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International Accounting Standards

ID
1249
Course Code
GFNWS008
Title
International Accounting Standards
Category
Finance and Accounting
Date
14 - 18 Dec
Location
Dubai
Country
UAE
Fees
2500 $
Desc

International accounting standards board (IASB)

Started its operations in 2001 with the following objectives:

  • Develop, in the public interest, a single set of high quality understandable and enforceable global accounting standards that require high quality transparent and capable information in financial statements and other financial reporting to help the participants in the various capital markets of the world and other users of the information to make economic decisions.
  • Promote the use and rigorous application of those standards.
  • Work actively with national standards-setters to bring convergence of national accounting standards and International Financial Reporting Standards (IFRS) to high quality solution.

IFRSs are designed to apply to the general purpose financial statements and other financial reporting of all profit-oriented entities. These entities include those engaged in commercial, industrial, financial and similar activities, whether organized in corporate or other forms.

IASB replaced the old regime of International Accounting Standards Committee (IASC) in standard setting. The IASC was issuing International Accounting Standards (IAS). So far there were forty one IAS which had been issue before IASB replaced IASC in 2001. As one of the major weaknesses of IASC was that the standards it was issuing contained many objectives thereby defeating the purpose of consistency in recognition, measurement and presentation of transactions. IASB intends to limit such choice of accounting treatments.

Course Outline

IAS 1

Presentation of financial statements

IAS 2

Inventories

IAS 7

Cash flow statements

IAS 8

Net profit or loss for the period, fundamental errors and changes in accounting policies.

IAS 10

Events after the Balance Sheet date

IAS 11

Construction contracts

IAS 12

Income taxes

IAS 14

Segmental reporting

IAS 16

Property, plant and equipment

IAS 17

Leases

IAS 18

Revenues

IAS 19

Employees Benefits

IAS 20

Accounting for government grants and disclosures of government assistance

IAS 21

The Effects of Changes in Foreign Exchange Rates

IAS 22

Business combination

IAS 23

Borrowing costs

IAS 24

Related party disclosures

IAS 26

Accounting and reporting by retirement benefits plans

IAS 27

Consolidated financial statements and accounting for investments in subsidiary

IAS 28

Accounting for investment in associates

IAS 29

Financial reporting in hyperinflationary economies

IAS 30

Disclosure in the financial statements of banks and similar financial institutions

IAS 31

Financial reporting of interest in joint ventures

IAS 32

Financial instruments: disclosures and presentation

IAS 33

Earnings per share

IAS 34

Interim financial reporting

IAS 35

Discontinued operations

IAS 36

Impairment of assets

IAS 37

Provisions, contingent liabilities and contingent assets

IAS 38

Intangible assets

IAS 39

Financial instruments: recognition and measurement

IAS 40

Investment income

IAS 41

Agriculture

 
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