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IFRS & IAS Standards Hub
Plain-English summaries of the IFRS Accounting Standards examined in ICAP CAF, ACCA FA/FR, ICAI CA Inter, CIMA BA3 and ICAEW Accounting. Each page covers scope, key definitions, recognition and measurement, disclosures, common exam traps and a short worked example, with links to practise MCQs.
Heads-up: IFRS 18 (issued April 2024) replaces IAS 1 for annual periods beginning on or after 1 January 2027. Both are covered below.
Presentation & disclosure7
IAS 1Presentation of Financial StatementsSets the overall framework for general purpose financial statements: what a complete set contains, the general principles behind them and minimum line items.Read summary IAS 7Statement of Cash FlowsRequires a statement showing how cash and cash equivalents changed during the period, classified into operating, investing and financing activities.Read summary IAS 8Accounting Policies, Changes in Accounting Estimates and ErrorsSets the rules for selecting and changing accounting policies, and for accounting for changes in estimates and correcting prior period errors.Read summary IAS 10Events after the Reporting PeriodSets out when financial statements should be adjusted for events after the reporting date, and what to disclose about the date of authorisation and such events.Read summary IAS 24Related Party DisclosuresEnsures financial statements draw attention to the possibility that results and position have been affected by related parties and by transactions and balances with them.Read summary IAS 33Earnings per ShareSets out how to calculate and present basic and diluted earnings per share so performance can be compared between entities and periods.Read summary IFRS 18Presentation and Disclosure in Financial StatementsSets general requirements for presenting and disclosing information in financial statements, with more structured income statements and new disclosures on management-defined performance measures.Read summary
Assets8
IAS 2InventoriesExplains how to determine the cost of inventories, how to expense it, and when to write inventories down to net realisable value.Read summary IAS 16Property, Plant and EquipmentSets out when to recognise property, plant and equipment, how to measure it initially and subsequently, and how to depreciate and derecognise it.Read summary IAS 23Borrowing CostsRequires borrowing costs directly attributable to acquiring, constructing or producing a qualifying asset to be included in its cost; other borrowing costs are expensed.Read summary IAS 36Impairment of AssetsEnsures assets are not carried at more than their recoverable amount, and sets out how to recognise and reverse impairment losses.Read summary IAS 38Intangible AssetsSets out how to recognise and measure intangible assets not covered by another standard, including internally generated ones such as development costs.Read summary IAS 40Investment PropertyPrescribes how to recognise, measure and disclose property held to earn rentals or for capital appreciation.Read summary IAS 41AgricultureSets out the accounting for agricultural activity — biological assets and agricultural produce at the point of harvest.Read summary IFRS 5Non-current Assets Held for Sale and Discontinued OperationsSets out the accounting for assets held for sale and the presentation and disclosure of discontinued operations.Read summary
Liabilities & leases4
IAS 12Income TaxesPrescribes how to account for current and deferred tax on profits, using the balance-sheet liability method for deferred tax.Read summary IAS 19Employee BenefitsRequires an entity to recognise a liability when employees have provided service for benefits to be paid later, and an expense when the entity consumes that service.Read summary IAS 37Provisions, Contingent Liabilities and Contingent AssetsEnsures provisions, contingent liabilities and contingent assets are recognised and measured appropriately and enough information is disclosed about them.Read summary IFRS 16LeasesSets out how lessees and lessors recognise, measure, present and disclose leases, with a single on-balance-sheet model for lessees.Read summary
Revenue & income2
IAS 20Accounting for Government Grants and Disclosure of Government AssistanceExplains when and how to recognise government grants and what to disclose about other forms of government assistance.Read summary IFRS 15Revenue from Contracts with CustomersSets out a single five-step model for recognising revenue that reflects the transfer of promised goods or services to customers at the amount the entity expects to be entitled to.Read summary
Group accounts6
IAS 27Separate Financial StatementsSets out how to account for investments in subsidiaries, joint ventures and associates when an entity prepares separate (single-entity) financial statements.Read summary IAS 28Investments in Associates and Joint VenturesPrescribes accounting for investments in associates and sets out the equity method for both associates and joint ventures.Read summary IFRS 3Business CombinationsSets out how an acquirer recognises and measures the assets acquired, liabilities assumed, any non-controlling interest and goodwill in a business combination.Read summary IFRS 10Consolidated Financial StatementsEstablishes control as the basis for consolidation and sets out how to prepare consolidated financial statements.Read summary IFRS 11Joint ArrangementsSets out how parties to an arrangement they jointly control determine its type and account for their rights and obligations.Read summary IFRS 12Disclosure of Interests in Other EntitiesRequires disclosures that help users evaluate the nature of, and risks from, an entity's interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities, and their financial effects.Read summary
Financial instruments3
IAS 32Financial Instruments: PresentationSets out how to classify financial instruments as financial liabilities or equity from the issuer's perspective, and when financial assets and liabilities can be offset.Read summary IFRS 7Financial Instruments: DisclosuresRequires disclosures that let users evaluate how significant financial instruments are to an entity and the nature and extent of the risks arising from them and how they are managed.Read summary IFRS 9Financial InstrumentsSets the rules for recognising, classifying and measuring financial assets and liabilities, impairment using expected credit losses, derecognition and hedge accounting.Read summary
Other standards4
IAS 21The Effects of Changes in Foreign Exchange RatesSets out how to include foreign currency transactions and foreign operations in the financial statements, and how to translate them into a presentation currency.Read summary IFRS 1First-time Adoption of International Financial Reporting StandardsEnsures an entity's first IFRS financial statements are a suitable starting point, transparent and comparable, at a cost that does not exceed the benefits.Read summary IFRS 2Share-based PaymentRequires an entity to reflect the effects of share-based payment transactions, including employee share options, in profit or loss and financial position.Read summary IFRS 13Fair Value MeasurementDefines fair value, sets out a single framework for measuring it and requires disclosures about fair value measurements.Read summary