International Accounting Standards (IAS) & International Financial Reporting Standards (IFRS)

IAS stands for International Accounting Standards, while IFRS refers to International Financial Reporting Standards. IAS standards were issued by the IASC, while the IFRS are issued by the IASB, which succeeded the IASC.

International Financial Reporting Standards, usually called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly relevant for companies with shares or securities listed on a public stock exchange. They are progressively replacing the many different national accounting standards.

A list of IASs & IFRSs of 2019:

01. Conceptual Framework

02. IAS 01: Presentation of Financial Statements

03. IAS 02: Inventories

04. IAS 07: Statement of Cash Flows

05. IAS 08: Accounting Policies, Changes in Accounting Estimates and Errors

06. IAS 10: Events after the Reporting Period

07. IAS 12: Income Taxes

08. IAS 16: Property, Plant & Equipment

09. IAS 19: Employee Benefits

10. IAS 20: Accounting for Government Grants and Disclosure of Government Assistance

11. IAS 21: The Effects of Changes in Foreign Exchange Rates

12. IAS 23: Borrowing Costs

13. IAS 24: Related Party Disclosures

14. IAS 26: Accounting and Reporting by Retirement Benefit Plans

15. IAS 27: Separate Financial Statements

16. IAS 28: Investments in Associates and Joint Ventures

17. IAS 29: Financial Reporting in Hyper inflationary Economies

18. IAS 32: Financial Instruments: Presentation

19. IAS 33: Earnings per Share

20. IAS 34: Interim Financial Reporting

21. IAS 36: Impairment of Assets

22. IAS 37: Provisions, Contingent Liabilities and Contingent Assets

23. IAS 38: Intangible Assets

24. IAS 39: Financial Instruments: Recognition and Measurement

25. IAS 40: Investment Property

26. IAS 41: Agriculture

27. IFRIC 01: Changes in Existing Decommissioning, Restoration and Similar Liabilities

28. IFRIC 02: Members’ Shares in Co‑operative Entities and Similar Instruments

29. IFRIC 05: Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds

30. IFRIC 06: Liabilities arising from Participating in a Specific Market— Waste Electrical and Electronic Equipment

31. IFRIC 07: Applying the Restatement Approach under IAS 29 Financial Reporting in Hyper inflationary Economies

32. IFRIC 10: Interim Financial Reporting and Impairment

33. IFRIC 12: Service Concession Arrangements

34. IFRIC 14: IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction

35. IFRIC 16: Hedges of a Net Investment in a Foreign Operation

36. IFRIC 17: Distributions of Non‑cash Assets to Owners

37. IFRIC 19: Extinguishing Financial Liabilities with Equity Instruments

38. IFRIC 20: Stripping Costs in the Production Phase of a Surface Mine

39. IFRIC 21: Levies

40. IFRIC 22: Foreign Currency Transactions and Advance Consideration

41. IFRIC 23: Uncertainty over Income Tax Treatments

42. IFRS 01: First time adoption of International Financial Reporting Standards

43. IFRS 02: Share Based Payment

44. IFRS 03: Business Combinations

45. IFRS 04: Insurance Contracts

46. IFRS 05: Non current Assets Held for Sale and Discontinued Operations

47. IFRS 06: Exploration for and Evaluation of Mineral Resources

48. IFRS 07: Financial Instruments: Disclosures

49. IFRS 08: Operating Segments

50. IFRS 09: Financial Instruments

51. IFRS 10: Consolidated Financial Statements

52. IFRS 11: Joint Arrangements

53. IFRS 12: Disclosure of Interests in Other Entities

54. IFRS 13: Fair Value Measurement

55. IFRS 14: Regulatory Deferral Accounts

56. IFRS 15: Revenue from Contracts with Customers

57. IFRS 16: Leases

58. IFRS 17: Insurance Contracts

59. SIC 7: Introduction of the Euro

60. SIC 10: Government Assistance—No Specific Relation to Operating Activities

61. SIC 25: Income Taxes—Changes in the Tax Status of an Entity or its Shareholders

62. SIC 29: Service Concession Arrangements: Disclosures

63. SIC 32: Intangible Assets—Web Site Costs

64. Conceptual Framework Red Book 2019

Source: The Institute of Chartered Accountants of Bangladesh