Standard Key Points
IFRS 15 5-step revenue recognition model: Identify contract, performance obligations, transaction price, allocate, recognize
IFRS 16 Leases: Right-of-use asset + lease liability. Exemption for short-term/low-value leases.
IFRS 13 Fair Value Measurement: Exit price, 3-level hierarchy of inputs (Level 1 to 3).
IFRS 9 Financial Instruments: Classification - Amortized Cost, FVOCI, FVTPL. ECL model for impairment.
IAS 12 Income Tax: Deferred tax based on temporary differences, using balance sheet approach.
IAS 37 Provisions: Recognize if probable + measurable obligation. Contingent liabilities are disclosed only.
IAS 10 Events After Reporting Period: Adjusting vs Non-adjusting events.
IAS 1 Presentation of Financial Statements: Fair presentation, going concern, accrual, materiality.
SA 200 Overall objectives of the independent auditor and the conduct of an audit in accordance with SAs.
SA 210 Agreeing on terms of audit engagements. Engagement letter required.
SA 220 Quality control for an audit of financial statements.
SA 240 Auditor’s responsibilities relating to fraud in an audit of financial statements.
SA 300 Planning an audit of financial statements. Develop audit strategy.
SA 315 Identifying and assessing the risks of material misstatement through understanding the entity.
SA 500 Audit Evidence: Sufficient and appropriate evidence through inspection, observation, etc.
SA 700 Forming an opinion and reporting on financial statements: Structure and content of audit report.
ction price, allocate, recognize.
isclosed only.
nce with SAs.
udit report.
