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AAsh9y ago
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
MikeLittleMikeLittleTutor9y ago#1
IFRS 16 does not appear to be examinable until after June 2017 So relate to IAS 17
Mmishukkazi9y ago#2
And if there is a question relate to Revenue , then which one will be applicable IFRS 15 or IAS 18 ?
MikeLittleMikeLittleTutor9y ago#3
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!
Aanwaar929y ago#4
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.
MikeLittleMikeLittleTutor9y ago#5
"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 ? ? IAS 2 Inventories ? ? IAS 7 Statement of Cash Flows ? ? IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors ? ? IAS 10 Events after the Reporting Period ? ? IAS 12 Income Taxes ? ? IAS 16 Property, Plant and Equipment ? ? IAS 17 Leases ? ? IAS 19 Employee Benefits ? IAS 20 Accounting for Government Grants and Disclosure of Government Assistance ? ? IAS 21 The Effects of Changes in Foreign Exchange Rates ? ? IAS 23 Borrowing Costs ? ? IAS 24 Related Party Disclosures ? IAS 27 Separate Financial Statements ? ? IAS 28 Investments in Associates and Joint Ventures ? ? IAS 32 Financial Instruments: Presentation ? ? IAS 33 Earnings per Share ? ? IAS 34 Interim Financial Reporting ? IAS 36 Impairment of Assets ? ? IAS 37 Provisions, Contingent Liabilities and Contingent Assets ? ? IAS 38 Intangible Assets ? ? IAS 40 Investment Property ? ? IAS 41 Agriculture ? ? IFRS 1 First-time Adoption of International Financial Reporting Standards ? IFRS 2 Share-based Payment ? 1 IFRS 3 (revised) Business Combinations ? ? IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations ? ? IFRS 7 Financial Instruments: Disclosures ? ? IFRS 8 Operating Segments ? IFRS 9 Financial Instruments ? ? IFRS 10 Consolidated Financial Statements ? ? IFRS 11 Joint Arrangements ? IFRS 12 Disclosure of interests in Other Entities ? IFRS 13 Fair Value Measurement ? ? IFRS 15 Revenue from Contracts with Customers ? ? IFRS for SMEs IFRS for Small and Medium sized Entities ? Other Statements The Conceptual Framework for Financial Reporting ? ? Practice Stmt Management Commentary ? The International <IR> Framework ? EDs, Discussion Papers and Other Documents ED 2014 / 6 Disclosure initiative – proposed amendments to IAS 7 ? ED 2014/3 Recognition of deferred tax assets for unrealised losses ? ED 2013/6 Leases ? ED/2014/4 Measuring quoted investments in subsidiaries, joint ventures and associates at fair value ? ED/2014/5 Classification and Measurement of Share-based Payment Transactions - proposed amendments to IFRS 2 ? ED 2015/1 Classification of Liabilities - proposed amendments to IAS 1 ? ED 2015/3 Conceptual Framework for Financial Reporting ?
Aanwaar929y ago#6
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?
MikeLittleMikeLittleTutor9y ago#7
I doubt very much whether there have been any revisions to the printed solutions to bring them into line with up-to-date standards You could maybe check by borrowing an 2016 edition and comparing with your older edition
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