IAS

XYZ W.
P Ref:
Dahak IASs CHECK LIST
Sector#1, Uttara, Dhaka
Assignment: Annual Audit Year:31 December 2008

Prepared by: Reviewed by:
IAS 1 Presentation of Financial Statements
Para Contain/Disclosure required Yes/ Remarks

No/
N/A
8(a) Balance Sheet;
8(b) Income Statement
8(c) Statement of Change in Equity;
8(d) Cash Flow Statement; and
8(e) Notes, significant policies.
13 The financial statement shall present fairly the financial position,
financial performance and cash flows of the entity.
18(a) That management has concluded that the financial statements present
fairly the entity’s financial position, financial performance and cash
flows;
Going concern
23 When preparing financial statements, management shall make an
assessment of an entity’s ability to continue as a going concern.
25 An entity shall prepare its financial statements, except for cash flow
information, using the accrual basis of accounting.
27 The presentation and classification of items in the financial statements
shall be retained from one period to the next.
29 Each material class of similar items shall be presented separately in
the financial statements.
Offsetting
32 Assets and liabilities shall not be offset except when offsetting is
required or permitted by a Standard or an Interpretation.
32 Items of income and expense shall not be offset except when
offsetting is required or permitted by a Standard or an interpretation.
Comparative information
36 Except when a Standard or an Interpretation permits or requires
otherwise, comparative information shall be disclosed in respect of the
previous period for all amounts reported in the financial statements.
36 Comparative information shall be included in narrative and descriptive
information when it is relevant to an understanding of the current
year’s financial statements.
When comparative amounts have been reclassified, an entity shall
disclose:
38(a) the nature of the reclassification;
38(b) the amount of each item or class of items that is reclassified; and
38(c) the reason for the reclassification.
XYZ IASs CHECK LIST W.P Ref:
Dahak

No/
N/A
46 Each component of the financial statements shall be identified clearly.
The following information shall be displayed prominently, and
repeated when it is necessary for a proper understanding of the
information presented.
46(a) the name of the reporting entity or other means of identification, and
any change in that information from the preceding balance sheet date;
46(b) whether the financial statements cover the individual entity or a group
of entities;
46(c) the balance sheet date or the period covered by the financial
statements, whichever is appropriate to that component of the
financial statements;
46(d) the presentation currency, as defined in IAS 21 The Effects of
Changes in Foreign Exchange Rates; and
46(e) the level of rounding used in presenting amounts in the financial
statements.
Balance sheet
Currents/non-current distinction
51 An entity shall present current and non-current assets, and current and
non-current liabilities, as separate classifications on the face of the
balance sheet except when a presentation based on liquidity provides
information that is reliable and is more relevant.
52 For each asset and liability line item that combines amounts expected
to be recovered or settled (a) no more than twelve months after the
balance sheet date, and (b) more than twelve months after the balance
sheet date, an entity shall disclose the amount expected to be
recovered or settled after more than twelve months.
Current assets
57(a) it is expected to be realized in, or is intended for sale or consumption
in, the entity’s normal operating cycle; or
57(b) it is expected to be realized within twelve months after the balance
sheet date;
57(c) it is cash or a cash equivalent (as defined in IAS 7 Cash Flow
Statements), unless it is restricted from being exchanged or used to
settle a liability for at least twelve months after the balance sheet date.
Current liabilities
60(a) it is expected to be settled in the entity’s normal operating cycle; or
60(b) it is held primarily for the purpose of being traded; or
60(c) it is due to be settled within twelve months after the balance sheet
date; or
60 All liabilities, other than those meeting one of the criteria set out in
paragraph 60 of IAS (see above), shall be classified as non-current.
refinancing on a long-term basis;
recertification of a breach of a long-term loan agreement.
Dahak

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N/A
Information to be presented on the face of the balance sheet
68(a) property, plant and equipment;
68(b) investment property;
68(c) intangible assets;
68(d) financial assets (excluding amounts shown under (e), (h) and (i)
below);
68(e) investments accounted for using the equity method;
68(g) inventories;
68(h) trade and other receivables;
68(i) cash and cash equivalents;
68(k) provisions;
68(l) financial liabilities (excluding amounts shown under (j) and (k)
above);
68(m) liabilities and assets for current tax, as defined in IAS 12 income
Taxes;
68(p) issued capital and reserves attributable to equity holders of the parent.
76(a) for each class of share capital:
-the number of shares authorised;
-the number of shares issued and fully paid, and issued but not fully
paid;
-par value per share, or that the shares have no par value;
-a reconciliation of the number of shares outstanding at the beginning
and at the end of the period;
-the rights, preferences and restrictions attaching to that class,
including restrictions on the distribution of the dividends and the
repayment of capital;
-shares in the equity held by the entity itself or by subsidiaries or
associates; and
-shares reserved for issue under options and contracts for the sale of
shares, including the terms and amounts;
81(a) revenue
81(b) finance costs;
81(c) share of profit or loss of associates and joint ventures accounted for
using the equity method;
81(d) tax expense;
82(b) profit or loss attributable to equity holders of the parent.
Statement of changes in equity
96(a) profit or loss for the period;
97(a) the amounts of transactions with equity holders acting in their capacity
as equity holders, showing separately distributions to equity holders;
97(b) the balance of retained earnings (i.e. accumulated profit or loss) at the
beginning of the period and at the balance sheet date, and the changes
during the period; and

