Accounting Standards

Overview

This guide takes you through a selection of International Accounting Standards, needed to accurately record keep your business accounts.

The guide covers the International Financial Reporting Standards (IFRS), set by the International Accounting Standards Board. These are planned to gradually replace the, much older, International Accounting Standards (IAS).

Standards

Standards covered in this guide include:

  • IFRS 3 - Business Combinations
  • IFRS 10 - Consolidated financial statements
  • IAS 27: Separate Financial Statements
  • IFRS 12: Disclosure of Interests in Other Entities
  • IAS 28: Investments in Associates and Joint Ventures
  • IFRS 11: Joint arrangements
  • IFRS 15: Revenue from Contracts with Customers
  • IAS 21: The Effects of Changes in Foreign Exchange Rates
  • IAS 32: Financial Instruments: Presentation
  • IFRS 9: Financial Instruments
  • IFRS 7: Financial instruments: Disclosures
  • IAS 12: Income Taxes
  • IFRS 16: Leases

The guide doesn’t cover all the standards (there are about 45 active standards in all!), but all the ones, especially those relevant to consolidating other business entities, and carrying out International Business, are covered.

Worked Examples

Each section has an outline of the standards relevant to it. This is followed by a series of worked examples. The latter is the emphasis of this guide, practical and worked through examples, as we feel this:

  • Helps better apply the knowledge and rules gained from each standard to different business scenarios, situations and contexts
  • Maximises the reader’s learning (by allowing them to practice through different examples)