Question

what are the scope 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, IAS 42, IAS 43, IAS 44and IAS 45

Answer 1

SCOPE;

IAS 1 sets out the purpose of financial statements as the provision of useful information on the financial position, financial performance and cash flow of an entity, and categorizes the information provided into assets, liabilities, income and expenses, contributions by and distribution to owners, and cash flowss.

IAS 2 scope is to prescribe the accounting treatment for inventories. It provides guidance for determining the cost of inventories and for subsequently recognising an xpense, including any write-down to net realisable value

IAS 3 scope is to be applied when accounting for business combinations, but does not apply to: The formation of a joint venture The acquisiton of an asset or group of assets that is not a business, although general guidance is provided on how such transactions should be accounted for.

IAS 4 applies to Insurance Contracts applies, with limited exceptions, to all insurance contracts (including reinsurance contracts) that an entity issues and to reinsurance contracts that it holds.

IAS 5 achieves substantial convergence with the requirements of US SFAS 144 Accounting for the Impairment or Disposal of Long-Lived Assets with respect to the timing of the classification of operations as discontinued operations and the presentation of such operations.

IAS 6 scope is accounting policies for exploration and evaluation expenditures including the recognition of exploration and evaluation assets. (b)the amounts of assets, liabilities, income and expense and operating and investing cash flows arising from the exploration for and evaluation of mineral resources.

IAS 7 scope is to require the presentation of information about the historical changes in cash and cash equivalents of an entity by means of a statement of cash flows, which classifies cash flows during the period according to operating, investing, and financing activities.

IAS 8 prescribes the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors.

IAS 9 divides all financial assets that are currently in the scope of IAS 39 into two classifications - those measured at amortised cost and those measured at fair value.

IAS 10 scope is to prescribe: (a) when an entity should adjust its financial statements for 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

IAS 11 scope is to deal with accounting of construction contracts from the perspective of the contractors who undertake such projects on behalf of its clients. Self constructed assets for an entity's own use are accounted for in accordance with IAS 16 and are not within the scope of IAS 11 Construction Contracts.

IAS 12 deals with accounting for income taxes (current and deferred). Income taxes include all domestic and foreign taxes which are based on taxable profits (IAS 12.2). Taxes other than incme taxes are accounted for under other IFRS, e.g. IAS 37 or IAS 19 (payroll taxes).

IFRS 13 applies to all transactions and balances (whether financial or non-financial), with the exception of share-based payment transactions accounted for under IFRS 2, Share-based Payment, and leasing transactions within the scope of IAS 17, Leases.

IAS 14 scope  is to establish principles for reporting financial information by line of business and by geographical area. It applies to entities whose equity or debt securities ar publicly traded and to entities in the process of issuing securities to the public.

IAS 15 scope is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer.

IAS 16 scope is  the accounting for property, plant and equipment, except where another standard requires or permits differing acounting treatments, for example: assets classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Disontinued Operations.

IAS 17 is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation to leases. licensing agreements for such items as motion picture films, video recordings, plays, manuscripts, patents and copyrights.

IAS 18 sets out the required accounting treatment for revenue arising from the sale of goods, the rendering of services, and the use by others of assets yielding interest, royalties and dividends.

IAS 19 requires an entity to recognise: a liability when an employee has provided service in exchange for employee benefits to be paid in the future; and. an expense when the entity consumes the economic benefit arising from the service provided by an employee in exchange for employee benefits.h

IAS 20 gives an option to measure non-monetary government grants either at their fair value or at nominal value. Ind AS 20 requires measurement of such grants only at their fair value. Thus, the option to measure these grants at nominal value is not available under Ind AS 20

IAS 21, The Effects of Changes in Foreign Exchange Rates, is to set out how to account for transactions in foreign currencies and foreign operations. The Standard also shows how to translate financial statements into a presentation currency.

IAS 22  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

IAS 23 is to prescrbe 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

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 26 applies for financial statements of retirement benefit plans, where such financial statements are prepared. It deals with reporting to all participants as a group, and specifically does not deal with reports to individuals about their retirement benefits.

IAS 27 has the objective of setting standards to be applied in accounting for investments in subsidiaries, jointly ventures, and associates when an entity elects, or is required by local regulations, to present separate (non-consolidated) financial statements.

IAS 28 applies to all investments in which an investor has significant influence but not control or joint control except for investments held by a venture capital organisation, mutual fund, unit trust, and similar entity that are designated under IAS 39 to be at fair value with fair value changes recognised in profit or loss.

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.

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.

IAS 32 clarifying the classification of a financial instrument issued by an entity as a liability or as equity. prescribing the accounting for treasury shares (an entity's own repurchased shares) prescribing strict conditions under which assets and liabilities may be offset in the balance sheet.

IAS 33 deals with the calculation and presentation of earnings per share (EPS). It applies to entities whose ordinary shares or potential ordinary shares (for example, convertibles, options and warrants) are publicly traded. Non-public entities electing to present EPS must also follow the Standard.

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

IAS 35 does not prescribe a particular format for the disclosures. Among the acceptable ways: Separate columns in the financial statements for continuing and discontinuing operations. One column but separate sections (with subtotals) for continuing and discontinuing operations within that single column.

IAS 37 scope is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount

IAS 38 scope Intangible Assets outlines the accounting requirements for intangible assets, which are non-monetary assets which are without physical substance and identifiable

IAS 39 permits entities to designate, at the time of acquisition or issuance, any financial asset or financial liability to be measured at fair value, with value changes recognised in profit or loss.

IAS 40 permits treatment of property interest held in an operating lease as investment property, if the definition of investment property is otherwise met and fair value model is applied. In such cases, the operating lease would be accounted as if it were a finance lease.

IAS 41 applies to biological assets with the exception of bearer plants, agricultural produce at the point of harvest, and government grants related to these biological assets. It does not apply to land related to agricultural activity, intangible assets related to agricultural activity, government grants related to bearer plants, and bearer plants. However, it does apply to produce growing on bearer plants.