IFRS Command
IAS-1
Fair Presentation - As per para 15 of IAS-1 "The application of IFRSs, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation".
Offsetting- As per para 32 of IAS-1 " An entity shall not offset assets and liabilities or income and expenses, unless required or permitted by an IFRS.
Materiality & Aggregation - AS per para 29 of IAS-1 " An entity shall present separately each material class of similar items. An entity shall present separately items of a dissimilar nature or function unless they are immaterial.
Current Asset - As per para 66 of IAS -1 An entity shall classify an asset as current when:
(a) it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle;
(b) it holds the asset primarily for the purpose of trading;
(c) it expects to realise the asset within twelve months after the reporting period; or
(d) the asset is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. An entity shall classify all other assets as non-current.
IAS-2
Dealing with items not interchangeable - The cost of inventories of items that are not ordinarily interchangeable and goods or services produced and segregated for specific projects shall be assigned by using specific identification of their individual costs.
Use of Measurement Techniques - Standard costing as well Retail method are allowed as measurement techniques by IAS -2 as per para 21 & 22. Techniques for the measurement of the cost of inventories, such as the standard cost method or the retail method, may be used for convenience if the results approximate cost. The retail method is often used in the retail industry for measuring inventories of large numbers of rapidly changing items with similar margins for which it is impracticable to use other costing methods.
IAS-16
Use of Measurement Techniques
Dealing with not interchangeable
IAS-24
Use of Measurement Techniques
Dealing with not interchangeable
IAS-36
Use of Measurement Techniques
Dealing with not interchangeable
IAS-37
Use of Measurement Techniques
Dealing with not interchangeable
IAS-38
Use of Measurement Techniques
Dealing with not interchangeable
IAS-38
Use of Measurement Techniques
Dealing with not interchangeable