Am a 300L accounting student, I don't understand all this new accounting standards and policies, what is it about? How does it apply to us as accounting students? I knw am suppose to know buh I don't know So pls help me out and enlighten me with any other thing u think I need to know... THANKS

The accounting standards, IAS(International Accounting Standards) and the more recent IFRS (International Financial Reporting Standards) are (simply) guidelines for the preparation of financial statements.

The objective of the IAS/IFRS is to
provide a single universal framework by which
companies can prepare, display, and
disclose their financial statements.

Presently, there are 15 IFRS in issue and 41 IAS (though some have been withdrawn and some others have been superseded by the IFRS in issue).




Accounting Students/Accountants (especially Financial Accountants or students who wan to specialize in financial accounting) should have a good knowledge of these standards because they are 'tools' to be used for the preparation of financial statements of companies for public use.

I'll try to explain each of the IAS and IFRS in subsequent posts.

Feel free to ask any question is you have any.

Thanks dear...

The IASs that have been issued till date are listed below.

IAS 1 Presentation of Financial Statements (2007)

IAS 2 Inventories (2005)

IAS 3 Consolidated Financial Statements
(Superseded in 1989 by IAS 27 and IAS 28 1976)

IAS 4 Depreciation Accounting
(Withdrawn in 1999)

IAS 5 Information to Be Disclosed in Financial
Statements (Superseded by IAS 1 effective 1 July 1998 1976)

IAS 6 Accounting Responses to Changing Prices (Superseded by IAS 15, which was withdrawn December 2003)

IAS 7 Statement of Cash Flows (1992)

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (2003)

IAS 9 Accounting for Research and Development Activities
(Superseded by IAS 38 effective 1 July 1999)

IAS 10 Events After the Reporting Period (2003)

IAS 11 Construction Contracts (1993)
(Will be superseded by IFRS 15 as of 1 January
2017)

IAS 12 Income Taxes (1996)

IAS 13 Presentation of Current Assets and Current Liabilities
(Superseded by IAS 39 effective 1 July 1998)

IAS 14 Segment Reporting (1997)
(Superseded by IFRS 8 effective 1 January 2009)

IAS 15 Information Reflecting the Effects of Changing Prices (2003)
(Withdrawn December 2003)

IAS 16 Property, Plant and Equipment (2003)

IAS 17 Leases (2003)

IAS 18 Revenue (1993)
(Will be superseded by IFRS 15 as of 1 January
2017)

IAS 19 Employee Benefits (1998)
Superseded by IAS 19 (2011) effective 1 January 2013

IAS 19 Employee Benefits (2011)

IAS 20 Accounting for Government Grants and Disclosure of Government Assistance (1983)

IAS 21 The Effects of Changes in Foreign Exchange Rates (2003)

IAS 22 Business Combinations
(Superseded by IFRS 3 effective 31 March 2004)

IAS 23 Borrowing Costs (2007)

IAS 24 Related Party Disclosures (2009)

IAS 25 Accounting for Investments
(Superseded by IAS 39 and IAS 40 effective 2001)

IAS 26 Accounting and Reporting by Retirement Benefit Plans (1987)

IAS 27 Consolidated and Separate Financial Statements (2003)
(Superseded by IFRS 10, IFRS 12 and IAS 27
(2011) effective 1 January 2013)

IAS 28 Investments in Associates and Joint Ventures (2011)

IAS 28 Investments in Associates (2003)
(Superseded by IAS 28 (2011) and IFRS 12
effective 1 January 2013)

IAS 29 Financial Reporting in Hyperinflationary
Economies (1989)

IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions (1990)
(Superseded by IFRS 7 effective 1 January 2007)

IAS 31 Interests In Joint Ventures (2003)
Superseded by IFRS 11 and IFRS 12 effective 1 January 2013

IAS 32 Financial Instruments: Presentation (2003)

IAS 33 Earnings Per Share (2003)

IAS 34 Interim Financial Reporting (1998)

IAS 35 Discontinuing Operations (1998)
(Superseded by IFRS 5 effective 1 January 2005)

IAS 36 Impairment of Assets (2004)

IAS 37 Provisions, Contingent Liabilities and Contingent Assets (1998)

IAS 38 Intangible Assets (2004)

IAS 39 Financial Instruments: Recognition and
Measurement (2003)
(Superseded by IFRS 9 where IFRS 9 is applied)

IAS 40 Investment Property (2003)

IAS 41 Agriculture


The IFRSs in issue are

IFRS 1 First-time Adoption of International Financial Reporting Standards (2008)

IFRS 2 Share-based Payment (2004)

IFRS 3 Business Combinations (2008)

IFRS 4 Insurance Contracts (2004)

IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations (2004)

IFRS 6 Exploration for and Evaluation of Mineral Assets (2004)

IFRS 7 Financial Instruments: Disclosures (2005)

IFRS 8 Operating Segments (2006)

IFRS 9 Financial Instruments (2013)

IFRS 10 Consolidated Financial Statements (2011)

IFRS 11 Joint Arrangements (2011)

IFRS 12 Disclosure of Interests in Other Entities (2011)

IFRS 13 Fair Value Measurement (2011)

IFRS 14 Regulatory Deferral Accounts (2014)

IFRS 15 Revenue from Contracts with Customers (2014)


www.iasplus.com/en/standards

...I'll do a brief summary on each of them if you want me to.

