SL.

NO

TITLE

IFRS 1

First time adoption IFRS

IFRS 2

Share based payment

IFRS 3

Business contribution

IFRS 4

Insurance contrast
Non current assets held for sale &
discontinued opearation

IFRS 5
IFRS 6
IFRS 7

Exploration for evaluation mineral resources

Financial instrument disclosures

IFRS 8

Operating segments

IFRS 9

Financial instruments

IMPORTANCE
Its objective is to ensure financial statement
Entitles often grants shares or share option to employees as other parties
Specifying the financial reporting by an entity when it undertakes a business
combination
Insurance can track
Specify the accounting for assets held for sale & presentation & disclosure of
discontinuity operation
Specifying the financial reporting for the exploration for and evaluation of
mineral resources
Deals with disclosure requirements in relation to all risks arising from
financial instruments
Applies to the separate individual financial statements of an entity
Deals with different financial instrument

ACCOUNTING STANDARDS
SL.NO

TITLE

AS-1

Disclosure of accounting policies

AS-2

Valuation of inventries

AS-3

Cash flow statement

AS-4

Contigencies & events occuring after B/S

AS-5

Net P/L after the period prior items & changes in

accounting policies

AS-6

Depreciation accounting

AS-7

Construction contracts

AS-8

R&D

AS-9

Revenue recognition

AS-10

Accounting for fixed assets

AS-11

The effect of changes in foreign rates

AS-12

Accounting for government grants

AS-13

Accounting for investments

AS-14

Accounting for amalgamations

AS-15

Employee benefits

AS-16

Burrowing cost

AS-17

Segment reporting

AS-18

Related party disclosures

AS-19

Leases

AS-20

Earning per share

AS-21

Consolidated financial statement

AS-22

Accounting of taxes & income

AS-23

Accounting for investments in association &

consolidated statement

AS-24

Discontinuing operations

AS-25

Interim financial reporting

AS-26

Intangible assets

AS-27

Financial reporting of interests in joint ventures

AS-28

Impairment of assets

AS-29

Provisions,contigent liabilities & contigent assets

AS-30

Financial instruments, recognition & measurements

AS-31

Presentation

AS-32

Disclosure

ACCOUNTING STANDARDS
IMPORTANCE
Accounting policies followed in the presentation of financial statements
Valuation of stocks, R/M closing WIP,finished stock etc
Preparation & submission of cash flow statement
The events which are occuring b/w the b/s date & which the financial staements are
prepared.
Preparation of P&L A/c to inter-period & inter firm comparisons
Terms & conditions about the depriciation of fixed assets
Principles of revenue recognition by the contractions
Withdrawn either in full or in part due to issuance of AS 26
Recognition to revenue in the statement of P&L of the enterprise
Disclosure of information regarding fined assets
Applied for transaction& balance in foreign circumstances in transacting the financial
statements
Accounting for government subsidiaries grants,inventries etc.
Investments in the financial statement of enterprise and related dosclosures
Amalgamations accounting for merger in the nature of purchase
It discloses with all employee benefits,except employee share based payments
It deals with interest & other cost incurred by an enterprise in connection with
burrowing of fund
To establish principles for reporting financial info about the different types of
products & services
Its established in reporting related parts relationship & transaction b/w enterprise &
its related parties

To prescribe for lessor & lessees the appropriate accounting policies & disclosure
It gives computational methodology for determinations & presentation of EPS
To prepare & presentation of consoidated financial statements
It prescribes the accounting treatement for taxes an income
It prescribes the investments in associates in consolidated financial statements
It deals with discontinuing operations of an enterprise
Deals with financial statements for an interim period
It deals with the valuation of accounting treatment of intangible assets
Deals with joint ventures & joint contracts
To prescribe the procedures that an enterprise applies to ensure that its assets are
carried at no more than their recoverable amount
It deals with meaning & treatment of these aspects
Its dealing with different financial instrument & their presentation & disclosure
Presentation & disclosures

SL.NO
IAS-1

TITLE
Presentation of financial statemnet

IAS-2

Inventories

IAS-7

Cash flow statement

IAS-8

Accounting policies,cheaper in accounting estimates & errors

IAS-10

Events after balance sheet date

IAS-11

Construction contracts

IAS-12

Income tax

IAS-14

Segment reposting

IAS-16

Property,plant & equipment

IAS-17

Lease

IAS-18

Revenue

IAS-19

Employee benefit

IAS-20

Accounting for government grants & also disclosure of government

assistance

IAS-23

Borrowing costs

IAS-24

Related party disclosures

IAS-26

Accounting & reputing by retirement benefit plans

IAS-27

Consolidated and separate financial retirement

IAS-28

Investment in associates

IAS-29

Financial reputing in hyperinflationary economics

IAS-31

Investment in joint ventures

IAS-33

Earning per share

IAS-34

Interim financial reporting

IAS-36

Impaiment of assets

IAS-37

Provisions contigent liabilities & contigent assets

IAS-38

Intangible assets

IAS-39

Financial instrument & recognition & measurement

IAS-40

Investment property

IAS-41

Agriculture

IMPORTANCE
It prescribes the minimum structure of financial statement
It states the method of valuation of inventories
It states the preparation & submission of cash flow statement
It prescribes about the accounting policies & change in accounting estimates
It states the adjustments made between financial statement date & balance sheet date
It helps to calculate revenues cost, profit / loss of construction contract
It prescribes the calculation of payment of tax
Basis for segment reposting
The cost of property plant & equipment are recognized
Accounting absent lease financing
Inflow of cash
Pension,contribution plan,benefit plans
Recognition of income & grants of government
Benchments treatment is to treat borrowing cost as expense
It disclosure of related party transaction & balance sheet balances in the separate financial statement
It appropriates accounting, reporting by retirement benefit plans
Consolidated financial statement of all subsdiaries of the parent
It deals with the investments accounting in asociates
It deals with the reputing relating to hyperinflationary economics
Deals with the economic activities that subject to joint venture
It applies to the shares of public company
Deals with interim financial reporting
Deals with accounting of government will in tangible assets & property, plant & equipment

The standard deals with record & valuation of intangible assets

It deals with record & valuation of intangible assets
Recognition of financial assets liability on the balance sheet
Recognised as assets of investment
Accounting treatments,financial statement presentation & disclosure related to agriculture activity