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97(c) a reconciliation between the carrying amount of each class of
contributed equity and reserves at the beginning and end of the period,
separately disclosing each change.
103(a) present information about the basis of preparation of the financial
statements and specific accounting policies used in accordance with
paragraph 108 to 115 of IAS 1
103(b) disclose the information required by IFRSs that is not presented on the
face of the balance sheet, income statement, statement of changes in
equity or cash flow statements; and
103(c) provide additional information that is not presented on the face of the
balance sheet, income statement, statement of changes in equity and
cash flow statement, but is relevant to an understanding of any of
them
Disclosure of accounting policies
108(a) the measurement basis (or bases) used in preparing the financial
statements; and
113 The entity shall disclose, in the summary of significant accounting
policies or other notes, the judgments that management has made in
the process of applying the entity’s accounting policies that have the
most significant effect on the amounts recognised in the financial
statements.
Other disclosures
125(a) the amount of dividends proposed or declared before the financial
statements were authorised for issue but not recognised as a
distribution to equity holders during the period, and the related
amount per share; and
126(b) a description of the nature of the entity’s operations and its principal
activities; and
126(c) the name of the parent entity and the ultimate parent of the group.
Dahak
IAS 2 Inventories

No/
N/A
The financial statements shall disclose:
36(a) the accounting policies adopted in measuring inventories, including
the cost formula used;
36(b) the total carrying amount of inventories;
36(b) the carrying amount of inventories in classifications appropriate to the
entity;
36(c) the carrying amount of inventories carried at fair value less costs to
sell;
36(d) the amount of inventories recognised as an expense during the period;
36(e) the amount of any write-down of inventories recognised as an expense
in the period;
36(f) the amount of any reversal of any write-down that is recognised as a
reduction in the amount of inventories recognised as expense in the
period;
36(g) the circumstances or events that led to the reversal of a write-down of
inventories; and
36(h) the carrying amount of inventories pledged as security for liabilities.
IAS 7 Cash Flow Statement

No/
N/A
10 The cash flow statement shall report cash flows during the period
classified by operating, investing and financing activities.
18(a) the direct method, whereby major classes of gross cash receipts and
gross cash payments are disclosed; or
18(b) the indirect method, whereby profit or loss is adjusted for the effects
of transactions of non-cash nature, any deferrals or accruals of past or
future operating cash receipts or payments, and items of income or
expense associated with investing or financing cash flows.
21 An entity shall report separately major classes of gross cash receipts
and gross cash payments arising from investing and financing
activities
28 The effect of exchange rate changes on cash and cash equivalents held
or due in a foreign currency is reported in the cash flow statement in
order to reconcile cash and cash equivalents at the beginning and the
end of the period.
31 Cash flows arising from interest and dividends received and paid shall
each be disclosed separately

Dahak

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35 Cash flows arising from taxes on income shall be separately disclosed.
37 When accounting for an investment in an associate or a subsidiary
accounted for by the use of the equity or cost method, an investor
restricts its reporting in the cash flow statements to the cash flows
between itself and the investee (e.g. to dividends and advances).
43 Investing and financing transactions that do not require the use of cash
or cash equivalents shall be excluded from the cash flow statement.
45 An entity shall disclose the components of cash and cash equivalents.
48 An entity shall disclose, together with a commentary by management,
the amount of significant cash and cash equivalent balances held by ht
entity that are not available for use by the group.
IAS 10 Events after the Balance Sheet Date

No/
N/A
Dividends
13 If dividends are declared (i.e. the dividends are appropriately
authorised and are no longer at the discretion of the entity) after the
balance sheet date but before the financial statements are authorised
for issue, such dividends are disclosed in the notes in accordance with
IAS 1 presentation of Financial Statements.
16 Going concern
the financial statements are not prepared on a going concern basis; or
management is aware of material uncertainties related to events
conditions that may cast significant doubt upon the entity’s ability to
continue as a going concern.
Date of authorisation for issue
17 An entity shall disclose the date when the financial statements were
authorised for issue and who gave that authorisation.
If the entity’s owners or others have the power to amend the financial
statements after issuance, the entity shall disclose that fact.
Non-adjusting events after the balance sheet date
The entity shall disclose the following information for each material
category of non-adjusting event after the balance sheet date:
21(a) the nature of the event; and
21(b) an estimate of its financial effect, or a statement that such an estimate
cannot be made.
10 An entity shall not adjust the amounts recognised in its financial
statements to reflect non-adjusting events after the balance sheet date.

Dahak
IAS 16 Property, Plant and Equipment

No/
N/A
The financial statements shall disclose, for each class of property,
plant and equipment
73(a) the measurement bases used for determining the gross carrying
amount;
73(b) the depreciation methods used;
73(c) the useful lives or the depreciation rates used;
73(d) the gross carrying amount and the accumulated depreciation
(aggregated with accumulated impairment losses) at the beginning and
end of the period;
73(e) a reconciliation of the carrying amount at the beginning and end of the
period showing:
-additions;
-assets classified as held for sale or included in a disposal group
classified as held for sale in accordance with IFRS 5 Non-current
Assets Held for Sale and Discontinued Operations and other disposals;
-acquisitions through business combinations;
-increases or decreases during the period resulting from revaluations
under paragraph 31, 39 and 40 of IAS 16 and from impairment losses
recognised or reversed directly in equity under IAS 36 Impairment of
Assets;
-impairment losses recognised in profit or loss in accordance with IAS
36;
-depreciation
-the net exchange differences arising on the translation of the financial
statements from the functional currency into a different presentation
currency, including the translation of a foreign operation into the
presentation currency of the reporting entity; and
-other changes
The financial statements shall also disclose.
74(a) the existence and amounts of restrictions on title, and property, plant
and equipment pledged as security for liabilities;
74(b) the amount of expenditures recognised in the carrying amount of an
item of property, plant and equipment in the course of its construction;
74(c) the amount of contractual commitments for the acquisition of
property, plant and equipment; and
74(d) If it is not disclosed separately on the face of the income statement,
the amount
76 An entity shall disclose the nature and effect of any change in an
accounting estimate relating to property, plant and equipment that has
an effect in the current period or is expected to have an effect I
subsequent periods, in accordance with IAS 8 Accounting Policies,