You may also visit the link to read on them.

meryl4merit: Thanks dear...

You're welcome.

Please I need your help on with the summaries more than ever.... please its urgent, thanks.

adsonstone:
The IASs that have been issued till date are listed below.

IAS 1 Presentation of Financial Statements (2007)

IAS 2 Inventories (2005)

IAS 3 Consolidated Financial Statements
(Superseded in 1989 by IAS 27 and IAS 28 1976)

IAS 4 Depreciation Accounting
(Withdrawn in 1999)

IAS 5 Information to Be Disclosed in Financial
Statements (Superseded by IAS 1 effective 1 July 1998 1976)

IAS 6 Accounting Responses to Changing Prices (Superseded by IAS 15, which was withdrawn December 2003)

IAS 7 Statement of Cash Flows (1992)

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (2003)

IAS 9 Accounting for Research and Development Activities
(Superseded by IAS 38 effective 1 July 1999)

IAS 10 Events After the Reporting Period (2003)

IAS 11 Construction Contracts (1993)
(Will be superseded by IFRS 15 as of 1 January
2017)

IAS 12 Income Taxes (1996)

IAS 13 Presentation of Current Assets and Current Liabilities
(Superseded by IAS 39 effective 1 July 1998)

IAS 14 Segment Reporting (1997)
(Superseded by IFRS 8 effective 1 January 2009)

IAS 15 Information Reflecting the Effects of Changing Prices (2003)
(Withdrawn December 2003)

IAS 16 Property, Plant and Equipment (2003)

IAS 17 Leases (2003)

IAS 18 Revenue (1993)
(Will be superseded by IFRS 15 as of 1 January
2017)

IAS 19 Employee Benefits (1998)
Superseded by IAS 19 (2011) effective 1 January 2013

IAS 19 Employee Benefits (2011)

IAS 20 Accounting for Government Grants and Disclosure of Government Assistance (1983)

IAS 21 The Effects of Changes in Foreign Exchange Rates (2003)

IAS 22 Business Combinations
(Superseded by IFRS 3 effective 31 March 2004)

IAS 23 Borrowing Costs (2007)

IAS 24 Related Party Disclosures (2009)

IAS 25 Accounting for Investments
(Superseded by IAS 39 and IAS 40 effective 2001)

IAS 26 Accounting and Reporting by Retirement Benefit Plans (1987)

IAS 27 Consolidated and Separate Financial Statements (2003)
(Superseded by IFRS 10, IFRS 12 and IAS 27
(2011) effective 1 January 2013)

IAS 28 Investments in Associates and Joint Ventures (2011)

IAS 28 Investments in Associates (2003)
(Superseded by IAS 28 (2011) and IFRS 12
effective 1 January 2013)

IAS 29 Financial Reporting in Hyperinflationary
Economies (1989)

IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions (1990)
(Superseded by IFRS 7 effective 1 January 2007)

IAS 31 Interests In Joint Ventures (2003)
Superseded by IFRS 11 and IFRS 12 effective 1 January 2013

IAS 32 Financial Instruments: Presentation (2003)

IAS 33 Earnings Per Share (2003)

IAS 34 Interim Financial Reporting (1998)

IAS 35 Discontinuing Operations (1998)
(Superseded by IFRS 5 effective 1 January 2005)

IAS 36 Impairment of Assets (2004)

IAS 37 Provisions, Contingent Liabilities and Contingent Assets (1998)

IAS 38 Intangible Assets (2004)

IAS 39 Financial Instruments: Recognition and
Measurement (2003)
(Superseded by IFRS 9 where IFRS 9 is applied)

IAS 40 Investment Property (2003)

IAS 41 Agriculture


The IFRSs in issue are

IFRS 1 First-time Adoption of International Financial Reporting Standards (2008)

IFRS 2 Share-based Payment (2004)

IFRS 3 Business Combinations (2008)

IFRS 4 Insurance Contracts (2004)

IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations (2004)

IFRS 6 Exploration for and Evaluation of Mineral Assets (2004)

IFRS 7 Financial Instruments: Disclosures (2005)

IFRS 8 Operating Segments (2006)

IFRS 9 Financial Instruments (2013)

IFRS 10 Consolidated Financial Statements (2011)

IFRS 11 Joint Arrangements (2011)

IFRS 12 Disclosure of Interests in Other Entities (2011)

IFRS 13 Fair Value Measurement (2011)

IFRS 14 Regulatory Deferral Accounts (2014)

IFRS 15 Revenue from Contracts with Customers (2014)


www.iasplus.com/en/standards

...I'll do a brief summary on each of them if you want me to.

You may also visit the link to read on them.

I need the brief summary... please help me out. Tanks

meryl4merit:
Am a 300L accounting student, I don't understand all this new accounting standards and policies, what is it about? How does it apply to us as accounting students? I knw am suppose to know buh I don't know So pls help me out and enlighten me with any other thing u think I need to know... THANKS

I stumbled on this post and I can see the thread is 3years old. I want to assume that you've acquainted urself with these Standards by now. In case you haven't I suggest u get as much materials as possible. That's what I did while I was still a student cos I realised that waiting 4 those lecturers was a waste of time. I read and read until the standards became part of me. Now I can talk abt any standard like its ABC. I believe every accounting student should be able to speak the IAS/IFRS language.

Accounting Standards are bulky but also easy to comprehend and they're quite interesting. Good luck!