IAS

(noun)

International Accounting Standard

Related Terms

Examples of IAS in the following topics:

  • Introduction to IFRS

    • They are occasionally called by the original name of International Accounting Standards (IAS).
    • The IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC).
    • During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs).
    • In making that judgment, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for assets, liabilities, income, and expenses in the Framework.
    • This elevation of the importance of the Framework was added in the 2003 revisions to IAS 8.

  • Assessing Control

    • An investor shall discontinue the use of the equity method from the date when it ceases to have significant influence over an associate and shall account for the investment in accordance with IAS 39 from that date, provided the associate does not become a subsidiary or a joint venture as defined in IAS 31.
    • When an investment ceases to be an associate and is accounted for in accordance with IAS 39, the fair value of the investment at the date when it ceases to be an associate shall be regarded as its fair value on initial recognition as a financial asset in accordance with IAS 39.

  • Activities of the Business: Financing, Investing, and Operating

    • Interest payments (alternatively, this can be reported under financing activities in IAS 7 and US GAAP)

  • Cost of Equipment

    • Fixed assets, according to International Accounting Standard (IAS) 16, are long range assets whose cost can be measured reliably.

  • Advantages of LIFO

    • Due to LIFO's potential to skew inventory value, UK GAAP and IAS have effectively banned LIFO inventory accounting.

  • Indefinite-Life Impairment

    • According to IAS 36, reversal of impairment losses for goodwill are not allowed.

  • Goodwill Impairment

    • According IAS 36, reversal of goodwill impairment losses are not allowed.

  • Current Issues in Reporting and Disclosure

    • Under IAS 39, fair value is defined as the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.At inception, transaction (entry) price generally is considered fair value.