MAWLANA BHASHANI SCIENCE AND TECHNOLOGY

UNIVERSITY
Course title : Accounting Theory Course code : AIS 421

Assignment no : 02

Name of the Assignment : International Accounting standards

Submitted to :
Brishty Chakraborty
Assistant Professor
Department of Accounting
Mawlana Bhashani Science and Technology University
Santosh, Tangail-1902

Submitted by :
Name : Rakibul Islam
ID No : BBA 19018
4th year 2nd semester
Session: 2018-19
Department of Business Administration (Major in AIS)
Mawlana Bhashani Science and Technology University
Santosh, Tangail-1902

Date of formation: 31st July, 2023

Date of submission: 10th September, 2023
 International Accounting Standards
HISTORY OF IAS at a glance

International Accounting Standards (IAS) were the first international accounting

standards that were issued by the International Accounting Standards Committee
(IASC), formed in 1973. The goal then, as it remains today, was to make it easier to
compare businesses around the world, increase transparency and trust in financial
reporting, and foster global trade and investment. Globally comparable accounting
standards promote transparency, accountability, and efficiency in financial markets
around the world. This enables investors and other market participants to make
informed economic decisions about investment opportunities and risks and improves
capital allocation. Universal standards also significantly reduce reporting and
regulatory costs, especially for companies with international operations and
subsidiaries in multiple countries.

International Accounting Standards (IAS) are a set of rules for financial statements
that were replaced in 2001 by International Financial Reporting Standards (IFRS)
and have subsequently been adopted by most major financial markets around the
world.

A list of rules, statements, guidelines, disclosures forms the accounting standards. It

is listed by the overviewing accounting institutions to prepare consistent, uniform
financial statements that list the mandatory disclosures in a common format. The
32accounting standards list used in Bangladesh is discussed below:

 IAS 1: Accounting Disclosure Policies

The objective of IAS 1 (2007) is to prescribe the basis for presentation of

general-purpose financial statements, to ensure comparability both with
the entity’s financial statements of previous periods and with the financial
statements of other entities. To meet that objective, financial statements
provide information about an entity’s: Assets, Liabilities, Equity, Income
and Expenses, Including Gains and Losses, Cash Flows.

An entity must disclose, in the summary of significant accounting policies

or other notes, the judgements, apart from those involving estimations,
that management has made in the process of applying the entity’s
accounting policies that have the most significant effect on the amounts
recognized in the financial statements.

 IAS 2: Inventory Valuation

This standard provides accounting standards in brief and the guidelines

for determining the value of the inventories reported in financial
statements. They also include the process of deciding the inventory cost,
the Written Down Value (WDV) and more. To compute cost of sales in
periodic system purchases are recorded in the purchase account. Opening
balance of inventory is added to that amount and an inventory count is
performed at year end. This inventory count gives an amount of closing
inventory. In perpetual system accountant updates the balance of closing
inventory after every transaction involving inventory. It means after every
purchase and sales accountant get to know about the inventory balance.
  IAS 3: Disclosures required in consolidated financial
statements

The nature of the relationship between the parent and a subsidiary when
the parent does not own, directly or indirectly through subsidiaries, more
than half of the voting power, the reasons why the ownership, directly or
indirectly through subsidiaries, of more than half of the voting or potential
voting power of an investee does not constitute control, the reporting date
of the financial statements of a subsidiary when such financial statements
are used to prepare consolidated financial statements and are as of a
reporting date or for a period that is different from that of the parent, and
the reason for using a different reporting date or period, and the nature
and extent of any significant restrictions on the ability of subsidiaries to
transfer funds to the parent in the form of cash dividends or to repay loans
or advances.

 IAS 4: Balance Sheet Date, events and contingencies thereafter

This standard covers the treatment of events and contingencies that occur
post the date of drawing up the balance sheet.

