IAS Learning Map

• IAS 01 This standard sets out the overall requirements for the presentation of general purpose financial statements, including their structure, minimum content, and fundamental concepts like going concern, accrual basis, and consistency. Its primary goal is to ensure comparability of financial statements, both for an entity across different periods and between different entities. The output is a complete set of financial statements comprising the Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows, and comprehensive Notes, along with comparative information.

IAS 02 IAS 2 specifies the accounting treatment for most types of inventories. It mandates that inventories be measured at the lower of cost and net realizable value (NRV). The standard also provides guidelines for acceptable cost measurement methods, such as specific identification, FIFO, or weighted average. The output ensures that the cost of inventories is properly determined and subsequently recognized as an expense, including any necessary write-downs to NRV.

IAS 3 This standard requires an entity to present a Statement of Cash Flows as a mandatory part of its financial statements prepared under IFRS. It provides information about historical changes in cash and cash equivalents. Cash flows are categorized into operating, investing, and financing activities, with operating activities having the option of direct or indirect presentation. The output is a structured report that helps users understand how an entity generates and uses cash.

IAS 8 IAS 8 provides guidance on the selection and application of accounting policies, and how to account for changes in accounting estimates and the correction of prior period errors. It dictates that accounting policies should be applied based on specific IFRSs or, in their absence, management's judgment to ensure relevant and reliable information. Generally, changes in accounting policies and error corrections require retrospective adjustments, while changes in estimates are applied prospectively. The standard aims to enhance the relevance and reliability of an entity's financial statements.

IAS 10 This standard defines and provides rules for accounting for events occurring after the reporting period up to the date the financial statements are authorized for issue. It distinguishes between "adjusting events," which provide evidence of conditions that existed at the reporting date and require financial statement adjustments, and "non-adjusting events," which relate to conditions that arose after the reporting period and require disclosure if material. The output ensures that the financial statements reflect a complete and accurate financial position and performance based on all information available up to the date of authorization.

IAS 12 IAS 12 provides guidance on the accounting for income taxes, including current and deferred tax implications. It requires the recognition of current tax assets and liabilities, and deferred tax assets and liabilities arising from temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as unused tax losses or credits. The standard also specifies various disclosure requirements for income tax information. The output helps users understand an entity's tax position and its impact on financial performance.

IAS 16IAS 16 establishes the accounting treatment for Property, Plant and Equipment (PPE). PPE is initially recognized at cost, and subsequently measured using either the cost model or the revaluation model. Under both models, the assets are systematically depreciated over their useful lives. The output ensures that users of financial statements can understand an entity's investment in its tangible operating assets and changes therein.

IAS 19This standard outlines the accounting for various types of employee benefits, including short-term benefits, post-employment benefits, other long-term benefits, and termination benefits. It requires an entity to recognize a liability when employees have rendered service in exchange for future benefits, and recognize an expense when the entity consumes the economic benefits arising from employee service. The output provides a structured approach for recognizing and measuring the costs and obligations related to employee remuneration.

IAS 20 – Accounting for Government Grants and Disclosure of Government Assistance IAS 20 provides guidance on accounting for government grants and other forms of government assistance. Government grants are recognized in profit or loss on a systematic basis over the periods in which the entity recognizes the related expenses the grants are intended to compensate. Grants related to assets can be recognized as deferred income or deducted from the asset's carrying amount. The output ensures proper recognition and disclosure of government support, reflecting its economic impact on the entity.

IAS 21 – The Effects of Changes in Foreign Exchange Rates - IFRS.VN This standard prescribes how to account for foreign currency transactions and foreign operations in financial statements, and how to translate financial statements into a presentation currency. It specifies that exchange differences are generally recognized in profit or loss, with certain exceptions for financial instruments or net investments in foreign operations, which may be recognized in other comprehensive income. The output aims to provide clear and consistent financial reporting when an entity deals with multiple currencies.

IAS 23 – Borrowing CostsIAS 23 specifies the accounting treatment for borrowing costs. It requires that borrowing costs directly attributable to the acquisition, construction, or production of a "qualifying asset" (an asset that takes a substantial period of time to get ready for its intended use or sale) be capitalized as part of the asset's cost. Other borrowing costs are recognized as an expense in the period incurred. The output ensures that the cost of self-constructed or acquired assets reflects all directly attributable borrowing costs.

IAS 24 – Related Party Disclosures - IFRS.VN This standard requires entities to disclose information about related party relationships, transactions, and outstanding balances. It defines various types of related parties, including key management personnel, and specifies the necessary disclosures. The output ensures that users of financial statements understand the potential impact of related party transactions on the entity's financial position and performance, enhancing transparency.

IAS 26 – Accounting and Reporting by Retirement Benefit Plans - IFRS.VN IAS 26 provides specific accounting and reporting requirements for retirement benefit plans themselves, rather than for employers' accounting for such plans (which is covered by IAS 19). It distinguishes between defined contribution plans and defined benefit plans. The output is a financial report for the retirement benefit plan that clearly presents the net assets available for benefits and, for defined benefit plans, the actuarial present value of promised retirement benefits.