Dahak

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Changes in Accounting Estimates and Errors.
76 Such disclosure may arise from changes in estimate with respect to:
-residual values;
-the estimated costs of dismantling, removing and restoring items of
property, plant or equipment;
-useful lives; and
-depreciation methods.
If items of property, plant and equipment are stated or revalued
amounts, the following shall be disclosed:
77(a) the effective date of the revaluation;
77(b) whether an independent valuer was involved;
-the methods and significant assumptions applied in estimating the
items fair values;
-the extent to which the item’s fair values were determined directly by
reference to observable prices in an active market or recent market
transactions on arm’s length term or were estimated using other
valuation techniques;
77(e) for each revalued class of property, plant and equipment, the carrying
amount that would have been recognised had the assets been carried
under the cost model; and
77(f) the revaluation surplus, indicating the change for the period and any
restrictions on the distribution of the balance to shareholders.
Impairment
78 In accordance with IAS 26 Impairment of Assets, in addition to the
information required by paragraph 73(e)(iv) to (vi) of IAS 16 (see
above), an entity discloses information on impaired property, plant
and equipment.
68 Presentation of gains and losses arising on derecognition
68 The gain or loss arising from the derecognition of an item of property,
plant and equipment shall be included in profit or loss when the item
is derecognised (unless IAS 17 Leases requires otherwise on a sale
and leaseback).
Gains arising from the derecognition of an item of property, plant and
equipment shall not be classified as revenue.
Entities are encouraged (but not required) to disclose the following
amounts):
79(a) the carrying amount of temporarily idle property, plant and
equipment;
79(b) the gross carrying amount of any fully depreciated property, plant and
equipment that is still in use;
79(c) the carrying amount of property, plant and equipment retired from
active use and not classified as held for sale in accordance with IFRS
5 non-current Assets Held for Sale and Discontinued Operations; and

Dahak

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79(d) when the cost model is used, the fair value of property, plant and
equipment when this is materiality different from the carrying amount.
IAS 17 Leases

No/
N/A
Finance leases
23 It is not appropriate for the liabilities for leased assets to be presented
in the financial statements as a deduction from the leased assets.
23 If, for the presentation of liabilities on the face of the balance sheet, a
distinction is made between current and non-current liabilities, the
same distinction is made for lease liabilities.
Lessees shall, in addition to meeting the requirements of IAS 32
Financial Instruments: Disclosure and Presentation, make the
following disclosures for finance leases:
31(a) for each class of asset, the net carrying amount at the balance sheet
date;
31(b) a reconciliation between the total of future minimum lease payments
at the balance sheet date, and their present value;
31(b) the total of future minimum lease payments at the balance sheet date,
and their present value, for each of the following periods:
not later than one year;
later than one year and not later than five years;
later than five years;
31(c) contingent rents recognised as an expense of the period;
31(d) the total of future minimum subleases payments expected to be
received under non-cancelable subleases at the balance sheet date; and
31(e) a general description of the lessee’s significant leasing arrangements
including, but not limited to, the following:
the basis on which contingent rent payable is determined;
the existence and terms of renewal or purchase options and escalation
clauses; and
restrictions imposed by lease arrangements, such as those concerning
dividends, additional debt, and further leasing.
Operating leases
35(a) Lessees shall, in addition to meeting the requirements of IAS 32
Financial Instruments: Disclosure and Presentation, make the
following disclosures for operating leases:
-the total of future minimum lease payments under non-cancelable
operating leases for each of the following periods:

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~ not later than one year;
~ later than one year and not later than five years;
~ later than five years;

35(b) the total of future minimum subleases payments expected to be
received under non-cancelable subleases at the balance sheet date;
35(c) lease and sublease payments recognised as an expense for the period,
with separate amounts for minimum lease payments, contingent rents,
and sublease payments; and
35(d) a general description of the lessee’s significant leasing arrangements
including, but not limited to, the following;
the basis on which contingent rent payable is determined;
the existence and terms of renewal or purchases options and escalation

clauses; and
restrictions imposed by lease arrangements, such as those concerning

dividends, additional debt, and further leasing.
IAS 18 Revenue

No/
N/A
An entity shall disclose:

35(a) the accounting policies adopted for the recognition of revenue,
including the methods adopted to determine the stage of completion of
transactions involving the rendering of services;
35(b) the amount of each significant category of revenue recognised during
the period, including revenue arising from:
the sale of goods;
the rendering of services;
interest;
royalties;
dividends; and
35(c) the amount of revenue arising from exchanges of goods or services
included in each significant category of revenue.

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IAS 19 Employee Benefits

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N/A
Short-time employee benefits

23 Although IAS 19 does not require specific disclosures about short-
term employee benefits, other Standards may require disclosures (e.g.
IAS 24 Related Party Disclosures requires an entity to disclose
information about employee benefits for key management personnel
and IAS 1 Presentation of Financial Statements requires that an entity
shall disclose its employee benefits expense).
Post-employment benefits-multi-employer plans
29(b) Where a multi-employer plan is a defined benefit plan, an entity shall
disclose the information required by paragraph 120A of IAS 19
When sufficient information is not available to use defined benefit
accounting for a multi-employer plan that is a defined benefit plan,
and the entity has accounted for the plan under paragraph 44 to 46 of
IAS 19 as if it were defined contribution plan, the entity shall
disclose:
30(b) the fact that the plan is a defined benefit plan;
30(b) the reason why sufficient information is not available to enable the
entity to account for the plan as defined benefit plan; and
30(c) to the extent that a surplus or deficit in the plan may affect the
amount of future contributions:
-any available information about that surplus or deficit;
-the basis used to determine that surplus or deficit; and
-the implications, if any, for the entity.