 IAS 5: Non-current assets held for sale and discontinued

operation outlines how to account for non-current assets held for sale
(or for distribution to owners). In general terms, assets (or disposal
groups) held for sale are not depreciated, are measured at the lower of
carrying amount and fair value less costs to sell, and are presented
separately in the statement of financial position. Specific disclosures are
also required for discontinued operations and disposals of non-current
assets.

 IAS 6: Exploration for and Evaluation of Mineral Resources

The objective of IAS 6 is to specify the financial reporting for the

exploration for and evaluation of mineral resources. IAS 6 is the first
phase of a project on accounting for extractive activities and has the
objective to provide interim guidance until the IASB has completed its
comprehensive review. There are three key provisions under IAS 6: the
first is initial recognition, the second is measurement, and the third is
impairment.

 IAS 7: Cash Flow Statement

In these accounting standards with explanation, an enterprise's changes in

the cash values or historical value changes are covered. The process of
preparing the Cash Flow Statement or its changes from financing,
investing, and operations are detailed here. Cash flows from taxes on
income are also disclosed separately within operating activities.ms of
income or expense related to investing and financing activities. IAS 7
specifies disclosures about cash and cash equivalents and certain non-cash
transactions.

 IAS 8: Cash Flow Statement

Disclosures Relating to Changes in Accounting Policies

 The title of the standard or interpretation causing the change

 The nature of the change in accounting policy
 A description of the transitional provisions, including those that
might have an effect on future periods
 For the current period and each prior period presented, to the extent
practicable, the amount of the adjustment:
 For each financial statement line item affected, and
 For basic and diluted earnings per share

Disclosure:

i. The nature and amount of a change in an accounting estimate that

has an effect in the current period or is expected to have an effect in
future periods;

ii. If the amount of the effect in future periods is not disclosed because
estimating it is impracticable, an entity shall disclose that fact.

 IAS 9:
The objective of IAS 9 is to prescribe the accounting treatment for
intangible assets that are not dealt with specifically in another IFRS. The
Standard requires an entity to recognize an intangible asset if, and only if,
certain criteria are met. The Standard also specifies how to measure the
carrying amount of intangible assets and requires certain disclosures
regarding intangible assets.

Disclosure of Research and Development Information:

i. the amount of deferred research and development costs at the end

of the period; and
ii. the basis for amortizing any deferred research and development
costs.

 IAS 10:

Non-adjusting events should be disclosed if they are of such importance

that non-disclosure would affect the ability of users to make proper
evaluations and decisions. The required disclosure is

i. the nature of the event and

ii. an estimate of its financial effect or a statement that a reasonable
estimate of the effect cannot be made.

A company should update disclosures that relate to conditions that existed

at the end of the reporting period to reflect any new information that it
receives after the reporting period about those conditions. Companies
must disclose the date when the financial statements were authorized for
issue and who gave that authorization. If the enterprise’s owners or others
have the power to amend the financial statements after issuance, the
enterprise must disclose that fact.

 IAS 11: Accounting of Construction Contracts

The objective of IAS 11 is to prescribe the accounting treatment of

revenue and costs associated with construction contracts. If the outcome
of a construction contract can be estimated reliably, revenue and costs
should be recognized in proportion to the stage of completion of contract
activity.

Disclosure:

i. amount of contract revenue recognized;

ii. method used to determine revenue; iii. method used to
determine stage of completion.  IAS 12: Taxable Income
Accounting

IAS 12 prescribes the accounting treatment for income taxes, that is, taxes
that are based on taxable profit. Income taxes include all domestic and
foreign income taxes including foreign withholding taxes payable by a
subsidiary, associate or joint venture on distributions to the reporting
entity. Current tax for current and prior periods is, to the extent that it is
unpaid, recognized as a liability. Overpayment of current tax is recognized
as an asset.

 IAS 13: fair value measurement

Fair Value Measurement was issued in May 2011 and defines fair value,
establishes a framework for measuring fair value and requires significant
disclosures relating to fair value measurement. The International
Accounting Standards Board (the Board) wanted to enhance disclosures
for fair value in order that users could better assess the valuation
techniques and inputs that are used to measure fair value. There are no
new requirements as to when fair value accounting is required but rather
it relies on guidance regarding fair value measurements in existing
standards. Historically, fair value has had a different meaning depending
on the context and usage. The Board’s definition of fair value is the price
that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date.

