IFRS in 140 characters or less... each! Enjoy.

IAS 1 Presentation: All accounts must have P/L, SFP, Cash Flows, Notes, Comparatives
IAS 2 Inventories: Value at the lower of cost (to get to location/condition) and Net Realisable Value
(Price less completion/selling costs)
IAS 7 Cash Flows: 3 headings 1. Operations (Turn P/L and working capital into cash) 2. Investments
(PPE) 3. Financing (Debt/equity)
IAS 8 Change A/C policy (recognition/presentation/measurement) retrospectively (adjust
comparatives) change A/C estimates prospectively
IAS 10 Adjusting event happened in the A/C period so change the balance, non-adjusting event
happened after so just a note
IAS 12 Income tax in P/L = Est. Tax Due for Yr + Movement on Deferred Tax Balance (NBV of
Assets less Tax Base) x Tax Rate
IAS 16 Recognise Assets at Cost (of bringing to use) depreciate over UEL, may revalue (each
class/regularly) creating revaluation reserve
IAS 17 Finance Lease if Lessee has risk/rewards of ownership (capitalise the lease and asset)
Operating Lease all others (expense payments)
IAS 19 Defined benefit (show pension asset/liability) if Co. has obligation to fund deficit, defined
contribution if not (expense contributions)
IAS 20 Govt grant set against expense or show as other income. Grant for asset deferred income or
set of against NBV of asset
IAS 21 Foreign monetary balances translated at Y/E rate, non-monetary translated on purchase date
or if revalued then rate on that date
IAS 23 Capitalise interest costs on assets being built (Interest at effective rate less any temporary
investment income)
IAS 24 All transactions with related partys (Managers/group entities/related to managers) must be
disclosed in a note
IAS 28 Associate one line in SFP (Investment + P% ALL post-acq profit) and in P/L (P% associate
profit IN PERIOD). Same for Joint Venture

IAS 32 Financial Asset (Cash or Contract to receive) Fin Liability (Contract to deliver Cash) Split
issued convertible debt into debt/equity
IAS 33 EPS Earnings/W. Ave No. Ordinary Shares (adjust for issues in the year) must disclose
diluted EPS (adjust for options/conv. debt)
IAS 34 Disclosures for Interim Reporting (Interim report not REQUIRED but if the entity does it heres
how)
IAS 36 Impairment if Carrying Amt > Recoverable Amt(Higher of value in use & FV less costs) Woff
order -Damaged Asset -Gwill -Other Assets
IAS 37 Provision Criteria -Legal/constructive obligation -Probable Outflow -Reliable Measurenot
probable/reliable = contingent (note to FS)
IAS 38 Intangibles Criteria -Future economic benefit -Separable -Reliable Measure. Expense
research, capitalise development if criteria met
IAS 40 Investment property if held for capital gain/to rent out. Either cost less depn or Fair Value
(every year gain/loss to P/L no depn)
IAS 41 Biological Assets (Cow/pig/wheat) held at Fair Value less point of sale costs each year with
gain/loss to P/L
IFRS 1 Adopt IFRS one year before transition date so you have comparatives, reconcile to old
balances gains/losses in reserves
IFRS 2 Pay for goods with shares (measure at FV of goods) Employee share schemes spread out
over vesting period based on estimates
IFRS 3 All assets/liabilities in a subsidiary measured at FV on acquisition date in order to measure
goodwill
IFRS 5 Asset held for sale if planned sale/available now/reasonable price/marketed now -measure at
lower of Carrying Value and FV less costs
IFRS 7 Disclose information about significance (accounting treatment) and risks of Financial
Instruments held
IFRS 8 Op. segment if business activities/reviewed by CEO/info available -Report if 10% Profit or
Assets or Revenue -75% Revenue by segment
IFRS 9 Fin. Assets held at Amortised cost (Bond held for term)/FVPL (any held for trading)/FVOCI
(Both) -Liabilities at Amortised Cost/FVPL

IFRS 10 Investor controls investee if they have rights to variable returns (Divs) and can affect them
through power over strategic decisions
IFRS 11 Joint Venture if separate legal entity Joint Operation if not. Proportional consolidation for
Joint Op associate treatment for JV
IFRS 12 Disclose how you determined control of a subsidiary under IFRS 10
IFRS 13 Fair Value determined by inputs -Level 1 (high volume identical items) -Level 2 (less volume
or not identical) -Level 3 (Estimate)
IFRS 15 Recognise revenue by matching up the obligations (what is required to get paid) in a
contract with when they are performed.