32B An entity is required to recognise, or disclose information about,
certain contingent liabilities under IAS 37 Provisions, Contingent
Liabilities and Contingent Assets.
34B(a) the contractual agreement or stated policy for charging the net benefit
cost or the fact that there is no such policy;
34B(b the policy for determining the contribution to be paid by the entity;
)
46 An entity shall disclose the amount recognised as an expense for
defined contribution plans.
47 Where required by IAS 24 Related Party Disclosures, an entity
discloses information about contributions to defined contribution
plans for key management personnel.

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Post-employment benefits – defined benefit plans
Presentation
116 An entity shall offset an asset relating to one plan against a liability
relating to another plan when, and only when, the entity:
has a legally enforceable right to use a surplus in one plan to settle
obligations under the other plan; and
intends either to settle the obligations on a net basis, or to realise the
surplus in one plan and settle its obligation under the other plan
simultaneously.
Disclosure
120 An entity shall disclose information that enables users of financial
statements to evaluate the nature of its defined benefit plans and the
financial effects of changes in those plans during the period.
An entity shall disclose the following information about defined
benefit plans:
120A(a) the entity’s accounting policy for recognisning actuarial gains and
losses;
120A(b) a general description of the type of plan;
120A(c) a reconciliation of opening and closing balances of the present value
of the defined benefit obligation showing separately, if applicable,
the effects during the period attributable to each of the following:
-current service cost;
-interest cost;
-contributions by plan participants;
-actuarial gains and losses;
-foreign currency exchange rate changes on plans measured in a
currency different from the entity’s presentation currency;
-benefits paid;
-past service cost;
-curtailments; and
-settlements;
120A(d) an analysis of the defined benefit obligation into amounts arising
from plans that are wholly unfunded and amounts arising from plans
that are wholly or partly funded;
120A(e) a reconciliation of the opening and closing balances of the fair value
of plan assets and of the opening and closing balances of any
reimbursement right recognised as an asset in accordance with

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paragraph 104A of IAS 19 showing separately, if applicable, the
effects during the period attributable to each of the following:
-expected return on plan assets;
-actuarial gains and losses;
-foreign currency exchange rate changes on plans measured in a
currency different from the entity’s presentation currency;
-contributions by the employer
-contributions by plan participants;
-benefits paid;
-settlements;
120A(f) a reconciliation of the present value of the defined benefit obligation
in paragraph 120A(c) (see above) and the fair value of the plan
assets in paragraph 120A(e) (see above) to the assets and liabilities
recognised in the balance sheet, showing at least:
the net actuarial gains or losses not recognised in the balance sheet
(see paragraph 92 of IAS 19);
the past service cost not recognised in the balance sheet (see
paragraph 96 of IAS 19);
any amount not recognised as an asset, because of the limit in
paragraph 58(b) of IAS 19;
the fair value at the balance sheet date of any reimbursement right
recognised as an asset in accordance with paragraph 104A (with a
brief description of the link between the reimbursement right and the
related obligation); and
the other amounts recognised in the balance sheet;
120(g) the total expense recognised in profit or loss for each of the
following, and the line items(s) in which they are included:
-current service cost;
-interest cost;
-expected return on plan assets;
-expected return on any reimbursement right recognised as an asset
in accordance with paragraph 104A of IAS 19;
-actuarial gains or losses;
-past service cost;
-the effect of any curtailment of settlement; and
-the effect of the limit in paragraph 58(b) of IAS 19;

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119 IAS 19 does not specify whether an entity should present current
service cost, interest cost and expected return on plan assets as
components of a single item of income or expense on the face of the
income statement.
120A(h) the total amount recognised in the statement of recognised income
and expense for each of the following:
-actuarial gains and losses; and
-the effect of the limit in paragraph 58(b) of IAS 19;
120A(i) for entities that recognise actuarial gains and losses in the statement
of recognised income and expense in accordance with paragraph
93A of IAS 19, the cumulative amount of actuarial gains and losses
recognised in the statement of recognised income and expense;
120A(k) the amounts included in the fair value of plan assets for:
-each category of the entity’s own financial instruments; and
-any property occupied by, or other assets used by, the entity;
120(l) a narrative description of the basis used to determine the overall
expected rate of return an assets, including the effect of the major
categories of plan assets;
120A(m the actual return on plan assets, as well as actual return on any
) reimbursement right recognised as an asset in accordance with
paragraph 104A of IAS 19;
120A(n) the principle actuarial assumptions used as the balance sheet date,
including, when applicable:
-the discount rates;
-the expected rates of return on any plan assets for the periods
presented in the financial statements;
-the expected rates of return for the periods presented in the
financial statements on any reimbursement right recognised as an
asset in accordance with paragraph 104A of IAS 19
-the expected rates of salary increases (and of changes in an index
or other variable specified in the formal or constructive terms of a
plan as the basis for future benefit increases);
-medical cost trend rates; and
-any other material actuarial assumptions used;
120A(n) An entity shall disclose each actuarial assumption in absolute terms
(for example, as an absolute percentage) and not just as a margin
between different percentage or other variables.

