Companies Act 2006: Sets out duties and responsibilities of directors
IFRS 3: Business combinations - transaction or event in which an acquirer obtains control of one or more
businesses
IFRS 10: Consolidated financial statements
IFRS 15: Revenue – what is included in revenue, when and at what value. Revenue is governed by IFRS15
IFRS 16: Leases provides the rules for dealing with the asset and liability created when leases are entered
into. It also outlines the definition of a lease
IAS 1: Presentation of financial statements - Sets out the overall requirements for financial statements,
including the statement of financial position, statement of profit or loss, statement of changes in equity,
and statement of cash flows.
IAS 2: Inventories - addresses the classification and valuation of inventories. This is a very important
standard as inventory can have a significant impact on the position of a business and on its cost of sales.
IAS 7: Statement of cash flows - provides guidelines for the presentation of the statement of cash flows and it is
divided into 3 sections, operating activities, investing activities and financing activities.
IAS 10: Events after the reporting period—this standard considers if and when figures in the financial
statements should be adjusted, after new information comes to light, before the statements are issued to
the shareholders.
IAS 12: Income Tax accounts for the tax expense in the financial statements and how to deal with
any under or over provision made in earlier periods
IAS 16: Property plant and equipment—the recognition of these assets, initial measurement, measure-
ment post acquisition and derecognition
IAS 28: Investments in associates and joint ventures
IAS 36: Impairment of assets - considers the effect of a fall in value of an asset and how to account for it
in the accounting records.
IAS 37: Provisions, Contingent Liabilities and Contingent Assets - Defines a provision as a liability of un-
certain timing or amount, recognisable only when a present obligation exists, an outflow is probable, and
a reliable estimate can be made. considers when these transactions should be recognised, disclosed and
at what values.
IAS 38: Intangible assets - sets out the accounting treatment on acquiring, the development of,
maintaining or enhancing intangible assets.
IFRS 3: Business combinations - transaction or event in which an acquirer obtains control of one or more
businesses
IFRS 10: Consolidated financial statements
IFRS 15: Revenue – what is included in revenue, when and at what value. Revenue is governed by IFRS15
IFRS 16: Leases provides the rules for dealing with the asset and liability created when leases are entered
into. It also outlines the definition of a lease
IAS 1: Presentation of financial statements - Sets out the overall requirements for financial statements,
including the statement of financial position, statement of profit or loss, statement of changes in equity,
and statement of cash flows.
IAS 2: Inventories - addresses the classification and valuation of inventories. This is a very important
standard as inventory can have a significant impact on the position of a business and on its cost of sales.
IAS 7: Statement of cash flows - provides guidelines for the presentation of the statement of cash flows and it is
divided into 3 sections, operating activities, investing activities and financing activities.
IAS 10: Events after the reporting period—this standard considers if and when figures in the financial
statements should be adjusted, after new information comes to light, before the statements are issued to
the shareholders.
IAS 12: Income Tax accounts for the tax expense in the financial statements and how to deal with
any under or over provision made in earlier periods
IAS 16: Property plant and equipment—the recognition of these assets, initial measurement, measure-
ment post acquisition and derecognition
IAS 28: Investments in associates and joint ventures
IAS 36: Impairment of assets - considers the effect of a fall in value of an asset and how to account for it
in the accounting records.
IAS 37: Provisions, Contingent Liabilities and Contingent Assets - Defines a provision as a liability of un-
certain timing or amount, recognisable only when a present obligation exists, an outflow is probable, and
a reliable estimate can be made. considers when these transactions should be recognised, disclosed and
at what values.
IAS 38: Intangible assets - sets out the accounting treatment on acquiring, the development of,
maintaining or enhancing intangible assets.
