Question

what are the Objectives of IAS 1, IAS 2, IAS3, IAS4, IAS5, IAS6, IAS7, IAS 8, IAS 9, IAS 10, IAS 11, IAS 12, IAS 13, IAS 14, IAS 15 IAS 16, IAS17,IAS18, IAS19, IAS20,IAS 21, IAS22, IAS 23, IAS 24, IAS25, IAS26, IAS 27,IAS 28, IAS29, IAS30, IAS31, IAS 32, IAS 33, IAS 34, IAS 35 IAS 36 IAS 37, IAS 38, IAS 39, IAS 40, IAS 41

Answer 1

The objective of IAS 1 (2007) is to recommend the basis for the existence of general-purpose financial statements in order to ensure consistency with both the financial statements of the company from previous periods and the financial statements of other entities.

The objective of IAS 2 is to recommend accounting therapy for inventions. It offers instructions for the calculation of the cost of innovations and the resulting identification of expenditure, including any write-down to the net realizable value.

IAS 3 is to consolidated Financial Statements Superseded in 1989 by IAS 27 and IAS 28.

IAS 4 is related to Depreciation Accounting which is withdrawing in 1999.

IAS 6 is related to Accounting Responses to Changing Prices, Superseded by IAS 15, which was withdrawn December 2003

The objective of IAS 7 is to require the provision of information on an entity's historical changes in cash and cash equivalents by means of a cash flow statement that classifies cash flows over the period according to operating, spending, and financing activities.

IAS 8 seeks to prescribe standards for the collection, implementation and adjustment of accounting policies, along with accounting care and notification of accounting policy modifications, changes in accounting estimates and error corrections.

IAS 9 is regarding to Accounting for Research and Development Activities.Which is Superseded by IAS 38 effective 1 July 1999.

The objective of the standard IAS 10 Events after the Reporting Period is to address two key questions: WHEN you’re financial statements should be changed after the reporting period for events; and WHAT you should reveal about those events.

The objective of IAS 11 is to administer the accounting care associated with building contracts for income and expenditures. What is a construction contract? A construction contract is a contract for the construction of an asset or a collection of inter-related assets expressly agreed.

Objective of IAS 12(Income Taxes)

Future recovery (settlement) of the carrying sum of assets (liabilities) listed in the financial statements of the company.

Transactions and other activities for the current year, as acknowledged in the financial statements of the company. IAS 12 demands that current and deferred income tax from a single transaction or event be accounted for in precisely the same manner as the transaction or event itself.

IAS 13:- Presentation of Current Assets and Current Liabilities, Superseded by IAS 1 effective 1 July 1998.

The objective of IAS 14 (Revised 1997) is to lay down standards for reporting financial information by business line and geographic region. It refers to companies with publicly traded stock or debt securities and to organisations in the process of issuing securities to the public.

Objective of IAS 15 The objective of IAS 15 is to define disclosures that represent the impact of changing prices on the metrics used to assess the performance of the activities of an organisation and its financial position.

Objective of IAS 16 The objective of IAS 16 is to administer land, plant and equipment accounting care. The key problems are the aggregation of properties, the calculation of their carrying numbers, and the charges for depreciation and impairment damages to be recognised in relation to them.

The objective of IAS 17 (1997) is to recommend the required accounting practises and disclosures to be implemented in relation to financing and operating leases for lessees and lessors.

Objective of IAS 18 The aim of IAS 18 is to administer accounting treatment for income resulting from certain forms of transactions and events.

The objective of IAS 19 is to recommend employee benefits accounting and transparency, requiring an organisation to accept a liability when an employee has rendered service and a cost where the organisation absorbs the economic benefits of employee service.

The objective of IAS 20 The objective of IAS 20 is to prescribe the accounting for, and dis­clo­sure of, gov­ern­ment grants and other forms of gov­ern­ment as­sis­tance.

Objective of IAS 21 The objective of IAS 21 is to prescribe how to include foreign currency trans­ac­tions and foreign op­er­a­tions in the financial state­ments of an entity and how to translate financial state­ments into a pre­sen­ta­tion currency.

Objective of IAS 22 The objective of IAS 22 (Revised 1993) is to prescribe the accounting treatment for business com­bi­na­tions. The Standard covers both an ac­qui­si­tion of one en­ter­prise by another (an ac­qui­si­tion) and also the rare situation where an acquirer cannot be iden­ti­fied (a uniting of interests).