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the effect of an increase of one percentage point and the effect of a
decrease of one percentage point in the assumed medical cost trend
rates on
-the aggregate of the current service cost and interest cost
components of net periodic post-employment medical costs; and
-the accumulated post-employment benefit obligation for medical
costs;
120A(q) the employer’s best estimate, as soon as it can reasonably be
determined, of contributions expected to be paid to the plan during
the annual period beginning after the balance sheet date.
Termination benefits
141 Where there is uncertainty about the number of employees who will
accept an offer or termination benefits, the entity discloses
information about the resultant contingent liability as required by
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
unless the possibility of an outflow in settlement is remote.
142 As required by IAS 1 Presentation of Financial Statements, an entity
discloses the nature and amount of an expense arising from
termination benefits if it is material.
143 Where required by IAS 24 Related Party Disclosures, an entity
discloses information about termination benefits for key
management personnel.
IAS 23 Borrowing Costs

No/
N/A
Disclosure required where the benchmark treatment is adopted

9 The financial statements shall disclose the accounting policy
adopted for borrowing costs.
Disclosures required where the allowed alternative treatment is
adopted (when capitalised)
29(a) the accounting policy adopted for borrowing costs,
29(b) the amount of borrowing costs capitalised during the period; and
29(c) the capitalisation rate used to determine the amount of borrowing
costs eligible for capitalisation.

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IAS 24 Related Party Disclosures

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N/A
Identification of related parties

9(a)(i) A party is related to an entity if, directly through one or more
intermediaries, the party controls, is controlled by, or is under
common control with the entity.
9(a)(ii) A party is related to an entity if, directly or indirectly through one or
more intermediaries, the party has an interest in the entity that gives
it significant influence over the entity.
9(a)(iii) A party is related to an entity if, directly or indirectly through one or
more intermediaries, the party has joint control over the entity.
9(b) A party is related to an entity if the party is an associate (as defined
in IAS 28 Investments in Associates) of the entity.
9(c) A party is related to an entity if the party is a joint venture in which
the entity is a venturer (see IAS 31 Interests in Joint Ventures).
9(d) A party is related to an entity if the party is a member of the key
management personnel of the entity or its parent.
9(e) A party is related to an entity if the party is a close member of the
family of any individual referred to in paragraph 9(a) to 9(d) of IAS
24 (see above).
9(f) A party is related to an entity if the party is an entity that is
controlled, jointly controlled or significantly influenced by, or for
which significant voting power in such entity resides with, directly
or indirectly, any individual referred to in paragraphs 9(a) to 9(e) of
IAS 24 (see above)
9(g) A party is related to an entity if the party is a post-employment
benefit plan for the benefit of employees of the entity, or of any
entity that is a related party of the entity.
1011 In the context of IAS 24, the following are not necessarily related
parties:
-two entities simply because they have a director or other member of
key management personnel in common, not withstanding (d) and (f)
in the definition of related party in paragraph 9 of IAS 24 (see
above);
-two venturers simply because they share joint control over a joint
venture;
-providers of finance, trade unions, public utilities, government
departments and entities, simply by virtue of their normal dealings
with an entity (even though they may affect the freedom of action of
an entity or participate its decision-making process); and

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-a customer, supplier, franchisor, distributor or general agent with
whom an entity transacts a significant volume of business, merely
by virtue of the resulting economic dependence.
Disclosure of parent and ultimate controlling party
12 An entity shall disclose the name of its parent and, if different, its
ultimate controlling party.
12 Relationships between parents and subsidiaries shall be disclosed
irrespective of whether there have been transactions between those
related parties.
12 If neither the parent nor the ultimate controlling party produces
financial statements for public use, the name of the next most senior
parent that does produce such financial statements shall also be
disclosed.
15 The next most senior parent is the first parent in the group above the
immediate parent that produces consolidated financial statements for
public use.
13 To enable users of financial statements to from a view about the
effects of related party relationships on an entity, it is appropriate to
disclose the related party relationship when control exists,
irrespective of whether there have been transactions between the
related parties.
16 An entity shall disclose key management personnel compensation in
total.
An entity shall disclose key management personnel compensation
for each of the following categories:
16(a) short-term employee benefits;
16(b) post-employment benefits;
16(c) other long-term benefits;
16(d) termination benefits; and
16(e) share-based payment.
Transactions between related parties
17 If there have been transactions between related parties, an entity
shall disclose:
the nature of the related party relationship; and
information about the transactions and outstanding balances
necessary for an understanding of the potential effect of the

relationship on the financial statements.
At minimum, the information disclosed about related party
transactions and outstanding balances shall include:
17(a) the amount of the transactions;

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17(b) the amount of the outstanding balances and:
their terms and conditions, including whether they are secured, and
the nature of the consideration to be provided in settlement; and
details of any guarantees given or received;
IAS 26 Accounting and Reporting by Retirement Benefit Plans

No/
N/A
Defined contribution plans

13 The financial statements of denied contribution plan shall contain:
-a statement of net assets available for benefits; and
-a description of the funding policy.
The financial statements usually include:
16(a) a description of significant activities for the period and the effect of
any changes relating to the plan, and its membership and terms and
conditions;
16(b) statements reporting on the transactions and investment performance
for the period and financial position of the plan at the end of the
period; and
16(c) a description of the investment policies.
Defined benefit plans
The financial statements of a defined benefit plan shall contain
either: a statement that shows:
-the net assets available for benefits;
-the actuarial present value of promised retirement benefits,-----
-distinguishing between vested benefits and non-vested benefits; or
-a reference to this information in an accompanying actuarial report.
17(b) ~a statement of net assets available for benefits including either:
-a note disclosing the actuarial present value of promised retirement
benefits, distinguishing between vested benefits and non-vested
benefits; or
-a reference to this information in an accompanying actuarial report,
17 If an actuarial valuation has not been prepared at the date of the
financial statements, the date of the most recent valuation that has
been used shall be disclosed.