Basically, it is an exit price.

Fair value measurements are categorized into a three-level hierarchy,

based on the type of inputs to the valuation techniques used, as follows:
 Level 1: Inputs are unadjusted quoted prices in active markets for
items identical to the asset or liability being measured. As with
current IFRS standards, if there is a quoted price in an active market,
 an entity uses that price without adjustment when measuring fair
value.
 Level 2: Inputs are inputs other than the quoted prices in determined
in level 1 that are directly or indirectly observable for that asset or
liability. They are likely to be quoted assets or liabilities for similar
items in active markets or supported by market data.
 Level 3: inputs are unobservable inputs. These inputs should be used
only when it is not possible to use Level 1 or 2 inputs. The entity
should maximize the use of relevant observable inputs and minimize
the use of unobservable inputs. However, situations may occur
where relevant inputs are not observable and therefore these inputs
must be developed to reflect the assumptions that market
participants would use when determining an appropriate price for
the asset or liability. The general principle of using an exit price
remains and IFRS 13 does not preclude an entity from using its own
data.

 IAS 14: Regulatory deferral accounts

The International Accounting Standards Board (IASB) has issued IFRS

14 Regulatory Deferral Accounts as an interim Standard while it considers
how the issues will be resolved over a longer term. IASB states that the
“Standard is to enhance the comparability of financial reporting by entities
that are engaged in rate-regulated activities.” They highlight that “many
countries have industry sectors that are subject to rate regulation, whereby
governments regulate the supply and pricing of particular types of activity
by private entities”. Utility companies are typical examples of where this
occurs.

IFRS 14 allows first-time adopters to “continue to recognize amounts

related to rate regulation in accordance with their previous GAAP
requirements when they adopt IFRS.” It is important to note that the
Standard can only be applied by first-time adopters of IFRS and that they
must elect to do so in their first IFRS financial statements. If they do not,
an “entity will not be eligible to apply the Standard in subsequent
periods.”

 IAS 15: revenue recognition steps

The five revenue recognition steps of IFRS 15 – and how to apply them.
Here, we summarize the following five steps of revenue recognition and
illustrative practical application for the most common scenarios:

1. Identify the contract:

Contract can have a written and non-written form or be implied
(contract may not be limited to goods or services explicitly
mentioned in a contract, but also include those expected to be
delivered due to business practices or statements made); Should be
approved by parties, and have a commercial basis; Should create
enforceable rights and obligations between parties; Should have a
 consideration established taking into account ability and intention to
pay.
2. Identify separate performance obligations:
A performance obligation is a distinct promise to transfer specific
goods or services, distinct from other goods or services.
3. Determine the transaction price:
Transaction price is the most likely value the entity expects to be
entitled to in exchange for the promised goods or services supplied
under a contract
May include significant financing components and incentives and
non-cash amounts offered, which affect how revenue is recognized.
4. Allocate transaction price to performance obligations:
Allocation is based on the standalone selling price of goods or
services forming that performance obligation. Allocation of
transaction price may include allocation of discounts, which are
applied:
 on a proportionate basis to all performance obligations based
on the stand-alone selling price of each performance
obligation (observable or estimated), or
 to specific performance obligations only, if
 observable evidence exists evidencing that the discount relates
to those specific obligations only; and
 goods / services stipulated in the performance obligation are
regularly sold as stand-alone and at a discount; and
  discount is substantially the same as the discount usually given
when goods / services are sold on a stand-alone basis
5. Recognize revenue when each performance obligation is satisfied:
The point of revenue recognition is the point when performance
obligation is satisfied, per each distinctive obligation.
May result in revenue recognition at a point in time or over time.

 IAS 16: property, plant, equipment

The objective of IAS 16 is to prescribe the accounting treatment for
property, plant, and equipment. For each class of property, plant, and
equipment, discloses:

 basis for measuring carrying amount

 depreciation method(s) used
 useful lives or depreciation rates
 gross carrying amount and accumulated depreciation and
impairment losses.