The objective of IAS 23 is to prescribe the accounting treatment for borrowing costs. Borrowing costs include interest on bank over­drafts and bor­row­ings, finance charges on finance leases and exchange dif­fer­ences on foreign currency bor­row­ings where they are regarded as an ad­just­ment to interest costs.

The objective of IAS 24 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 or loss may have been affected by the existence of related parties and by trans­ac­tions and out­stand­ing balances with such parties.

IAS 25-Accounting for Investments-Superseded by IAS 39 and IAS 40 effective 2001.

Objective of IAS 26 The objective of IAS 26 is to specify mea­sure­ment and dis­clo­sure prin­ci­ples for the reports of re­tire­ment benefit plans.

IAS 27 has the twin objectives of setting standards to be applied:in the preparation and presentation of consolidated financial statements for a group of entities under the control of a parent; and in accounting for investments in subsidiaries, jointly controlled entities, and associates when an entity elects, or is required by local regulations, to present separate (non-consolidated) financial statements.

The objective of IAS 28 (as amended in 2011) is to prescribe the accounting for in­vest­ments in as­so­ci­ates and to set out the re­quire­ments for the ap­pli­ca­tion of the equity method when accounting for in­vest­ments in as­so­ci­ates and joint ventures.

The objective of IAS 29 is to establish specific standards for entities reporting in the currency of a hy­per­in­fla­tion­ary economy, so that the financial in­for­ma­tion provided is mean­ing­ful. Re­state­ment of financial state­ments

Objective of IAS 30 The objective of IAS 30 is to prescribe ap­pro­pri­ate pre­sen­ta­tion and dis­clo­sure standards for banks and similar financial in­sti­tu­tions (hereafter called 'banks'), which sup­ple­ment the re­quire­ments of other Standards.

IAS 31 (Interests in Joint Ventures) sets out the accounting for an entity's interests in various forms of joint ventures: jointly con­trolled op­er­a­tions, jointly con­trolled assets, and jointly con­trolled entities.

The stated objective of IAS 32 is to establish prin­ci­ples for pre­sent­ing financial in­stru­ments as li­a­bil­i­ties or equity and for off­set­ting financial assets and li­a­bil­i­ties.

The objective of IAS 33 is to prescribe prin­ci­ples for de­ter­min­ing and pre­sent­ing earnings per share (EPS) amounts to improve per­for­mance com­par­isons between different entities in the same reporting period and between different reporting periods for the same entity.

The objective of IAS 34 is to prescribe the minimum content of an interim financial report and to prescribe the prin­ci­ples for recog­ni­tion and mea­sure­ment in financial state­ments presented for an interim period.

The objective of IAS 35(Discontinuing Operations) is to establish principles for reporting information about discontinuing activities (as defined), thereby enhancing the ability of users of financial statements to make projections of an enterprise's cash flows, earnings-generating capacity and financial position, by segregating information about discontinuing activities from information about continuing operations.Superseded by IFRS 5 effective 1 January 2005.

Objective of IAS 36 to ensure that assets are carried at no more than their re­cov­er­able amount, and to define how re­cov­er­able amount is de­ter­mined.

The Standard IAS 37 Provisions, Contingent Liabilities and Contingent assets sets the criteria for recognition and measurement of

Provisions;

Contingent liabilities;

Contingent assets; and

Requires a number of disclosures about these items in order to understand them better.

The objective of IAS 38 is to prescribe the accounting treatment for in­tan­gi­ble assets that are not dealt with specif­i­cally in another IFRS. The Standard requires an entity to recognise an in­tan­gi­ble asset if, and only if, certain criteria are met.

IAS 39 Financial In­stru­ments: Recog­ni­tion and Mea­sure­ment outlines the re­quire­ments for the recog­ni­tion and mea­sure­ment of financial assets, financial li­a­bil­i­ties, and some contracts to buy or sell nonfinancial items.

Objective of IAS 40 Investment Property prescribes the accounting treatment and disclosure with respect to investment property.

IAS 41 Agriculture sets out the accounting for agricultural activity – the transformation of biological assets (living plants and animals) into agricultural produce (harvested product of the entity's biological assets). The standard generally requires biological assets to be measured at fair value less costs to sell.

IAS 41 was originally issued in December 2000 and first applied to annual periods beginning on or after 1 January 2003.