9th july 2015
Today is thursday, ooo no, office time. I enjoyed cds the previous day eehn. I came home around 1pm and rested when I got home. But today I cant leave till 5oclock. Ooo no,this work thing needs some getting used to. So I got to the office 8.01, just a minute late but I dont clock in or use id since I have not been given one yet. Did the usual, cheque requisition forms and the rest, but someone in my unit decided to teach me how to draw up performance reports for the whole company. It was fun,but he was a bit too fast and I could not get how he formatted the excel worksheet for that. But I am determined to learn that excel. I am going to do some intensive tutorials during the weekend.
Any way, enough of that. Let me share with you what I read. I studied all the international accounting standards issued to date with their date of issue and the name.
IAS Statements and their dates of issue
- IAS 1 Presentation of financial Statements (revised)
September 2007
- IAS 2 Inventories
December 2003
- IAS 7 Statement of Cashflows
December 1992
- IAS 8 Accounting Policies, change in Accounting estimates and errors
December 2003
- IAS 10 Events after the reporting period
1 January 2000
- IAS 11 Construction Contracts
1 January 1995
- IAS 12 Income tax
November 2000
- IAS 16 Property, plant and equipment
December 2003
- IAS 17 Leases
December 2003
- IAS 18 Revenue
December 1993
- IAS 19 Employee benefits
December 2004
- IAS 20 Accounting for government grants and disclosure of government assistance
January 1995
- IAS 21 Effects of change in foreign exchange rates
December 2003
- IAS 23 (Revised) Borrowing Costs
January 2008
- IAS 24 Related party disclosures
December 2003
- IAS 26 Accounting and reporting by retirement benefit plans
January 1995
- IAS 27 (Revised) Separste financial statements
May 2011
- IAS 28 Investment in associates
December 2003
- IAS 29 Financial reporting in hyperinflationary economies
January 1995
- IAS 30 Disclosure in the financial statement of banks and similar financial institutions
January 1995
- IAS 31 Interest in joint ventures
December 2003
- IAS 32 Financial instruments: presentation
December 2003
- IAS 33 Earning per share
December 2003
- IAS 34 Interim financial reporting
February 1998
- IAS 36 Impairment of assets
March 2004
- IAS 37 Provisions, contingent liabilities and contingent assets
September 1998
- IAS 38 Intangible assets
March 2004
- IAS 39 Financial instruments; recongnition and measurement
December 2004
- IAS 40 investment property
December 2003
- IAS 41 Agriculture
February 2001
IFRS
- IFRS 1 First time adoption of international financial reporting standards
June 2003
- IFRS 2 Share based payment
February 2004
- IFRS 3 (Revised) Business combination
January 2008
- IFRS 4 Insurance Contracts
May 2004
- IFRS 5 Non current assets held for sale and discontinued operations
March 2004
- IFRS 6 Exploration for and evaluation of mineral resources
December 2004
- IFRS 7 Finanical Instruments: disclosures
August 2005
- IFRS 8 Operating Segments
November 2006
- IFRS 9 Financial Instruments
November 2009
- IFRS 10 Consolidated financial statements
May 2011
- IFRS 11 Joint arrangements
May 2011
- IFRS 12 Disclosures of interest in other entities
May 2011
- IFRS 13 Fair value Measurement
May 2011
- IFRS 14 Regulatory deferral accounts
January 2014
- IFRS 15 Revenue from contracts with customers
January 2014
Steps in issuing Ifrs Standards
- During the early stages, the iasb may establish an advisory committee to give advice on issues arising in the project
- Iasb may develop and publish discussion papers for public comment
- Fllowing the receipt and review of comments, the iasb would develop and publish an exposure draft with a period of 90days
Interpretations
Formerly SIC (Standards interpretations committee) by Iasc in 1996, but later changed to international financial reporting standards interpretation committee (IFRIC). IFRIC is designed to help the IASB improve financial reporting through timely identification, discussion and resolution of financial reporting issues within the framework of IFRS.
Recommended Readings
Abbas A Mirza., Graham Holt., Liesel Knorr., Wiley IFRS: Practical Implementation Guide and Workbook
Dieter Christian., Nobert Ludenbach., IFRS Essentials
