[Updated] Complete List of Active IFRSs, IASs, IFRIC, and SIC in 2022
What is IFRS?
International Financial Reporting Standards, or “IFRS” in short, is the financial reporting standard that The IFRS Foundation sets out.
The purpose of these standards is evident. It is developed to promote transparency as well as the accountability of financial reports, which is really important for overall stakeholders in general and the financial market specifically.
When was IFRS introduced to the world?
In 2003, IFRS was introduced to be used for international financial reporting as the result of the effort of the International Accounting Standards Board (IASB), which was founded in 2001.
The following is the list of IFRS and IAS issued by the International Accounting Standard Board (IASB) in 2019. In 2019, there are 16 IFRS and 29 IAS. IAS will replace IFRS once it is finalized and issued by IASB.
List of Active International Financial Reporting Standards in 2022:
IFRS
Noted
1. FRS 1
First-time adoption of International Financial Reporting Standards
2. IFRS 2
Share-based payment
3. IFRS 3
Business combinations
4. IFRS 4
Insurance contracts
5. IFRS 5
Non-current assets held for sale and discontinued operations
6. IFRS 6
Exploration for and evaluation of mineral resources
7. IFRS 7
Financial instruments: disclosures
8. IFRS 8
Operating segments
9. IFRS 9
Financial instruments
10. IFRS 10
Consolidated financial statements
11. IFRS 11
Joint arrangements
12. IFRS 12
Disclosure of interests in other entities
13. IFRS 13
Fair value measurement
14. IFRS 14
Regulatory deferral accounts
15. IFRS 15
Revenues from contracts with customers
16. IFRS 16
Leases
17. IFRS 17 Insurance Contracts
List of Active International Accounting Standards in 2022
IAS
Noted
1. IAS 1
Presentation of financial statements
2. IAS 2
Inventories
3. IAS 7
Statement of cash flows
4. IAS 8 Accounting policies, changes in accounting estimates, and errors
5. IAS 10
Events after the reporting period
6. IAS 11
Construction contracts
7. IAS 12
Income taxes
8. IAS 16 Property, plant, and equipment
IAS 17 Leases
Replaced by IFRS 16
IAS 18 Revenue
Replaced by IFRS 15
9. IAS 19 Employee benefits
10. IAS 20 Accounting for government grants and disclosure of government assistance
11. IAS 21 The effects of changes in foreign exchange rates
12. IAS 23 Borrowing costs
13. IAS 24 Related party disclosures
14. IAS 26 Accounting and reporting by retirement benefit plans
15. IAS 27 Consolidated and separate financial statements
16. IAS 28 Investments in associates and joint ventures
17. IAS 29 Financial reporting in hyperinflationary economies
IAS 31 Interest in joint ventures
Replace by IFRS 11
18. IAS 32 Financial instruments: presentation
19. IAS 33 Earnings per share
20. IAS 34 Interim financial reporting
21. IAS 36 Impairment of assets
22. IAS 37 Provisions, contingent liabilities, and contingent assets
23. IAS 38 Intangible assets
24. IAS 39 Financial instruments: recognition and measurement
25. IAS 40 Investment property
26. IAS 41 Agriculture
List of Active IFRIC Interpretations in 2022
No
IFRIC Interpretations
Description
1
IFRIC 1
Changes in Existing Decommissioning, Restoration, and Similar Liabilities
2
IFRIC 2
Members’ Shares in Co‑operative Entities and Similar Instruments
3
IFRIC 5
Rights to Interests arising from Decommissioning, Restoration, and Environmental Rehabilitation Funds
4
IFRIC 6
Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment
5
IFRIC 7
Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
6
IFRIC 10
Interim Financial Reporting and Impairment
7
IFRIC 12
Service Concession Arrangements
8
IFRIC 14
IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
9
IFRIC 16
Hedges of a Net Investment in a Foreign Operation
10
IFRIC 17
Distributions of Non‑cash Assets to Owners
11
IFRIC 19
Extinguishing Financial Liabilities with Equity Instruments
12
IFRIC 20
Stripping Costs in the Production Phase of a Surface Mine
13
IFRIC 21
Levies
14
IFRIC 22
Foreign Currency Transactions and Advance Consideration
15
IFRIC 23
Uncertainty over Income Tax Treatments
List of Active SIC Interpretations 2022
No
SIC Interpretations
Description
1
SIC-7
Introduction of the Euro
2
SIC-10
Government Assistance – No Specific Relation to Operating Activities
3
SIC-25
Income Taxes—Changes in the Tax Status of an Entity or its Shareholders
