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Hi,
When answering a question regarding a specific accounting standard e.g. leases which standard would you refer to – the one that is currently still used in financial statements -IAS17 – or the one that is in issue but not yet adopted – IFRS 16?
Thank you
IFRS 16 does not appear to be examinable until after June 2017
So relate to IAS 17
And if there is a question relate to Revenue , then which one will be applicable IFRS 15 or IAS 18 ?
IAS no longer exists so that would be a MAJOR tactical error to mention IAS 18 …
… unless … there were a question that asked you to identify the changes that happened to IAS 18 to arrive at IFRS 15
But that WILL NOT happen!
Sir, you mean all the questions in the revision kit regarding IAS 18 arent applicable anymore and their answers should reflect the IFRS 15?
Also where do i get the updated list of all IASs and IFRSs applicable to this paper?
Thank you.
“Sir, you mean all the questions in the revision kit regarding IAS 18 arent applicable anymore and their answers should reflect the IFRS 15?”
Yes, but a revision kit / exam kit is published to be relevant for a complete year. You cannot reasonably expect revisions to the publications instantly every time a new IFRS is published
“Also where do i get the updated list of all IASs and IFRSs applicable to this paper?”
Try this:
International Accounting Standards (IASs)/International Financial Reporting Standards (IFRSs)
IAS 1
Presentation of Financial Statements
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IAS 2
Inventories
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IAS 7
Statement of Cash Flows
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IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors
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IAS 10
Events after the Reporting Period
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IAS 12
Income Taxes
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IAS 16
Property, Plant and Equipment
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IAS 17
Leases
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IAS 19
Employee Benefits
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IAS 20
Accounting for Government Grants and Disclosure of Government Assistance
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IAS 21
The Effects of Changes in Foreign Exchange Rates
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IAS 23
Borrowing Costs
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IAS 24
Related Party Disclosures
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IAS 27
Separate Financial Statements
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IAS 28
Investments in Associates and Joint Ventures
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IAS 32
Financial Instruments: Presentation
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IAS 33
Earnings per Share
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IAS 34
Interim Financial Reporting
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IAS 36
Impairment of Assets
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IAS 37
Provisions, Contingent Liabilities and Contingent Assets
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IAS 38
Intangible Assets
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IAS 40
Investment Property
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IAS 41
Agriculture
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IFRS 1
First-time Adoption of International Financial Reporting Standards
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IFRS 2
Share-based Payment
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1
IFRS 3 (revised)
Business Combinations
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IFRS 5
Non-Current Assets Held for Sale and Discontinued Operations
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IFRS 7
Financial Instruments: Disclosures
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IFRS 8
Operating Segments
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IFRS 9
Financial Instruments
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IFRS 10
Consolidated Financial Statements
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IFRS 11
Joint Arrangements
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IFRS 12
Disclosure of interests in Other Entities
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IFRS 13
Fair Value Measurement
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IFRS 15
Revenue from Contracts with Customers
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IFRS for SMEs
IFRS for Small and Medium sized Entities
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Other Statements
The Conceptual Framework for Financial Reporting
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Practice Stmt
Management Commentary
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The International <IR> Framework
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EDs, Discussion Papers and Other Documents
ED 2014 / 6
Disclosure initiative – proposed amendments to IAS 7
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ED 2014/3
Recognition of deferred tax assets for unrealised losses
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ED 2013/6
Leases
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ED/2014/4
Measuring quoted investments in subsidiaries, joint ventures and associates at fair value
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ED/2014/5
Classification and Measurement of Share-based Payment Transactions – proposed amendments to IFRS 2
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ED 2015/1
Classification of Liabilities – proposed amendments to IAS 1
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ED 2015/3
Conceptual Framework for Financial Reporting
?Thank you sir. My worry is that i am using the kit of til June 2015, i wonder if there any revision to the answers relating to revenue questions and also the reporting section?
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