 IAS 17: property, plant, equipment

The objective of IAS 17 (1997) is to prescribe, for lessees and lessors, the
appropriate accounting policies and disclosures to apply in relation to
finance and operating leases.

Disclosure: Lessees – Finance Lease and Operating leases.

 carrying amount of asset
 reconciliation between total minimum lease payments and their
present value
 contingent rent recognized as an expense
 total future minimum sublease income under noncancelable
subleases beyond five years.
  IAS
18: Meaning of “Revenue”

IAS 18 prescribes the accounting treatment for revenue arising from:

The sale of goods; The rendering of services; and The use by others of
entity assets yielding interest, royalties and dividends.

Disclosure:

 accounting policy for recognizing revenue

 amount of each of the following types of revenue:
 sale of goods

 IAS 19: Employee Benefits

IAS 19 uses the principle that the cost of providing employee benefits
should be recognized in the period in which the benefit is earned by the
employee, rather than when it is paid or payable.

The standard identifies several categories of employee benefit including:

 short-term employee benefits, such as sick pay

 post-employment benefits such as pensions
 termination benefits, and
 other long-term employee benefits including long service leave.
  IAS
20: Government Grants and Disclosure of Government
Assistance

IAS 20 Accounting for Government Grants and Disclosure of

Government Assistance outlines how to account for government grants
and other assistance. Government grants are recognized in profit or loss
on a systematic basis over the periods in which the entity recognizes
expenses for the related costs for which the grants are intended to
compensate, which in the case of grants related to assets requires setting
up the grant as deferred income or deducting it from the carrying amount
of the asset. IAS 20 was issued in April 1983 and is applicable to annual
periods beginning on or after 1 January 1984.

 IAS 21: Does It Need Amending?

The International Accounting Standards Board (IASB) initiated a research

project that examined the previous research conducted by the Korean
Accounting Standards Board (KASB). This research considered whether
any work on IAS 21, The Effects of Changes in Foreign Exchange Rates,
was appropriate. This article looks at some of the issues raised by the
project in the context of IAS 21.
  IAS

22: business combinations

The objective of IAS 22 (Revised 1993) is to prescribe the accounting

treatment for business combinations. The Standard covers both an
acquisition of one enterprise by another (an acquisition) and also the rare
situation where an acquirer cannot be identified (a uniting of interests).

Business combination: Combining two separate enterprises into a single

economic entity as a result of one enterprise uniting with or obtaining
control over the net assets and operations of another enterprise. The
combination can result in a single legal entity or two separate legal
entities. Under IAS 22, "virtually all" business combinations are
acquisitions. [IAS 22.10]

 IAS 23: borrowing costs

IAS 23 Borrowing Costs requires that borrowing costs directly

attributable to the acquisition, construction or production of a 'qualifying
asset' (one that necessarily takes a substantial period of time to get ready
for its intended use or sale) are included in the cost of the asset. Other
borrowing costs are recognized as an expense.

Borrowing cost may include: [IAS 23.6]

 IAS
 Interest expense calculated by the effective interest method under
IAS 39,
  Finance charges in respect of finance leases recognized in
accordance with IAS 17 Leases, and
 Exchange differences arising from foreign currency borrowings to
the extent that they are regarded as an adjustment to interest costs.

Disclosure [IAS 23.26]:

 amount of borrowing cost capitalised during the period 

capitalisation rate used.

 IAS 24: related party disclosure

IAS 24 Related Party Disclosures requires disclosures about transactions

and outstanding balances with an entity's related parties. The standard
defines various classes of entities and people as related parties and sets
out the disclosures required in respect of those parties, including the
compensation of key management personnel. The objective of IAS 24 is
to ensure that an entity's financial statements contain the disclosures
necessary to draw attention to the possibility that its financial position and
profit or loss may have been affected by the existence of related parties
and by transactions and outstanding balances with such parties.

