ias 01


What are the amendments to IAS 32 and IAS 1?

    139B Puttable Financial Instruments and Obligations Arising on Liquidation(Amendments to IAS 32 and IAS 1), issued in February 2008, amended paragraph 138 and inserted paragraphs 8A, 80A and 136A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. Earlier application is permitted.

When was the last IAS issued?

    The final IASs were issued in December 2003. BC4. IPSAS 1, issued in January 2000, was based on IAS 1 (revised 1997), which was reissued in December 2003.

What is an extraordinary item in IAS1?

    IAS1 prohibits an entity from presenting any item of income or expense as extraordinary items, either on the face of the income statement or in the notes. The IASB concluded that items treated as extraordinary result from the normal business risks faced by an entity, and do not warrant presentation in a separate component of the income statement.

What is IAS 37 & how does it affect a contract?

    In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity needs to include in determining the cost of fulling a contract when assessing whether a contract is onerous. The amendments apply a “directly related cost approach.”
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