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IFRS 1 First time adoption IFRS

IFRS 2 Share based payment

IFRS 3 Business contribution

IFRS 4 Insurance contrast

IFRS 5

IFRS 6

IFRS 7Financial instrument disclosures

IFRS 8 Operating segments

IFRS 9 Financial instruments

Non current assets held for sale & discontinued opearation

Exploration for evaluation mineral resources

IMPORTANCE

Its objective is to ensure financial statementEntitles often grants shares or share option to employees as other parties

Insurance can track

Applies to the separate individual financial statements of an entity

Deals with different financial instrument

Specifying the financial reporting by an entity when it undertakes a business combination

Specify the accounting for assets held for sale & presentation & disclosure of discontinuity operation

Specifying the financial reporting for the exploration for and evaluation of mineral resources

Deals with disclosure requirements in relation to all risks arising from financial instruments

ACCOUNTING STANDARDSSL.NO TITLE IMPORTANCE

AS-1 Disclosure of accounting policies Accounting policies followed in the presentation of financial statements

AS-2 Valuation of inventries Valuation of stocks, R/M closing WIP,finished stock etc

AS-3 Cash flow statement Preparation & submission of cash flow statement

AS-4 Contigencies & events occuring after B/S

AS-5 Preparation of P&L A/c to inter-period & inter firm comparisons

AS-6 Depreciation accounting Terms & conditions about the depriciation of fixed assets

AS-7 Construction contracts Principles of revenue recognition by the contractions

AS-8 R&D Withdrawn either in full or in part due to issuance of AS 26

AS-9 Revenue recognition Recognition to revenue in the statement of P&L of the enterprise

AS-10 Accounting for fixed assets Disclosure of information regarding fined assets

AS-11 The effect of changes in foreign rates

AS-12 Accounting for government grants Accounting for government subsidiaries grants,inventries etc.

AS-13 Accounting for investments Investments in the financial statement of enterprise and related dosclosures

AS-14 Accounting for amalgamations Amalgamations accounting for merger in the nature of purchase

AS-15 Employee benefits It discloses with all employee benefits,except employee share based payments

AS-16 Burrowing cost

AS-17 Segment reporting

AS-18 Related party disclosures

AS-19 Leases To prescribe for lessor & lessees the appropriate accounting policies & disclosure

The events which are occuring b/w the b/s date & which the financial staements are prepared.

Net P/L after the period prior items & changes in accounting policies

Applied for transaction& balance in foreign circumstances in transacting the financial statements

It deals with interest & other cost incurred by an enterprise in connection with burrowing of fund

To establish principles for reporting financial info about the different types of products & services

Its established in reporting related parts relationship & transaction b/w enterprise & its related parties

AS-20 Earning per share It gives computational methodology for determinations & presentation of EPS

AS-21 Consolidated financial statement To prepare & presentation of consoidated financial statements

AS-22 Accounting of taxes & income It prescribes the accounting treatement for taxes an income

AS-23 It prescribes the investments in associates in consolidated financial statements

AS-24 Discontinuing operations It deals with discontinuing operations of an enterprise

AS-25 Interim financial reporting Deals with financial statements for an interim period

AS-26 Intangible assets It deals with the valuation of accounting treatment of intangible assets

AS-27 Financial reporting of interests in joint ventures Deals with joint ventures & joint contracts

AS-28 Impairment of assets

AS-29 Provisions,contigent liabilities & contigent assets It deals with meaning & treatment of these aspects

AS-30 Financial instruments, recognition & measurements Its dealing with different financial instrument & their presentation & disclosure

AS-31 Presentation Presentation & disclosures

AS-32 Disclosure

Accounting for investments in association & consolidated statement

To prescribe the procedures that an enterprise applies to ensure that its assets are carried at no more than their recoverable amount

SL.NO TITLE IMPORTANCEIAS-1 Presentation of financial statemnet It prescribes the minimum structure of financial statement

IAS-2 Inventories It states the method of valuation of inventories

IAS-7 Cash flow statement It states the preparation & submission of cash flow statement

IAS-8 Accounting policies,cheaper in accounting estimates & errors It prescribes about the accounting policies & change in accounting estimates

IAS-10 Events after balance sheet date It states the adjustments made between financial statement date & balance sheet date

IAS-11 Construction contracts It helps to calculate revenues cost, profit / loss of construction contract

IAS-12 Income tax It prescribes the calculation of payment of tax

IAS-14 Segment reposting Basis for segment reposting

IAS-16 Property,plant & equipment The cost of property plant & equipment are recognized

IAS-17 Lease Accounting absent lease financing

IAS-18 Revenue Inflow of cash

IAS-19 Employee benefit Pension,contribution plan,benefit plans

IAS-20 Recognition of income & grants of government

IAS-23 Borrowing costs Benchments treatment is to treat borrowing cost as expense

IAS-24 Related party disclosures It disclosure of related party transaction & balance sheet balances in the separate financial statement

IAS-26 Accounting & reputing by retirement benefit plans It appropriates accounting, reporting by retirement benefit plans

IAS-27 Consolidated and separate financial retirement Consolidated financial statement of all subsdiaries of the parent

IAS-28 Investment in associates It deals with the investments accounting in asociates

IAS-29 Financial reputing in hyperinflationary economics It deals with the reputing relating to hyperinflationary economics

IAS-31 Investment in joint ventures Deals with the economic activities that subject to joint venture

IAS-33 Earning per share It applies to the shares of public company

IAS-34 Interim financial reporting Deals with interim financial reporting

IAS-36 Impaiment of assets Deals with accounting of government will in tangible assets & property, plant & equipment

IAS-37 Provisions contigent liabilities & contigent assets The standard deals with record & valuation of intangible assets

IAS-38 Intangible assets It deals with record & valuation of intangible assets

IAS-39 Financial instrument & recognition & measurement Recognition of financial assets liability on the balance sheet

IAS-40 Investment property Recognised as assets of investment

IAS-41 Agriculture Accounting treatments,financial statement presentation & disclosure related to agriculture activity

Accounting for government grants & also disclosure of government assistance