1. An Introduction

2. Presentation of Financial
Statements
This standard deals with
the presentation and
disclosure of accounts

3. Inventories
This standard deals with the
valuation and disclosure of
inventories and related
matters

4. This standard is not followed
any more. It is replaced by
IAS – 27 and IAS – 28
This standard was about
consolidated financial
statements

5. This standard is not followed any
more. It is replaced by IAS – 16
and IAS – 22 and IAS – 38
The standard was about
Depreciation

6. This standard is replaced by IAS –
1
The standard was about
information to be disclosed
in financial statements

7. This standard is superseded by
IAS – 15
The standard was about
accounting responses to
changing prices

8. Cash flow Statements
This standard is related to
the making of cash flow
statement. It includes the
formats and methods
allowed and disclosure
needed

9. Net Profit or Loss for the period,
Fundamental errors and changes in
accounting policies
The items related to Income Statement
and changes in accounting policies
and methods along with the errors
which are categorized as
fundamental errors are included in
this standard

10. Superseded by IAS – 38
The standard was about
research and development
cost

11. Events after the balance sheet
date
This standard is related to the
issues that arise after the
completion of balance sheet
but the effect reaches to past
accounting record

12. Construction Contracts
This is a part of job order
costing and several matters
which arise because of the
extension of the contracts to
more than one year are
included in this standard

13. Income Taxes
Income tax laws may be different in
countries following these standards.
This standard discusses that how
this matter is to be handled and how
the effect of taxes is to be shown in
financial statements

14. Superseded by IAS – 1
Presentation of current assets
and current liabilities

15. Segment Reporting
This standard deals with the
reporting the company’s
performance and position
by segments i.e. by
products, areas etc.

16. Information reflecting the
effects of changing prices
This standard is related to
the effect of changing in
prices and the impact on
the organization

17. Property, Plant and
Equipment
It deals with the issues
related to the timing of
recognition of assets, their
carrying amounts and
depreciation charges

18. Leases
This standard prescribes for
lesser and lessee the
appropriate accounting
policies and disclosure

19. Revenue
This deals with the
recognition of revenue i.e.
time, amount and heads
which should or should
not be included in the
head.

20. Employee Benefits
This standard is related to the
accounting and disclosure of
employees benefits. This
contains the liability towards
them and the expense related
to them

21. Accounting for government
grants and disclosure of
government assistance
Whenever there are any
government grants and
assistances those are to be
accounted for and disclosed in a
specific manner the standards
deals with such accounting and
disclosure.

22. The effects of changes in
foreign exchange rates
The enterprises dealing in
foreign currency or having
operations in foreign
countries both are discussed
in this standard.

23. Business Combinations
The accounting and
disclosure in case of
acquisition and mergers
when an acquirer can not
be identified are covered
in this standard.

24. Borrowing Costs
The standard deals with the
treatment of the borrowing
cost i.e. whether it should be
expensed out in the year of
occurrence or conditions in
which this cost can be
capitalized.

25. Related Party disclosures
Enterprises which are directly
or indirectly controlled by
reporting enterprises are
considered related party and
that is what is included in
this standard.

26. Superseded by IAS – 29
and IAS - 30

27. Accounting and reporting by
retirement benefits plans
It is applicable to those
enterprises where retirement
benefit plans are prepared.

28. Consolidated financial
statements and accounting for
investments in subsidiaries
It is related to the accounting
presentation and disclosure
of financial statements of
group of enterprises working
under a parent company.

29. Accounting for investments
in associates
This standard is related to the
accounting for an investor
who has made investment in
associated companies

30. Financial Reporting in
hyperinflationary
economics
This standard is only related to
those countries’ economies
who have hyperinflationary
economies

31. Disclosure in the financial
statements of banks and
similar financial institutions
The standard is related to the
accounting and disclosure
needed in the statements of
banks and financial
institutions

32. Financial Reporting for
interest in Joint Ventures
This standard is related to
recording the assets,
liabilities, income and
expenses in the books of
venturers and investors
regardless of the form of the
joint venture

33. Financial Instruments –
Disclosure and Presentation
The standard is related to all
types of financial assets i.e.
recognized or unrecognized.
The disclosure and
presentation of such
financial assets is included
in this standard.

34. Earnings Per Share – EPS
This standard is applied to
those enterprises whose
shares are publicly traded
and who are in the process
of issuing ordinary shares.

35. Interim Financial Reporting
This standard does not mention
that for which companies it is
mandatory to issues interim
financial reports but those
companies are required to
publish interim financial
reports whose shares are
publicly traded.

36. Discontinuing Operations
This standard applies to all
discontinuing operations of
all enterprises

37. Impairment of Assets
This standard is applied to the
impairment of all assets
other than those which are
exempted the list is provided
in the standard.

38. Provisions, Contingent
Liabilities and Contingent
Assets
All provisions, contingent
liabilities and assets are to
be created and maintained in
the accounts of a company in
the light of this standard.

39. Intangible Assets
Except a few exceptions this
standard is applicable to all
intangible assets.

40. Financial Instruments –
Recognition and
Measurement
This is related to recognizing the
value, gain/losses on financial
instruments

41. Investment Property
This standard is related to
recognition measurement
and disclosure in investment
property

42. Agriculture – Effective
January 1 2003
The standard is applied to
biological assets agricultural
produce and products that
are the result of agricultural
activity.