International Financial Reporting Standards in Issue as of January 2009

Hello guyz

here are the links for some accounting standards, just press control and click on the link and it will take you straight to the standard you wish to read.

International Financial Reporting Standards (IFRSs):

·         IFRS 1 First-time Adoption of International Financial Reporting Standards

·         IFRS 2 Share-based Payment

·         IFRS 3 Business Combinations

·         IFRS 4 Insurance Contracts

·         IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

·         IFRS 6 Exploration for and evaluation of Mineral Resources

·         IFRS 7 Financial Instruments: Disclosures

·         IFRS 8 Operating Segments

International Accounting Standards (IASs):

·         IAS 1 Presentation of Financial Statements

·         IAS 2 Inventories

·         IAS 7 Statement of Cash Flows

·         IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

·         IAS 10 Events after the Reporting Period

·         IAS 11 Construction Contracts

·         IAS 12 Income Taxes

·         IAS 14 Segment Reporting (for periods starting before 1 January 2009)

·         IAS 16 Property, Plant and Equipment

·         IAS 17 Leases

·         IAS 18 Revenue

·         IAS 19 Employee Benefits

·         IAS 20 Accounting for Government Grants and Disclosure of Government Assistance

·         IAS 21 The Effects of Changes in Foreign Exchange Rates

·         IAS 23 Borrowing Costs

·         IAS 24 Related Party Disclosures

·         IAS 26 Accounting and Reporting by Retirement Benefit Plans

·         IAS 27 Consolidated and Separate Financial Statements

·         IAS 28 Investments in Associates

·         IAS 29 Financial Reporting in Hyperinflationary Economies

·         IAS 31 Interests in Joint Ventures

·         IAS 32 Financial Instruments: Presentation

·         IAS 33 Earnings per Share

·         IAS 34 Interim Financial Reporting

·         IAS 36 Impairment of Assets

·         IAS 37 Provisions, Contingent Liabilities and Contingent Assets

·         IAS 38 Intangible Assets

·         IAS 39 Financial Instruments: Recognition and Measurement

·         IAS 40 Investment Property

·         IAS 41 Agriculture

UK Financial Reporting Standards in Issue as of

June 2009

Financial Reporting Standards (FRSs):

·         FRS 1 (Revised 1996) - Cash Flow Statements

·         FRS 2 Accounting for Subsidiary Undertakings

·         FRS 3 Reporting Financial Performance

·         FRS 4 Capital Instruments

·         FRS 5 Reporting the Substance of Transactions

·         FRS 6 Acquisitions and Mergers

·         FRS 7 Fair Values in Acquisition Accounting

·         FRS 8 Related Party Disclosures

·         FRS 9 Associates and Joint Ventures

·         FRS 10 Goodwill and Intangible Assets

·         FRS 11 Impairment of Fixed Assets and Goodwill

·         FRS 12 Provisions, Contingent Liabilities and Contingent Assets

·         FRS 13 Derivatives and other Financial Instruments: Disclosures

·         FRS 14 Earnings per Share

·         FRS 15 Tangible Fixed Assets

·         FRS 16 Current Tax

·         FRS 17 Retirement Benefits

·         FRS 18 Accounting Policies

·         FRS 19 Deferred Tax

·         FRS 20 (IFRS2) Share-based Payment

·         FRS 21 (IAS 10) Events after the Balance Sheet Date

·         FRS 22 (IAS 33) Earnings per share

·         FRS 23 (IAS 21) The Effects of Changes in Foreign Exchange Rates

·         FRS 24 (IAS 29) Financial Reporting in Hyperinflationary Economies

·         FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation

·         FRS 26 (IAS 39) Financial Instruments: Recognition and Measurement

·         FRS 27 Life Assurance

·         FRS 28 'Corresponding Amounts'

·         FRS 29 (IFRS 7) 'Financial Instruments: Disclosures'