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18 For the purpose of paragraph 17
the actuarial present value of promised retirement benefits shall be
based on the benefits promised under the terms of the plan on
service rendered to date using either current salary levels or
projected salary levels: and
the basis used shall be disclosed in the financial statements.
18 The effect of any changes in actuarial assumptions that have had a
significant effect on the actuarial present value of promised
retirement benefits shall be disclosed.
19 The financial statements shall explain the relationship between the
actuarial present value of promised retirement benefits and the net
assets available for benefits, and the policy for the funding of
promised benefits.
32 Retirement benefit plan investments shall be carried at fair value.
32 In the case of marketable securities, fair value is market value.
32 Where plan investments are held for which an estimate of fair value
is not possible, disclosure shall be made of the reason why fair value
is not used.
The financial statements of the retirement benefit plan, whether
defined benefit or defined contribution, shall also contain the
following information:
34(a) a statement of changes in net assets available for benefits;
34(b) a summary of significant accounting policies; and
34(c) a description of the plan and effect of any changes in the plan during
the period.
35(b) a statement of changes in net assets available for benefits showing
the following:
-employer contributions;
-employee contributions;
-investment income such as interest and dividends;
-other income;
-benefits paid or payable (analysed, for example, as retirement;
-death and disability benefits, and lump sum payments;
-administrative expenses;
-other expenses;
-taxes on income;
-profits and losses on disposal of investments and changes in value
of investments; and

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35(c) a description of the funding policy;
35(d) for defined benefit plans, the actuarial present value of promised
retirement benefits (which may distinguish between vested benefits
and non-vested benefits) based on the benefits promised under the
terms of the plan, on service rendered to date and using either
current salary levels or projected salary levels; and
IAS 32 Financial Instruments: Disclosure and Presentation

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N/A
Presentation: Liabilities and required
The issuer of a financial instrument shall classify the instrument or
its component parts, on initial recognition, as a financial liability, a
financial asset or an equity instrument.
When an issuer applies the definitions in paragraph 11 of IAS 32 to
determine whether a financial instrument is an equity instrument
rather than a financial liability, the instrument is an equity
instrument if, any only if, both conditions (a) and (b) below are met:
the instrument includes no contractual obligation:
-to deliver cash or another financial asset to another entity: or
-to exchange financial assets or financial liabilities under conditions
that are potentially unfavourable to the issuer; and
-if the instrument will or may be settled in the issuer’s own equity
instruments, it is:
-a non-derivative instrument that includes no contractual obligation
for the issuer to deliver a variable number of its own equity
instruments; or
-a derivative that will be settled only by the issuer exchanging a
fixed amount of cash or another financial asset for a fixed number of
its own equity instruments.
When a derivative financial instruments gives one party a choice
over how it is settled, it is a financial asset or a financial liability
unless all of the settlement alternatives would result in it being an
equity instrument.
Compound financial instruments
The issuer of non-derivative financial instrument shall evaluate the
terms of the financial instruments to determine whether it contains
both a liability and an equity component. Such components shall be
classified separately as financial liabilities, financial assets or equity
instruments in accordance with paragraph 15 of IAS 32.

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52 Transactions in financial instruments may result in an entity
assuming or transferring to another party one or more of the
following financial risks-market risk, credit risk, liquidity risk and
cash flow interest rate risk.
52(a) Market risk includes the following three types of risk:
Currency risk is the risk that the value of a financial instrument will
fluctuate due to changes in foreign exchange rates;
Fair value interest rate risk is the risk that the value of a financial
instrument will fluctuate due to changes in market interest rates; and
Price risk is the risk that the value of a financial instrument will
fluctuate as a result of changes in market prices whether those
changes are caused by factors specific to the individual security or
its issuer, or factors affecting all securities traded in the market.
Market risk embodies not only the potential for loss but also the
potential for gain.
52(b) Credit risk is the risk that one party to a financial instrument will fail
to discharge an obligation and cause the other party or incur a
financial loss.
52(c) Liquidity risk (also referred to as funding risk) is the risk that an
entity will encounter difficulty in raising funds to meet
commitments associated with financial instruments. Liquidity risk
may result from an inability to sell a financial asset quickly at close
to its fair value.
52(d) Cash flow interest rate risk is the risk that the future cash flows of a
financial instrument will fluctuate because of changes in market
interest rates. In the case of a floating rate debt instrument, for
example, such fluctuations result in a change in the effective interest
rate of the financial instrument, usually without a corresponding
change in its fair value.
Risk management policies and hedging activities.
56 An entity shall describe its financial risk management objectives and
policies, including its policy for hedging each main type of forecast
transaction for which hedge accounting is used.
An entity shall disclose the following separately for designated fair
value hedges, cash flow hedges and hedges of a net investment in a
foreign operation (as defined in IAS 39)
58(a) a description of the hedge;
58(b) a description of the financial instruments designated as hedging
instruments and their fair values at the balance sheet date;
58(c) the nature of the risks being hedged; and