IAS 27 – Separate Financial Statements - IFRS.VN IAS 27 sets out the accounting and disclosure requirements for 'separate financial statements'. These are financial statements prepared by a parent company or an investor in a joint venture or associate where investments are accounted for at cost, under IFRS 9 Financial Instruments, or using the equity method. The standard also provides rules for accounting for dividends received. The output is a clear presentation of an entity's individual financial position and performance, distinct from its consolidated results, with appropriate disclosures regarding its investments.

IAS 28 – Investments in Associates and Joint Ventures - IFRS.VNThis standard prescribes the application of the equity method of accounting for investments in associates and joint ventures. An associate is an entity where the investor has significant influence (the power to participate in financial and operating policy decisions) but not control or joint control. The standard details how the equity method should be applied, including interactions with other IFRSs like IFRS 9. The output is a faithful representation of the investor's share of the associate's or joint venture's net assets and profit or loss, reflecting significant influence or joint control.

IAS 29 – Financial Reporting in Hyperinflationary Economies - IFRS.VN IAS 29 provides guidelines for financial reporting in economies experiencing hyperinflation. It requires that the financial statements of an entity operating in such an economy be restated in terms of the measuring unit current at the end of the reporting period. This restatement helps to ensure that the financial information remains meaningful and comparable despite significant changes in the general purchasing power of the currency. The output is financial statements adjusted to reflect the effects of hyperinflation, including the gain or loss on monetary items.

IAS 32 – Financial Instruments IAS 32 establishes principles for the presentation of financial instruments, primarily focusing on their classification as financial liabilities or equity instruments. It also provides guidance on accounting for treasury shares and the strict conditions under which financial assets and financial liabilities can be offset in the statement of financial position. The standard's output is financial statements where financial instruments are correctly categorized based on the substance of their contractual arrangement, not merely their legal form, ensuring proper reflection of debt and equity.

IAS 33 – Earnings Per Share - IFRS.VN IAS 33 dictates the principles for determining and presenting Earnings Per Share (EPS) to improve comparability of performance among different entities and across different reporting periods for the same entity. It provides methods for calculating basic EPS (based on weighted average ordinary shares outstanding) and diluted EPS (incorporating the effect of all dilutive potential ordinary shares). The output ensures a standardized and transparent reporting of an entity's earnings on a per-share basis, which is crucial for investors.

IAS 34 – Interim Financial Reporting - IFRS.VNThis standard specifies the minimum content and the recognition and measurement principles for interim financial reports. While it doesn't mandate when an entity must prepare such reports, it encourages publicly traded entities to provide them. The output is a condensed interim financial report, which includes summarized statements of financial position, comprehensive income, changes in equity, and cash flows, along with selected explanatory notes, designed to provide timely and relevant updates on the entity's performance and financial position.

IAS 36 – Impairment of Assets - IFRS.VNIAS 36 aims to ensure that assets are not carried at more than their recoverable amount. It requires entities to perform an impairment test when there is an indication that an asset may be impaired, generally comparing the asset's carrying amount to its recoverable amount (the higher of fair value less costs of disposal and value in use). Goodwill and certain intangible assets require annual impairment testing. The output is the recognition of an impairment loss in profit or loss if the carrying amount exceeds the recoverable amount, with detailed disclosures about the impairment.

IAS 37 – Provisions, Contingent Liabilities and Contingent Assets - IFRS.VN IAS 37 establishes the accounting treatment and disclosure requirements for provisions, contingent liabilities, and contingent assets. Provisions are recognized when an entity has a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount can be made. Contingent liabilities and assets are generally not recognized but disclosed under specific conditions. The output ensures that uncertain liabilities and potential assets are appropriately recognized or disclosed, providing users with a clearer picture of an entity's financial obligations and resources.

IAS 38 – Intangible Assets - IFRS.VNThis standard outlines the accounting treatment for intangible assets not specifically addressed by other IFRSs. It requires entities to recognize an intangible asset only if it meets specific criteria, including identifiability, control, and future economic benefits. After initial recognition, intangible assets with a finite useful life are amortized, while those with an indefinite useful life are not amortized but are tested annually for impairment. The output is financial statements that accurately reflect an entity's intangible resources and their consumption or impairment.

IAS 40 – Investment Property - IFRS.VNIAS 40 applies to the accounting for investment property, which is property (land or a building, or both) held to earn rentals or for capital appreciation, or both. After initial recognition at cost, entities can choose between the fair value model (where changes are recognized in profit or loss) or the cost model. The standard also provides rules for transfers between investment property, owner-occupied property, and inventories. The output ensures that investment properties are measured and presented consistently, reflecting their unique income-generating and capital appreciation characteristics.

IAS 41 – Agriculture - IFRS.VN IAS 41 prescribes the accounting for biological assets (living animals and plants) and agricultural produce at the point of harvest. It generally requires biological assets to be measured at fair value less costs to sell at each reporting date, with changes recognized in profit or loss. Agricultural produce harvested from biological assets is measured at fair value less costs to sell at the point of harvest, which then becomes its cost for applying IAS 2 Inventories. The output ensures that the unique nature of agricultural activities and related assets is reflected in financial statements through fair value measurement