·         FRS 30 Heritage Assets

·         FRSSE (effective January 2005) - Financial Reporting Standard for Smaller Entities

SSAPs:

·         SSAP 4 Accounting for government grants

·         SSAP 5 Accounting for value added tax

·         SSAP 9 Stocks and long-term contracts

·         SSAP 13 Accounting for research and development

·         SSAP 15 Status of SSAP 15

·         SSAP 17 Accounting for post balance sheet events

·         SSAP 19 Accounting for investment properties

·         SSAP 20 Foreign currency translation

·         SSAP 21 Accounting for leases and hire purchase contracts

·         SSAP 24 Accounting for pension costs

·         SSAP 25 Segmental reporting

The Main Financial Accounting Ratios

·         Return on Capital Employed (Primary Ratio, ROCE)

Trading profit as a percentage of capital employed

Trading profit must be before deduction of any return to providers of long-term funds, and is usually taken before any exceptional items – thus is profit before interest and tax. Capital employed is the total long-term funding of the business, calculated as shareholders’ funds (including all reserves) plus all long term loans. Some authorities also include any excess of current liabilities over current assets, as this is, effectively, long term funding.

·         Return on Shareholders’ Funds

Profit available to equity shareholders as a percentage of equity capital

The profit figure is after all deductions, including any preference dividend, but before any equity dividend. Equity capital is ordinary share capital plus all reserves (exclude preference share capital)

·         Gross profit margin

Gross profit as a percentage of sales

This is a key measure of the relationship between input cost and price. It will change only as a result of changes in cost or selling prices. A less used, but allied ratio is “mark-up” which tells the same story but by calculating gross profit as a percentage of cost of sales.

·         Net profit margin

Net profit as a percentage of sales

This is best seen as indicating how much of each £1 of sales (in pence) is left as profit after all expenses are deducted. As a comparative measure over time, it is usual to use trading profit (before interest and tax), although other statement of comprehensive income figures can be used. One approach is to calculate all of the profit and loss figures as a percentage of sales.

·         Current ratio

The number of times current assets covers current liabilities

·         Quick assets ratio (acid test or liquidity ratio)

The number of times current assets less stocks and work-in-progress cover current liabilities

·         Debtors turnover (credit given)

Average debtors divided by credit sales times 365 days

Average debtors is usually taken to be the statement of financial position figure at the end of the year, but it is more accurate to average the debtors over the period during which the sales were earned, if opening statement of financial position figures are available

·         Creditors turnover (credit taken)

Average creditors divided by cost of sales times 365 days

·         Stock turnover

Average stock divided by cost of sales times 365 days

As with debtors and creditors, the average is often assumed to be the end of period statement of financial position figure, but a more accurate calculation will result if opening and closing stock for the period are averaged

·         Asset turnover

Sales divided by non-current assets (or total assets less current liabilities)

This seeks to measure how effectively assets are being used to generate sales. Used with care, it’s a useful measure in a capital intensive organisation, but it is easily distorted by the effects of changes in assets and depreciation. Sales or profit per employee might be more useful in a labour intensive organisation.

·         Gearing

Long term borrowing as a percentage of capital employed

This is sometimes alternatively calculated as long term borrowing as a percentage of shareholders’ funds. A further variant is to include excess current liabilities over current assets or even all current liabilities, as part of borrowing. A more accurate assessment of the risks of gearing can be gained from the interest cover ratio.

·         Interest cover

The number of times profit before interest covers the interest charge

·         Earnings per share

Profit available to equity shareholders divided by number of issued shares

·         Price/earnings ratio

Share price divided by earnings per share

To be most useful, this should be calculated using the average share price during the year in which the earnings were made, but this is rarely done. Most commonly the last reported earnings are compared with current share price, thus turning the ratio into a measure of the stock market’s expectations about the company

·         Horizontal or trend analysis

If two of more years’ figures are available, the percentage change of key indicators (such as sales, various costs, working capital, gearing, etc.) can be calculated over time.