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58(d) for cash flow hedges, the periods in which the cash flows are
expected to occur, when they are expected to enter into the
determination of profit or loss, and a description of any forecast
transaction for which hedge accounting had previously been used
but which is no longer expected to occur.
When a gain or loss on a hedging instrument in a cash flow hedge
has been recognised directly in equity, through the statement of
changes in equity, an entity shall disclose:
59(a) the amount that was so recognised in equity during the period;
59(b) the amount that was removed from equity and included in profit or
loss for the period; and
59(c) the amount that was removed from equity during the period and
included in the initial measurement of the acquisition cost or other
carrying amount of non-financial asset or non-financial liability in a
hedged highly probable forecast transaction.
66 In the case of financial instruments, disclosure of significant
accounting policies, in accordance with IAS1 Presentation of
Financial Statements, includes disclosure of:
-the criteria applied in determining when to recognise a financial
asset or financial liability and when to derecognise it;
-the basis of measurement applied to financial assets and financial
liabilities on initial recognition and subsequently;
-the basis on which income and expense arising from financial
assets and financial liabilities are recognised and measured; and
-for financial assets or financial liabilities designated as at fair value
through profit or loss:
90 If investments is unquoted equity instruments or derivatives linked
to such equity instruments are measured at cost under IAS 39,
because their fair value cannot be measured reliably, the following
shall be disclosed:
-the fact that fair value cannot be measured reliably
-a description of the instruments;
-the carrying amount of the instruments;
-an explanation of why fair value cannot be measured reliably; and
-if possible, the range of estimates within which fair value is highly
likely to lie.
Impairment
94(1) An entity shall disclose the nature and amount of any impairment
loss recognised in profit or loss for a financial asset, separately for
each significant class of financial asset.

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IAS 36 Impairment of Assets

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General disclosures
126(a) the amount of impairment losses recognised in profit or loss during
the period and the line items(s) of the income statement in which
those impairment losses are included;
126(b) the amount of reversals of impairment losses recognised in profit or
loss during the period and line items(s) of the income statement in
which those impairment losses are reversed;
126(c) the amount of impairment losses on revalued assets recognised
directly in equity during the period; and
126(d) the amount of reversals of impairment losses on revalued assets
recognised directly in equity during the period.
Entities reporting segment information
129(a) the amount of impairment losses recognised in profit or loss and
directly in equity during the period; and
loss and directly in equity during the period.
Entities reporting segment information
129(a) the amount of impairment losses recognised in profit or loss and
directly in equity during the period.
loss and directly in equity during the period
An entity shall disclose the following for each material impairment
loss recognised or reversed during the period for an individual asset
including goodwill, or a cash-generating unit:
130(a) the events and circumstances that led to the recognition or reversal
of the impairment loss;
130(b) the amount of the impairment loss recognised or reversed;
130(c) for an individual asset:
-the nature of the asset; and
-if the entity applies IAS 14, the reportable segment to which the
asset belongs, based on the entity’s primary reporting format;
130(d) for a cash-generating
-a description of the cash-generating unit (such as whether it is a
product line, a plant, a business operation, a geographical area, a
reportable segment as defined in IAS 14 or other);
-the amount of the impairment loss recognised or reversed by class
of assets and, if the entity applies IAS 14, by reportable segment
based on the entity’s primary reporting format; and
130(e) whether the recoverable amount of the asset (cash-generating unit) is
its fair value loss cost to sell or its value in use;

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130(f) if recoverable amount is fair value less cost to sell, the basis used to
determine fair value less cost to sell (such as whether fair value was
determined by reference to an active market or in some other way);
and
130(g) if recoverable amount is value in use, the discount rate(s) used in the
current estimate and previous estimate (if any) of value in use.
Impairment losses or reversals that are not individually material
An entity shall disclose the following information for the aggregate
impairment losses and the aggregate reversals of impairment losses
recognised during the period for which no information is disclosed
in accordance with paragraph 130 of IAS 36 (see above)
131(a) the main classes of assets affected by impairment losses and the
main classes of assets affected by reversals of impairment losses;
and
131(b) the main events and circumstances that led to the recognition of
these impairment losses and reversals of impairment losses.
Key assumptions used to determine recoverable amount
132 An entity is encouraged to disclose key assumptions used to
determine the recoverable amount of assets (cash-generating units)
during the period.
IAS 37 Provisions, Contingent Liabilities and Contingent Assets

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N/A
Provisions and other liabilities
16(b) Regarding whether or not a present obligation exists, where it is
more likely that no present obligation exists at the balance sheet
date, the entity discloses a contingent liability, unless the possibility
of an outflow of resources embodying economic benefits is remote
23 Where it is not probable that a present obligation exists, an entity
discloses a contingent liability, unless the possibility of an outflow
or resources embodying economic benefits is remote
Contingent liability
28 A contingent asset is disclosed, as required by paragraph 86 of IAS
37 unless the possibility of an outflow of resources embodying
economic benefits is remote.
Contingent assets
34 A contingent asset is disclosed, as required by paragraph 89 of IAS
37, where an inflow of economic benefits probable.
Provisions for restructurings
9 Where a restructuring meets the definition of a discontinued

