IAS International Accounting Standard Objective

This Standard sets out overall requirements for

the presentation of financial statements,
1 Presentation of Financial Statements
guidelines for their structure and minimum
requirements for their content.
The objective of this Standard is to prescribe the
accounting treatment for inventories. A primary
issue in accounting for inventories is the amount
of cost to be recognised as an asset and carried
forward until the related revenues are
2 Inventories recognised. This Standard provides guidance on
the determination of cost and its subsequent
recognition as an expense, including any write-
down to net realisable value. It also provides
guidance on the cost formulas that are used to
assign costs to inventories.
The objective of this Standard is to require the
provision of information about the historical
changes in cash and cash equivalents of an entity
7 Statement of Cash Flows
by means of a statement of cash flows which
classifies cash flows during the period from
operating, investing and financing activities.
The objective of this Standard is to prescribe the
criteria for selecting and changing accounting
Accounting Policies, Changes in policies, together with the accounting treatment
8
Accounting Estimates and Errors and disclosure of changes in accounting
policies, changes in accounting estimates and
corrections of errors.
The objective of this Standard is to prescribe:
(a) when an entity should adjust its financial
statements for events after the reporting period;
10 Events after the Reporting Period and (b) the disclosures that an entity should give
about the date when the financial statements
were authorised for issue and about events after
the reporting period.
The objective of this Standard is to prescribe the
11 Construction Contracts accounting treatment of revenue and costs
associated with construction contracts.
The objective of this Standard is to prescribe the
accounting treatment for income taxes. The
principal issue in accounting for income taxes is
12 Income Taxes how to account for the current and future tax
consequences of:
(a) the future recovery (settlement) of the
carrying amount of assets (liabilities) that are
 recognised in an entity’s statement of financial
position; and (b) transactions and other events of
the current period that are recognised in an
entity’s financial statements.
The objective of this Standard is to prescribe the
accounting treatment for property, plant and
equipment so that users of the financial
16 Property, Plant & Equipment
statements can discern information about an
entity’s investment in its property, plant and
equipment and the changes in such investment.
This Standard sets out the principles for the
recognition, measurement, presentation and
disclosure of leases. The objective is to ensure
17 Leases
that lessees and lessors provide relevant
information in a manner that faithfully
represents those transactions.
The objective of this Standard is to prescribe the
accounting treatment of revenue arising from
18 Revenue certain types of transactions and events. The
primary issue in accounting for revenue is
determining when to recognise revenue.
The objective of this Standard is to prescribe the
19 Employee Benefits accounting and disclosure for employee
benefits.
This Standard shall be applied in accounting for,
Accounting for Government Grants
and in the disclosure of, government grants and
20 and Disclosure of Government
in the disclosure of other forms of government
Assistance
assistance.
The objective of this Standard is to prescribe
how to include foreign currency transactions and
The Effect of Change in Foreign
21 foreign operations in the financial statements of
Exchange Rates
an entity and how to translate financial
statements into a presentation currency.
An entity shall apply this Standard in accounting
23 Borrowing Costs
for borrowing costs.
The objective of this Standard is to ensure that
an entity’s financial statements contain the
disclosures necessary to draw attention to the
possibility that its financial position and profit
24 Related Party Disclosures
or loss may have been affected by the existence
of related parties and by transactions and
outstanding balances, including commitments,
with such parties.
This Standard shall be applied in the financial
Accounting and Reporting by
26 statements of retirement benefit plans where
Retirement Benefit Plans
such financial statements are prepared.
 The objective of this Standard is to prescribe the
accounting and disclosure requirements for
Consolidated and Separate Financial
27 investments in subsidiaries, joint ventures and
Statements
associates when an entity prepares separate
financial statements.
The objective of this Standard is to prescribe the
accounting for investments in associates and to
28 Investment in Associates set out the requirements for the application of
the equity method when accounting for
investments in associates and joint ventures.
This Standard shall be applied to the financial
statements, including the consolidated financial
Financial Reporting in Hyperinflatory
29 statements, of any entity whose functional
Economies
currency is the currency of a hyperinflationary
economy.
