BAS and BFRS

BAS No.	BAS Title	BAS Effective Date	Remarks
1	Presentation of Financial Statements (Old version)	Adopted, on or after 1st January 2007	Supersedes IAS 1: Presentation of Financial Statements revised in 2003, as amended in 2005
2	Inventories	Adopted, on or after 1st January 2007	Supersedes IAS 2: Inventories revised in 1993 and SIC -1 Consistency - Different Cost Formulas for Inventories
7	Cash Flow Statement	Adopted, on or after 1st January 1999
8	Accounting Policies, Changes in Accounting Estimates and Errors	Adopted
10	Events after the Reporting Period	Adopted, on or after 1st January 2007	Supersedes IAS 10: Events After the Balance Sheet Date (revised in 1999)
11	Construction Contracts	Adopted, on or after 1st January 1999
12	Income Taxes	Adopted, on or after 1st January 1999
16	Property, Plant & Equipment	Adopted, on or after 1st January 2007	Supersedes IAS 16: Property Plant and Equipment (revised in 1998) & SIC-6 Cost of Modifying Existing Software; SIC-14 Property, Plant and Equipment- Compensation for the Impairment or Loss of Items; and SIC-23 Property, Plant and Equipment - Major Inspection or Overhaul Costs
17	Leases	Adopted, on or after 1st January 2007	Supersedes IAS 17: Lease (revised in 1997)
18	Revenue	Adopted, on or after 1st January 2007
19	Employee Benefits	Adopted, on or after 1st January 2004	Supersedes IAS 19: Retirement Benefit Costs approved in 1993
20	Accounting of Government Grants and Disclosure of Government Assistance	Adopted, on or after 1st January 1999
21	The Effects of Changes in Foreign Exchange Rates	Adopted, on or after 1st January 2007	Supersedes IAS 21: The Effects of changes in Foreign Exchange Rates (revised in 1993); SIC-11 Foreign Exchange-Capitalization of Loss Resulting from Severe Currency Devaluations; SIC-19 Reporting Currency-Measurement and Presentation of Financial Statements under IAS 21 and IAS 29; and SIC-30 Reporting Currency-Translation from Measurement Currency to Presentation Currency
23	Borrowing Costs	Adopted, on or after 1st January 2007	Supersedes IAS 23: Borrowing Costs revised in 1993
24	Related Party Disclosures	Adopted, on or after 1st January 2007	Supersedes IAS 24: Related Party Disclousre (reformed in 1994)
26	Accounting and Reporting by Retirement Benefit Plans	Adopted, on or after 1st January 2007
27	Consolidated and Separate Financial Statements	Adopted, on or after 1st January 2007	Supersedes IAS 27: Consolidated and Separate Financial Statements (as revised in 2003)
28	Investments in Associates	Adopted, on or after 1st January 2007	Supersedes IAS 28: Accounting for Investments in Assoicates (revised in 2000). SIC-3 Elimination of unrealized Profits and Losses on Transitions with Associates, SIC-20 Equity Accounting Method-Reconnection of Losses; and SIC-33 Consolidation and Equity Method-Potential Voting Rites and Allocation of Ownership Interests
29	Financial Reporting in Hyperinflationary Economics	Under process of review
31	Interest in Joint Ventures	Adopted, on or after 1st January 2007	Supersedes IAS 31: Financial Reporting of Interest in Joint Ventures (revised in 2000)
32	Financial Instruments: Presentation	Under process of review	Supersedes IAS 32: Financial Instruments: Disclosure and Presentation revised in 2000. SIC-5 Classification of Financial Instruments-Contingent Settlement Provisions; SIC-16 Share Capital -Required Own Equity Instruments (Treasury Shares); and SIC-17 Equity -Costs of Equity Transition
33	Earnings per Share	Adopted, on or after 1st January 2007	Supersedes IAS 33: Earnings Per Share (issued in 1997). SIC-24 Earnings Per Share-Financial Instruments and Other Contracts that may be settled in Shares
34	Interim Financial Reporting	Adopted, on or after 1st January 1999
36	Impairment of Assets	Adopted, on or after 1st January 2005
37	Provisions, Contingent Liabilities and Contingent Assets	Adopted, on or after 1st January 2007
38	Intangible Assets	Adopted, on or after 1st January 2005
39	Financial Instruments: Recognition and Measurement	Under process of review
40	Investment Property	Adopted, on or after 1st January 2007	Supersedes IAS 40: Investment Property (issued in 2000)
41	Agriculture	Adopted, on or after 1st January 2007

IFRS	Title	Adoption Status of ICAB
IFRS 1	First-time adoption of International financial Reporting Standards	Adopted as BFRS on 21 April 2008
IFRS 2	Share-based Payment	Adopted as BFRS on 05 July 2006
IFRS 3	Business Combinations	Adopted as BFRS on 15 December 2005
IFRS 4	Insurance Contracts	Adopted as BFRS on 23 October 2008
IFRS 5	Non-current Assets Held for Sale and Discontinued Operations	Adopted as BFRS on 15 December 2005
IFRS 6	Exploration for and Evaluation of Mineral Resources	Adopted as BFRS on 05 July 2006
IFRS 7	Financial Instruments: Disclosures	Adopted as BFRS on 27 July 2008
IFRS 8	Operating Segments	Adopted as BFRS on 21 April 2008