IAS 21 governs accounting for foreign currency transactions and operations. Standard was adopted in 2001, revised in 2003 and amended in 2005. Applies to entities with foreign currency transactions and operations
IFRS 16 replaced IAS 17 in 2016, setting principles for lease accounting. Standard applies to all leases except specific exceptions. Covid-19-related rent concessions amended in 2020
IFRS 2 was introduced in 2004 and remains largely unchanged since. Standard requires financial reporting of share-based payment transactions. Share-based payments align employee interests with shareholder interests
IAS 16 was adopted in 2001 to prescribe accounting treatment for property, plant and equipment. Standard applies to tangible items used in production, rental or administrative purposes. Does not apply to held-for-sale assets, agricultural biological assets or exploration assets
IFRS 11 was issued in 2011 and effective from January 2013. Replaced IAS 31 and SIC-13 rules for joint arrangements. Aims to establish principles for financial reporting of joint arrangements
NCI occurs when a company owns more than 50% but not 100% of another company. Parent company fully consolidates subsidiary's financials with its own. Parent allocates 25% of subsidiary's net income to NCI