation of such
financial assets is
 Earnings Per Share
EPS
This standard is
applied to those
enterprises whose
shares are publicly
traded and who are
 Interim Financial Reporting
This standard does not
mention that for which
companies it is
mandatory to issues
interim financial reports
but those companies are
required to publish
interim financial reports
whose shares are publicly
 Discontinuing
Operations

This standard applies to

all discontinuing
operations of all
enterprises
 Impairment of Assets
This standard is applied
to the impairment of
all assets other than
those which are
exempted the list is
provided in the
 Provisions, Contingent
Liabilities and Contingent
Assets
All provisions,
contingent liabilities
and assets are to be
created and
maintained in the
accounts of a company
 Intangible Assets

Except a few exceptions

this standard is
applicable to all
intangible assets.
Financial Instruments
Recognition and
Measurement

This is related to
recognizing the value,
gain/losses on financial
instruments
 Investment Property

This standard is related

to recognition
measurement and
disclosure in
investment property
 Agriculture Effective
January 1 2003
The standard is applied
to biological assets
agricultural produce
and products that are
the result of