Concise Accountancy

Accountants and Registered Auditors

Company accounts

International Financial Reporting Standards (IFRS)

Generally, you would need to be familiar with the International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) when preparing your company accounts. So as to comply with Companies Act requirements.

Ordinarily, shareholders, Companies House and HM Revenue and Customs would expect your company accounts be prepared following the IFRS and IAS.

For that reason, you must also disclose the accounting standards your accounts are prepared accordingly.

List of International Financial Reporting Standards (IFRS)

IFRS 1First-time adoption of International financial reporting
IFRS 2Share-based payment.
IFRS 3Business combinations.
IFRS 4Insurance contracts.
IFRS 5Non-current assets held for sale and discontinued
IFRS 6Exploration and production assets tor energy and
IFRS 7Financial instruments: disclosures.
IFRS 8Operating Segments.
IFRS 9Financial instruments.
IFRS 10Consolidated financial statements.
IFRS 11Joint arrangements.
IFRS 12Disclosure of interests in other entities.
IFRS 13Fair value measurement.
IFRS 14Regulatory deferral accounts.
IFRS 15Revenue from contracts with customers.
IFRS 16Leases.
IFRS 17Insurance contracts.

List of International Accounting Standards (IAS)

IAS 1Presentation of financial statements.
IAS 2Inventories.
IAS 7Cash flow statements.
IAS 8Accounting policies, changes in accounting estimates and errors.
IAS 10Events after the balance sheet date.
IAS 11Construction contracts.
IAS 12Income taxes.
IAS 16Property, plant and equipment.
IAS 17Leases.
IAS 18Revenue.
IAS 19Employee benefits.
IAS 20Accounting for government grants and disclosure of government assistance.
IAS 21The effect of changes In foreign exchange rates.
IAS 23Borrowing costs.
IAS 24Related party disclosures.
IAS 26Accounting and reporting by retirement benefit plans.
IAS 27Consolidated and separate financial statements.
IAS 28Investments in associates.
IAS 29Financial reporting in hyper inflationary economies.
IAS 31Interests in joint ventures.
IAS 32Financial instruments: presentation.
IAS 33Earnings per share.
IAS 34Interim financial reporting.
IAS 36Impairment of assets.
IAS 37Provisions, contingent liabilities and contingent assets.
IAS 38Intangible assets.
IAS 39Financial instruments: recognition and measurement.
IAS 40Investment property.
IAS 41Agriculture.

Confirmation Statement

Another important document your company submit to Companies House is the confirmation statement.

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