The title of IAS 7 is Statement of Cash Flows. Originally issued in 1977 as "Statement of Changes in Financial Position," it was renamed and updated to its current title in 2007 to reflect its focus on providing information about the historical changes in cash and cash equivalents.
IAS 7 requires an entity to provide a statement of cash flows for an accounting period, which analyses changes in cash and cash equivalents during a period. It requires the cash flows of an entity to be analysed into operating, investing and financing activities.
IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors. IAS 8 prescribes the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in estimates and correction of errors.
The objective of this Standard is to require the provision of information about the historical changes in cash and cash equivalents of an entity by means of a statement of cash flows which classifies cash flows during the period from operating, investing and financing activities.
International Accounting Standard 37: Provisions, Contingent Liabilities and Contingent Assets, or IAS 37, is an international financial reporting standard adopted by the International Accounting Standards Board (IASB).
IAS 36 Impairment of Assets.
In April 2001 the International Accounting Standards Board (Board) adopted IAS 33 Earnings per Share, which had been issued by the International Accounting Standards Committee in February 1997. In December 2003 the Board revised IAS 33 and changed the title to Earnings per Share.
AS 7 Construction Contract describes and lays out the accounting treatment in respect of the revenue and costs in relation to a construction contract. AS 7 Construction Contract is to be used in for the accounting of construction contracts in the financial statements of the contractors.
Dividend: IAS 7 gives an option to classify the dividend paid as an item of operating activity. However, Ind AS 7 requires it to be classified as a part of financing activity only.
An entity shall provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes.
International Accounting Standard 16: Property, Plant and Equipment (IAS 16) is an international financial reporting standard adopted by the International Accounting Standards Board (IASB).
IAS 13, also known as the International Accounting Standard 13, is a standard that provides guidelines for companies to assess the fair value of their assets and liabilities. The standard is set by the International Accounting Standards Board (IASB) and is used by companies worldwide.
Recent amendments. All amendments issued up to and including 31 December 2024 are included within the IFRS Foundation's latest version of the issued standard: 2025 Issued Standard – IAS 10.
IFRS 7 — Financial Instruments: Disclosures. IFRS 7 requires disclosure of information about the significance of financial instruments to an entity, and the nature and extent of risks arising from those financial instruments, both in qualitative and quantitative terms.
7 basic accounting concepts
67B The exemption from the requirements of IAS 7 was intended to include any disclosures relating to the statement of cash flows. It was considered that the preparation of these disclosures could lead to costs that are similar to those associated with the preparation of the statement itself.
Introduction. The International Accounting Standards Board (IASB) issued IAS 7, Statement of Cash Flows, to provide guidance on the presentation of cash flows from operating, investing, and financing activities.
In the United States, accountants follow the generally accepted accounting principles (GAAP) when they compile financial statements. Outside the U.S., many countries follow the International Financial Reporting Standards (IFRS), which aims to establish a common global language for company accounting.
Standard on Auditing (SA) 700 (Revised), “Forming an Opinion and Reporting on Financial Statements”, should be read in the context of the “Preface to the Standards on Quality Control, Auditing, Review, Other Assurance and Related Services1”, which sets out the authority of SAs and SA 200 (Revised), “Overall Objectives ...
The four main types of construction contracts are Lump Sum (Fixed Price), where a single price is set for the entire project; Cost-Plus, where the owner pays actual costs plus a fee; Time and Materials (T&M), paying hourly/daily rates plus material costs; and Unit Price, paying for measured units of work like cubic yards or linear feet, with Guaranteed Maximum Price (GMP) also common as a hybrid. These contracts allocate risk differently and suit various project types, from well-defined to those with uncertain scopes.
The 7 common types of costs in business and economics are Fixed Costs, Variable Costs, Total Costs, Average Costs, Marginal Costs, Opportunity Costs, and Sunk Costs, representing expenses that don't change, those that do, their combined sum, per-unit cost, cost of one extra unit, the value of the next best alternative, and past, unrecoverable costs, respectively, all crucial for decision-making and financial analysis.
The 7 essential elements for a valid contract typically include Offer, Acceptance, Consideration, Intention to Create Legal Relations, Capacity (competent parties), Certainty/Clarity of terms, and Legality of Purpose, ensuring all parties genuinely agree (mutual assent) to legal, clear terms, exchange value, and intend to be bound, forming a legally enforceable agreement.
IAS 32 — Financial Instruments: Presentation. IAS 32 outlines the accounting requirements for the presentation of financial instruments, particularly as to the classification of such instruments into financial assets, financial liabilities and equity instruments.
The five key types of financial statements are the Balance Sheet, Income Statement, Cash Flow Statement, Statement of Changes in Equity, and Notes to Financial Statements, providing a comprehensive view of a company's financial health by showing assets/liabilities, profitability, cash movements, equity changes, and crucial context, respectively.
IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance. IAS 20 prescribes the accounting for, and disclosure of, government grants and other forms of government assistance.