This Standard shall be applied in accounting for
interests in joint ventures and the reporting of
joint venture assets, liabilities, income and
Interests in Accounts and Joint
31 expenses in the financial statements of venturers
Ventures
and investors, regardless of the structures or
forms under which the joint venture activities
take place.
The objective of this Standard is to establish
principles for presenting financial instruments
32 Financial Instruments: Presentation
as liabilities or equity and for offsetting financial
assets and financial liabilities.
The objective of this Standard is to prescribe
principles for the determination and presentation
of earnings per share, so as to improve
33 Earnings Per Share performance comparisons between different
entities in the same reporting period and
between different reporting periods for the same
entity.
The objective of this Standard is to prescribe the
minimum content of an interim financial report
34 Interim Financial Reports and to prescribe the principles for recognition
and measurement in complete or condensed
financial statements for an interim period.
The objective of this Standard is to prescribe the
procedures that an entity applies to ensure that
36 Impairment of Assets
its assets are carried at no more than their
recoverable amount.
The objective of this Standard is to ensure that
Provisions, Contingent Liabilities and appropriate recognition criteria and
37
Contingent Assets measurement bases are applied to provisions,
contingent liabilities and contingent assets and
 that sufficient information is disclosed in the
notes to enable users to understand their nature,
timing and amount.
The objective of this Standard is to prescribe the
accounting treatment for intangible assets that
38 Intangible Assets
are not dealt with specifically in another
Standard.
This Standard shall be applied by all entities to
all financial instruments within the scope of
IFRS 9 Financial Instruments if, and to the
extent that:
Financial Instruments: Recognition
39 (a) IFRS 9 permits the hedge accounting
and Measurement
requirements of this Standard to be applied; and
(b) the financial instrument is part of a hedging
relationship that qualifies for hedge accounting
in accordance with this Standard.
The objective of this Standard is to prescribe the
40 Investment Property accounting treatment for investment property
and related disclosure requirements.
The objective of this Standard is to prescribe the
41 Agriculture accounting treatment and disclosures related to
agricultural activity.
 International Financial Reporting
IFRS
Standard
2 Share Based Payment
3 Business Combinations
4 Insurance Contracts
Non-Current Assets Held for Sale accounting for assets held for sale, and the
5
and Discontinued Operations
Exploration for and Evaluation of
6 financial reporting for the exploration for and
Mineral Resources
7 Financial Instruments: Disclosures
8 Operating Segments
10 Consolidated Financial Statements
11 Joint Arrangements
Disclosure of Interest in Other
12
Entities
Objective
The objective of this IFRS is to specify the
financial reporting by an entity when it
undertakes a share-based payment transaction.
The objective of this IFRS is to improve the
relevance, reliability and comparability of the
information that a reporting entity provides in its
financial statements about a business
combination and its effects.
The objective of this IFRS is to specify the
financial reporting for insurance contracts by
any entity that issues such contracts
The objective of this IFRS is to specify the
presentation and disclosure of discontinued
operations.
The objective of this IFRS is to specify the
evaluation of mineral resources.
The objective of this IFRS is to require entities
to provide disclosures in their financial
statements that enable users to evaluate:
(a) the significance of financial instruments for
the entity’s financial position and performance;
and (b) the nature and extent of risks arising
from financial instruments to which the entity is
exposed during the period and at the end of the
reporting period, and how the entity manages
those risks.
An entity shall disclose information to enable
users of its financial statements to evaluate the
nature and financial effects of the business
activities in which it engages and the economic
environments in which it operates.
The objective of this IFRS is to establish
principles for the presentation and preparation of
consolidated financial statements when an entity
controls one or more other entities.
The objective of this IFRS is to establish
principles for financial reporting by entities that
have an interest in arrangements that are
controlled jointly.
The objective of this IFRS is to require an entity
to disclose information that enables users of its
financial statements to evaluate:
 (a) the nature of, and risks associated with, its
interests in other entities; and
(b) the effects of those interests on its financial
position, financial performance and cash flows.
This IFRS:
(a) defines fair value;
(b) sets out in a single IFRS a framework for
13 Fair Value Measurement
measuring fair value; and
(c) requires disclosures about fair value
measurements.