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Questions and Answers
Which International Accounting Standard specifically addresses the Presentation of Financial Statements?
Which International Accounting Standard specifically addresses the Presentation of Financial Statements?
- IAS 4
- IAS 3
- IAS 1 (correct)
- IAS 2
What year was IAS 2, which pertains to Inventories, issued?
What year was IAS 2, which pertains to Inventories, issued?
- 1992
- 2007
- 2003
- 2005 (correct)
Which standard was superseded by IAS 1 effective July 1, 1998?
Which standard was superseded by IAS 1 effective July 1, 1998?
- IAS 5
- IAS 4 (correct)
- IAS 3
- IAS 6
Which of the following IASs was issued in 1992?
Which of the following IASs was issued in 1992?
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Which International Accounting Standard was superseded by IAS 38 effective July 1, 1999?
Which International Accounting Standard was superseded by IAS 38 effective July 1, 1999?
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Study Notes
International Accounting Standards (IAS)
- The International Accounting Standards Board (IASB) is responsible for issuing and amending International Accounting Standards (IASs).
- IASs replaced the standards previously set by the International Accounting Standards Council (IASC).
- IAS 1: Presentation of Financial Statements was issued in 2007.
- IAS 2: Inventories was issued in 2005.
- IAS 3: Consolidated Financial Statements, originally issued in 1976, was superseded by IAS 27 and IAS 28 in 1989.
- IAS 4: Depreciation, originally issued in 1976, was withdrawn in 1999.
- IAS 4: Information to Be Disclosed in Financial Statements, originally issued in 1976, was superseded by IAS 1 in 1998.
- IAS 5: Accounting Responses to Changing Prices, superseded by IAS 15, was withdrawn in December 2003.
- IAS 6: Statement of Cash Flows was issued in 1992.
- IAS 7: Accounting Policies, Changes in Accounting Estimates and Errors was issued in 2003.
- IAS 8: Accounting for Research and Development Activities, originally issued in 1976, was superseded by IAS 38 in 1999.
- IAS 10: Events After the Reporting Period and Construction Contracts was issued in 2003.
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