Disclosure:

 Relationships between parents and subsidiaries.

 Management compensation
  Related party transactions

 IAS 25: Accounting for Investment

Superseded by IAS 39 and IAS 40 effective 2001.

 IAS 26: retirement benefit plans

IAS 26 Accounting and Reporting by Retirement Benefit Plans outlines

the requirements for the preparation of financial statements of retirement
benefit plans. It outlines the financial statements required and discusses
the measurement of various line items, particularly the actuarial present
value of promised retirement benefits for defined benefit plans. The
objective of IAS 26 is to specify measurement and disclosure principles
for the reports of retirement benefit plans.

 IAS 27: separate financial statements (2011)

IAS 27 Separate Financial Statements (as amended in 2011) outlines the

accounting and disclosure requirements for 'separate financial statements',
which are financial statements prepared by a parent, or an investor in a
joint venture or associate, where those investments are accounted for
either at cost or in accordance with IAS 39 Financial Instruments:
Recognition and Measurement or IFRS 9 Financial Instruments. The
standard also outlines the accounting requirements for dividends and
contains numerous disclosure requirements.

 IAS 28: investment in associates and joint ventures (2011)

IAS 28 Investments in Associates and Joint Ventures (as amended in

2011) outlines how to apply, with certain limited exceptions, the equity
method to investments in associates and joint ventures. The standard also
defines an associate by reference to the concept of "significant influence",
which requires power to participate in financial and operating policy
decisions of an investee (but not joint control or control of those polices).
 IAS 29: Financial Reporting In Hyperinflationary Economics

IAS 29 will be interpreted in the same way as FRS 24 – in that as all

entities covered by this Manual have a functional currency of pounds
sterling, HM Treasury will notify classification of hyperinflationary
economy if appropriate.

 Gain or loss on monetary items [IAS 29.9]

 The fact that financial statements and other prior period data have
been restated for changes in the general purchasing power of the
reporting currency.
  Whether the financial statements are based on an historical cost or
current cost approach.

 IAS 30: Disclosures in the Financial Statements of Banks and

Similar Financial Institutions

Superseded by IFRS 7 effective 1 January 2007.

The objective of IAS 30 is to prescribe appropriate presentation and

disclosure standards for banks and similar financial institutions (hereafter
called 'banks'), which supplement the requirements of other Standards.
The intention is to provide users with appropriate information to assist
them in evaluating the financial position and performance of banks, and
to enable them to obtain a better understanding of the special
characteristics of the operations of banks.

 IAS 31: Interests in Joint Ventures

IAS 31 Interests in Joint Ventures sets out the accounting for an entity's
interests in various forms of joint ventures: jointly controlled operations,
jointly controlled assets, and jointly controlled entities. The standard
permits jointly controlled entities to be accounted for using either the
equity method or by proportionate consolidation.
IAS 31 was reissued in December 2003, applies to annual periods
beginning on or after 1 January 2005, and is superseded by IFRS 11 Joint
Arrangements and IFRS 12 Disclosure of Interests in Other Entities with
effect from annual periods beginning on or after 1 January 2013.

 IAS 32: Financial Instruments: Presentation

IAS 32 Financial Instruments: Presentation 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 standard also provide guidance on
the classification of related interest, dividends and gains/losses, and when
financial assets and financial liabilities can be offset.

IAS 32 addresses this in a number of ways:

 Clarifying the classification of a financial instrument issued by an

entity as a liability or as equity
 Prescribing the accounting for treasury shares (an entity's own
repurchased shares)
 Prescribing strict conditions under which assets and liabilities may
be offset in the balance sheet.
  IAS 33: Earnings Per Share

IAS 33 Earnings Per Share sets out how to calculate both basic earnings
per share (EPS) and diluted EPS. The calculation of Basic EPS is based
on the weighted average number of ordinary shares outstanding during the
period, whereas diluted EPS also includes dilutive potential ordinary
shares (such as options and convertible instruments) if they meet certain
criteria.

