IAS 8 Unusual and Prior Period Items and Changes in Accounting PoliciesĮxposure Draft E46 Extraordinary Items, Fundamental Errors and Changes in Accounting Policies IAS 39 - Financial Instruments: Recognition and MeasurementĮxposure Draft E8 The Treatment in the Income Statement of Unusual Items and Changes in Accounting Estimates and Accounting Policies.IAS 37 - Provisions, Contingent Liabilities and Contingent Assets.IAS 35 - Discontinuing Operations (Superseded).IAS 32 - Financial Instruments: Presentation.IAS 30 - Disclosures in the Financial Statements of Banks and Similar Financial Institutions.IAS 29 - Financial Reporting in Hyperinflationary Economies.IAS 28 - Investments in Associates (2003).IAS 28 - Investments in Associates and Joint Ventures (2011).IAS 27 - Consolidated and Separate Financial Statements (2008).IAS 27 - Separate Financial Statements (2011).IAS 26 - Accounting and Reporting by Retirement Benefit Plans.IAS 22 - Business Combinations (Superseded).IAS 21 - The Effects of Changes in Foreign Exchange Rates.IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance.IAS 19 - Employee Benefits (1998) (superseded).IAS 15 - Information Reflecting the Effects of Changing Prices (Withdrawn).IAS 14 - Segment Reporting (Superseded).IAS 10 - Events After the Reporting Period.IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.IAS 1 - Presentation of Financial Statements.distinguishing rented properties that are in the scope of IAS 40 from those in the scope of IAS 2ĭisclosure requirements are set out in paragraphs IAS 2.36-39.distinguishing some intangible assets that are in the scope of IAS 38 from those in the scope of IAS 2.distinguishing some types of assets that are in the scope of IAS 16 from those in the scope of IAS 2.Subscribe today: Intangible assets/ PP&E / investment property vs. Overwhelmed by constant stream of IFRS updates? Too many newsletters that you move to ‘read later’ folder, but later never comes? Reporting Period has you covered! All essential IFRS developments and Big 4 insights in one monthly newsletter curated by Marek Muc. The fact that this paragraph has been deleted by IFRS 15 implies that service providers should account for their intangible work-in-progress under IFRS 15 as costs to fulfil a contract. The deleted paragraph stated that these costs consisted primarily of the labour and other costs of personnel directly engaged in providing the service, including supervisory personnel, and attributable overheads. The introduction of IFRS 15 deleted paragraph IAS 2.19 relating to cost of inventories of a service provider. Most often they are immaterial and therefore expensed in P/L once received, but it is possible to treat them as assets based on internally developed accounting policy in accordance with IAS 8.10-12. printing paper) are not in the scope of IAS 2 as they do not meet the definition set out in IAS 2.6. Administrative suppliesĪdministrative or office supplies (e.g. Typical examples of inventories include merchandise purchased by a retailer and held for resale, finished goods produced, work in progress being produced or materials and supplies awaiting use in the production process (IAS 2.8).Ĭosts to fulfil a contract with customers that do not give rise to an asset to be recognised under IAS 2 (or other IFRS) should be accounted for under IFRS 15. in the form of materials or supplies to be consumed in the production process or in the rendering of services.in the process of production for such sale or.held for sale in the ordinary course of business or.It applies to all inventories except financial instruments (covered by IAS 32 and IFRS 9) and biological assets that are in the scope of IAS 41.Īdditional scope exemption relates to the measurement of inventories by certain producers of agricultural and forest products, agricultural produce after harvest, and minerals and mineral products or to certain commodity brokers-dealers.
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