International Accounting Standards Overview

Which International Accounting Standard specifically addresses the Presentation of Financial Statements?

What year was IAS 2, which pertains to Inventories, issued?

Which standard was superseded by IAS 1 effective July 1, 1998?

Which of the following IASs was issued in 1992?

Which International Accounting Standard was superseded by IAS 38 effective July 1, 1999?

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IAS 3: Consolidated Financial Statements, originally issued in 1976, was superseded by IAS 27 and IAS 28 in 1989.
IAS 4: Depreciation, originally issued in 1976, was withdrawn in 1999.
IAS 4: Information to Be Disclosed in Financial Statements, originally issued in 1976, was superseded by IAS 1 in 1998.
IAS 5: Accounting Responses to Changing Prices, superseded by IAS 15, was withdrawn in December 2003.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IAS 8: Accounting for Research and Development Activities, originally issued in 1976, was superseded by IAS 38 in 1999.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.

This quiz covers key information about International Accounting Standards (IAS) and their evolution. Participants will learn about the roles of the IASB and significant IAS issued over the years. Test your knowledge of the major changes and updates in the IAS framework.