Flashcards
IASs
Cards in this deck (8)
- 1IAS 1Presentation of financial statements;Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction.
- 2IAS 2Inventories;
Should be valued at the lower of cost or net realisable value. - 3IAS 7Statement of Cash Flows;
Uses information from the accounting records toshow an overall view of money flowing in and out of a company during an accounting period. - 4IAS 10Events after the reporting period:
favourable or unfavourable events that take place after the financial statements have been prepared but need to be included in the statements. - 5IAS 12Income taxes:
sets out the accounting treatment for taxes on income. - 6IAS 16Property plant and equipment:
this standard covers the recognition of the assets, their carrying amounts, depreciation and impairment. - 7IFRS 16Leases:
This standard covers the tratment of assets which are obtained under a finance lease or an operating lease. - 8IAS 36Impairement of assets:
this standard helps to ensure assets are shown on the financial statements at no more than their value or recoverable amount.
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- Description
- testing knowledge of international accounting standards
- Created by
- ross young
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