IFRS & IAS
AA • FR • SBR
Structured IFRS and IAS revision notes for AA, FR and
SBR, designed for technical clarity and rapid revision.
Miral Tukadiya
( ACCA
Student)
Page | 0
,Table of Contents
IAS 1 – Presentation of Financial Statements ............................................ 2
IAS 2 – Inventories .................................................................................. 2
IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors 3
IAS 10 – Events After the Reporting Period .............................................. 5
IAS 12 – Income Taxes ............................................................................ 6
IAS 16 – Property, Plant and Equipment................................................... 7
IAS 20 – Accounting for Government Grants and Disclosure of
Government Assistance............................................................................ 8
IAS 21 – The Effects of Changes in Foreign Exchange Rates ..................... 9
IAS 23 – Borrowing Costs ...................................................................... 10
IAS 28 – Investments in Associates and Joint Ventures ............................ 11
IAS 36 – Impairment of Assets ............................................................... 12
IAS 37 – Provisions, Contingent Liabilities and Contingent Assets ........... 13
IAS 38 – Intangible Assets ...................................................................... 15
IAS 40 – Investment Property ................................................................. 16
IAS 41 – Agriculture .............................................................................. 17
IFRS 2 – Share-based Payment ............................................................... 18
IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations . 19
IFRS 7 – Financial Instruments: Disclosures ........................................... 19
IFRS 9 – Financial Instruments .............................................................. 20
IFRS 13 – Fair Value Measurement ........................................................ 23
IFRS 16 – Leases ................................................................................... 24
IFRS 19 ................................................................................................. 25
IFRS 32 – Financial Instruments: Presentation ........................................ 25
Page | 1
, IAS 1 – Presentation of Financial
Statements
IAS 1 sets the overall framework for preparing financial statements and
ensures consistency and comparability between entities.
A complete set of financial statements includes:
• statement of financial position
• statement of profit or loss and OCI
• statement of changes in equity
• statement of cash flows
• notes to the accounts
Financial statements should present a true and fair view and are normally
prepared using:
• going concern basis
• accrual basis
Key principles include: consistency, materiality and comparability.
Items are classified as current or non-current based on expected timing of
settlement or use.
Material items must be presented separately, while immaterial items may be
aggregated.
Disclosures include:
• accounting policies
• key judgements
• sources of estimation uncertainty
IAS 2 – Inventories
IAS 2 governs accounting treatment for inventory.
Inventory is measured at the lower of cost and NRV (net realisable value).
Page | 2
AA • FR • SBR
Structured IFRS and IAS revision notes for AA, FR and
SBR, designed for technical clarity and rapid revision.
Miral Tukadiya
( ACCA
Student)
Page | 0
,Table of Contents
IAS 1 – Presentation of Financial Statements ............................................ 2
IAS 2 – Inventories .................................................................................. 2
IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors 3
IAS 10 – Events After the Reporting Period .............................................. 5
IAS 12 – Income Taxes ............................................................................ 6
IAS 16 – Property, Plant and Equipment................................................... 7
IAS 20 – Accounting for Government Grants and Disclosure of
Government Assistance............................................................................ 8
IAS 21 – The Effects of Changes in Foreign Exchange Rates ..................... 9
IAS 23 – Borrowing Costs ...................................................................... 10
IAS 28 – Investments in Associates and Joint Ventures ............................ 11
IAS 36 – Impairment of Assets ............................................................... 12
IAS 37 – Provisions, Contingent Liabilities and Contingent Assets ........... 13
IAS 38 – Intangible Assets ...................................................................... 15
IAS 40 – Investment Property ................................................................. 16
IAS 41 – Agriculture .............................................................................. 17
IFRS 2 – Share-based Payment ............................................................... 18
IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations . 19
IFRS 7 – Financial Instruments: Disclosures ........................................... 19
IFRS 9 – Financial Instruments .............................................................. 20
IFRS 13 – Fair Value Measurement ........................................................ 23
IFRS 16 – Leases ................................................................................... 24
IFRS 19 ................................................................................................. 25
IFRS 32 – Financial Instruments: Presentation ........................................ 25
Page | 1
, IAS 1 – Presentation of Financial
Statements
IAS 1 sets the overall framework for preparing financial statements and
ensures consistency and comparability between entities.
A complete set of financial statements includes:
• statement of financial position
• statement of profit or loss and OCI
• statement of changes in equity
• statement of cash flows
• notes to the accounts
Financial statements should present a true and fair view and are normally
prepared using:
• going concern basis
• accrual basis
Key principles include: consistency, materiality and comparability.
Items are classified as current or non-current based on expected timing of
settlement or use.
Material items must be presented separately, while immaterial items may be
aggregated.
Disclosures include:
• accounting policies
• key judgements
• sources of estimation uncertainty
IAS 2 – Inventories
IAS 2 governs accounting treatment for inventory.
Inventory is measured at the lower of cost and NRV (net realisable value).
Page | 2
