IFRS 1 – Initial Investment

Regulations on how to convert from national accounting standards to IFRS. This is the first step when a business moves to use IFRS.

IFRS 9 – Financial instruments

Rules on how to account for financial instruments, including the classification and measurement of assets and liabilities, and how to treat impairment of liabilities.

IFRS 15 – Revenue from customer contracts

IFRS 15 provides a single method for recognising revenue from contracts, helping to determine when and how much revenue should be recognised, based on the transfer of ownership to the customer.

IFRS 16 – Property rental

Lease recognition requirements. IFRS 16 requires entities to recognise all leases (including short-term and long-term leases) as assets and liabilities on the balance sheet.

IFRS 17 – Insurance

Provides principles for accounting for insurance contracts, including how to recognize and measure insurance obligations.

IAS 1 – Presentation of financial statements

Regulations on the presentation of basic financial statements, including balance sheets, income statements and cash flow statements, to ensure transparency and ease of understanding for users of the reports.

IAS 2 – Inventory

Provides rules for how to account for inventory, including methods for determining inventory cost (such as FIFO, LIFO) and how to determine the value of inventory.

IAS 16 – Tangible fixed assets

Rules for measuring and recording fixed assets, including determining initial cost, depreciation, and salvage value.

IAS 36 – Asset depreciation

Specifies how to determine and record asset impairment when the recoverable value of an asset falls below its carrying value.

IAS 37 – Provisions, Contingent Liabilities and Contingent Assets

Provides guidelines for the recognition of provisions, contingent liabilities and contingent assets, especially for expenses that are not clearly identified.

Why are these standards important?

Applying IFRS helps businesses:
• Ensure transparency and consistency in financial reporting.
• Increase access to international capital.
• Improve comparability between international businesses.
• Meet the requirements of financial and tax authorities.

Mastering these standards will help businesses apply IFRS effectively and minimize legal and financial risks.

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