IAS 33 was reissued in December 2003 and applies to annual periods

beginning on or after 1 January 2005.

Disclosure: If EPS is presented, the following disclosures are required:

[IAS 33.70]

 the amounts used as the numerators in calculating basic and diluted

EPS, and a reconciliation of those amounts to profit or loss
attributable to the parent entity for the period
 the weighted average number of ordinary shares used as the
denominator in calculating basic and diluted EPS, and a
reconciliation of these denominators to each other
 instruments (including contingently issuable shares) that could
potentially dilute basic EPS in the future, but were not included in
the calculation of diluted EPS because they are antidilutive for the
period(s) presented
  a description of those ordinary share transactions or potential
ordinary share transactions that occur after the balance sheet date
and that would have changed significantly the number of ordinary
shares or potential ordinary shares outstanding at the end of the
period if those transactions had occurred before the end of the
reporting period. Examples include issues and redemptions of
ordinary shares issued for cash, warrants and options, conversions,
and exercises [IAS 34.71]

An entity is permitted to disclose amounts per share other than profit or

loss from continuing operations, discontinued operations, and net profit
or loss earnings per share. Guidance for calculating and presenting such
amounts is included in IAS 33.73 and 73A.

 IAS 34: Interim Financial Reporting

IAS 34 Interim Financial Reporting applies when an entity prepares an

interim financial report, without mandating when an entity should prepare
such a report. Permitting less information to be reported than in annual
financial statements (on the basis of providing an update to those financial
statements), the standard outlines the recognition, measurement and
disclosure requirements for interim reports. IAS 34 was issued in June
1998 and is operative for periods beginning on or after 1 January 1999.
The objective of IAS 34 is to prescribe the minimum content of an interim
financial report and to prescribe the principles for recognition and
measurement in financial statements presented for an interim period.

 IAS 35: Discontinuing Operations

Superseded by IFRS 5 effective 1 January 2005. The objective of IAS 35

was to establish principles for reporting information about discontinuing
activities (as defined), thereby enhancing the ability of users of financial
statements to make projections of an enterprise's cash flows,
earningsgenerating capacity and financial position, by segregating
information about discontinuing activities from information about
continuing operations. The Standard does not establish any recognition or
measurement principles in relation to discontinuing operations – these are
dealt with under other IAS.

 IAS 36: Impairment of Assets

IAS 36 Impairment of Assets seeks to ensure that an entity's assets are not
carried at more than their recoverable amount (i.e. the higher of fair value
less costs of disposal and value in use). With the exception of goodwill
and certain intangible assets for which an annual impairment test is
required, entities ae required to conduct impairment tests where there is
an indication of impairment of an asset, and the test may be conducted for
a 'cash-generating unit' where an asset does not generate cash inflows that
are largely independent of those from other assets. The objective of IAS
36 is to ensure that assets are carried at no more than their recoverable
amount, and to define how recoverable amount is determined.

IAS 36 applies to all assets except: [IAS 36.2]

 Inventories (see IAS 2)

 

Assets arising from construction contracts (see IAS 11)

 Deferred tax assets (see IAS 12)
 Assets arising from employee benefits (see IAS 19)
 Financial assets (see IAS 39)
 Investment property carried at fair value (see IAS 40)
 Agricultural assets carried at fair value (see IAS 41)
 Insurance contract assets (see IFRS 4)
 Non-current assets held for sale (see IFRS 5)

 IAS 37: Provisions, Contingent Liabilities and Contingent

Assets

IAS 37 Provisions, Contingent Liabilities and Contingent Assets outlines

the accounting for provisions (liabilities of uncertain timing or amount),
together with contingent assets (possible assets) and contingent liabilities
(possible obligations and present obligations that are not probable or not
reliably measurable). Provisions are measured at the best estimate
(including risks and uncertainties) of the expenditure required to settle the
present obligation, and reflects the present value of expenditures required
to settle the obligation where the time value of money is material.