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operation, additional disclosures may be required by IFRS 5 Non-
current Assets Held for Sale and Discontinued Operations.
75 If an entity has started to implement a restructuring plan, or
announced its main features to those affected, only after the balance
sheet date, disclosure is required under IAS 10 Events after the
Balance Sheet Date if the restructuring is material and non-
disclosure could influence the economic decisions of users taken on
the basis of the financial statements
Provisions
For each class of provision, an entity shall disclose:
84(a) the carrying amount at the beginning and end of the period;
84(b) additional provisions made in the period, including increases to
existing provisions;
84(c) amounts used (i.e. incurred and charged against the provision)
84(d) unused amounts reversed during the period; and
84(e) the increase during the period in the discounted amount arising from
the passage of time and the effect of any change in the discount rate.
An entity shall disclose the following for each class of provision:
85(a) a brief description of the nature of the obligation and the expected
timing of any resulting outflows of economic benefits;
85(b) an indication of the uncertainties about the amount or timing of
those outflows;
85(c) where necessary to provide adequate information, the major
assumptions made concerning future events, as addressed in
paragraph 48 of IAS 37; and
85(d) the amount of any expected reimbursement, starting the amount of
any asset that has been recognised for that expected reimbursement.
Contingent liabilities
86(a) a brief description of the nature of the contingent liability;
86(b) an estimate of its financial effect, measured under paragraph 36 to
52 of IAS 37 (where practicable);
86(c) an indication of the uncertainties relating to the amount of timing of
any outflow (where practicable); and
86(d) the possibility of any reimbursement (where practicable).
Contingent assets
89 Where an inflow of economic benefits is benefits is probable, an
entity shall disclose
-a brief description of the nature of the contingent assets at the
balance sheet date; and:
-where practicable, an estimate of their financial effect, measured
using the principles set out for provisions in paragraphs 36 to 52 of
IAS 37.
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IAS 38 Intangible Assets

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An entity shall disclose the following for each class of intangible
assets, distinguishing between internally generated intangible assets
and other intangible assets:
118(a) Whether the useful lives are indefinite or finite;
118(a) the useful lives or the amortisation rates used for intangible assets
with finite useful lives;
118(b) the amortisation methods used for intangible assets with finite useful
lives;
118(c) the gross carrying amount and any accumulated amortisation
(aggregated with accumulated impairment losses) at the beginning
and end of the period;
118(d) the line item(s) of the income statement in which any amortisation
of intangible assets included; and
120 An entity discloses information on impaired intangible assets in
accordance with IAS 36 impairment of Assets in addition to the
information required by paragraph 118(e)(iii) to (v) of IAS 38
An entity shall also disclose:
122(a) for an intangible asset assessed as having an indefinite useful life,
the carrying amount of that asset;
122(a) for an intangible asset assessed as having an indefinite useful life:
the reasons supporting the assessment of an indefinite useful life;
and
a description of the factor(s) that played a significant role in
determining that the asset has an indefinite useful life.
122(b) a description, the carrying amount and remaining amortisation
period of any individual intangible asset that is material to the
financial statements of the entity;
Research and development expenditure
126 An entity shall disclose the aggregate amount of research and
development expenditure recognised as an expense during the
period.
IAS 36 Impairment of Assets

IAS

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Assignment: Annual Audit Year:31 December 2008

IAS 1 Presentation of Financial Statements

Para Contain/Disclosure required Yes/ Remarks

Para Contain/Disclosure required Yes/ Remarks

Para Contain/Disclosure required Yes/ Remarks

XYZ IASs CHECK LIST W.P Ref:

Para Contain/Disclosure required Yes/ Remarks

IAS 7 Cash Flow Statement

Para Contain/Disclosure required Yes/ Remarks

XYZ IASs CHECK LIST W.P Ref:

Para Contain/Disclosure required Yes/ Remarks

IAS 10 Events after the Balance Sheet Date

Para Contain/Disclosure required Yes/ Remarks

XYZ IASs CHECK LIST W.P Ref:

IAS 16 Property, Plant and Equipment

Para Contain/Disclosure required Yes/ Remarks

XYZ IASs CHECK LIST W.P Ref:

Para Contain/Disclosure required Yes/ Remarks

XYZ IASs CHECK LIST W.P Ref:

Para Contain/Disclosure required Yes/ Remarks

Para Contain/Disclosure required Yes/ Remarks

XYZ IASs CHECK LIST W.P Ref:

Para Contain/Disclosure required Yes/ Remarks

~ later than five years;

the basis on which contingent rent payable is determined;

the existence and terms of renewal or purchases options and escalation

restrictions imposed by lease arrangements, such as those concerning

Para Contain/Disclosure required Yes/ Remarks

An entity shall disclose:

XYZ IASs CHECK LIST W.P Ref:

IAS 19 Employee Benefits

Para Contain/Disclosure required Yes/ Remarks

Short-time employee benefits

-the implications, if any, for the entity.

XYZ IASs CHECK LIST W.P Ref:

Para Contain/Disclosure required Yes/ Remarks

XYZ IASs CHECK LIST W.P Ref:

Para Contain/Disclosure required Yes/ Remarks

XYZ IASs CHECK LIST W.P Ref:

Para Contain/Disclosure required Yes/ Remarks

XYZ IASs CHECK LIST W.P Ref:

Para Contain/Disclosure required Yes/ Remarks

IAS 23 Borrowing Costs

Para Contain/Disclosure required Yes/ Remarks

Disclosure required where the benchmark treatment is adopted

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IAS 24 Related Party Disclosures

Para Contain/Disclosure required Yes/ Remarks

Identification of related parties

XYZ IASs CHECK LIST W.P Ref:

Para Contain/Disclosure required Yes/ Remarks

the nature of the related party relationship; and

information about the transactions and outstanding balances

necessary for an understanding of the potential effect of the

XYZ IASs CHECK LIST W.P Ref:

Para Contain/Disclosure required Yes/ Remarks

Para Contain/Disclosure required Yes/ Remarks

Defined contribution plans

XYZ IASs CHECK LIST W.P Ref:

Para Contain/Disclosure required Yes/ Remarks

XYZ IASs CHECK LIST W.P Ref:

Para Contain/Disclosure required Yes/ Remarks