The objective of IAS 37 is to ensure that appropriate recognition criteria

and measurement bases are applied to provisions, contingent liabilities
and contingent assets and that sufficient information is disclosed in the
notes to the financial statements to enable users to understand their nature,
timing and amount. The key principle established by the Standard is that
a provision should be recognised only when there is a liability i.e. a
present obligation resulting from past events. The Standard thus aims to
ensure that only genuine obligations are dealt with in the financial
statements – planned future expenditure, even where authorised by the
board of directors or equivalent governing body, is excluded from
recognition.

 IAS 38: Intangible Assets

The objective of IAS 38 is to prescribe the accounting treatment for

intangible assets that are not dealt with specifically in another IFRS. The
Standard requires an entity to recognize an intangible asset if, and only if,
certain criteria are met. The Standard also specifies how to measure the
carrying amount of intangible assets and requires certain disclosures
regarding intangible assets. [IAS 38.1]

Scope

IAS 38 applies to all intangible assets other than: [IAS 38.2-3]

 

 Financial assets (see IAS 32 Financial Instruments: Presentation)

Exploration and evaluation assets (see IFRS 6 Exploration for and
Evaluation of Mineral Resources)
 Expenditure on the development and extraction of minerals, oil,
natural gas, and similar resources
 Intangible assets arising from insurance contracts issued by
insurance companies
 Intangible assets covered by another IFRS, such as intangibles held
for sale, deferred tax asset, lease assets (IAS 17 Leases), assets
arising from employee benefits (IAS 19 Employee Benefits (2011)),
and goodwill (IFRS 3 Business Combinations).

 IAS 39: Financial Instruments: Recognition and Measurement

IAS 39 Financial Instruments: Recognition and Measurement outlines the

requirements for the recognition and measurement of financial assets,
financial liabilities, and some contracts to buy or sell non-financial items.
Financial instruments are initially recognised when an entity becomes a
party to the contractual provisions of the instrument, and are classified
into various categories depending upon the type of instrument, which then
determines the subsequent measurement of the instrument (typically
amortised cost or fair value). Special rules apply to embedded derivatives
and hedging instruments.
IAS 39 was reissued in December 2003, applies to annual periods
beginning on or after 1 January 2005, and will be largely replaced by IFRS
9 Financial Instruments for annual periods beginning on or after 1 January
2018.

 IAS 40: Investment Property

IAS 40 Investment Property applies to the accounting for property (land

and/or buildings) held to earn rentals or for capital appreciation (or both).
Investment properties are initially measured at cost and, with some
exceptions. may be subsequently measured using a cost model or fair
value model, with changes in the fair value under the fair value model
being recognized in profit or loss.

 IAS 41: Agriculture

IAS 41 Agriculture sets out the accounting for agricultural activity – the
transformation of biological assets (living plants and animals) into
agricultural produce (harvested product of the entity's biological assets).
The standard generally requires biological assets to be measured at fair
value less costs to sell. The objective of IAS 41 is to establish standards
of accounting for agricultural activity – the management of the biological
transformation of biological assets (living plants and animals) into
agricultural produce (harvested product of the entity's biological assets).

Disclosure:
 

Disclosure requirements in IAS 41 include:

Aggregate gain or loss from the initial recognition of biological
assets and agricultural produce and the change in fair value less
costs to sell during the period* [IAS 41.40]
 Description of an entity's biological assets, by broad group [IAS
41.41]
 Description of the nature of an entity's activities with each group of
biological assets and non-financial measures or estimates of
physical quantities of output during the period and assets on hand at
the end of the period [IAS 41.46]
 Information about biological assets whose title is restricted or that
are pledged as security [IAS 41.49]
 Commitments for development or acquisition of biological assets
[IAS 41.49]
 Financial risk management strategies [IAS 41.49]
 Reconciliation of changes in the carrying amount of biological
assets, showing separately changes in value, purchases, sales,
harvesting, business combinations, and foreign exchange
differences* [IAS 41.50]

IAS 41 presumes that fair value can be reliably measured for most
biological assets.
So these are the International Accounting Standards stated above and their
brief description.