International Accounting Standards (IAS) Fill in the Blanks

International Accounting Standards (IAS) are a set of accounting principles and guidelines aimed at achieving consistency and comparability in financial reporting worldwide. Fill in the blanks with the appropriate terms:

The International Accounting Standards Board (IASB) is responsible for developing and issuing ______________ that guide the preparation and presentation of financial statements.

One of the fundamental objectives of IAS is to ensure that financial statements provide ______________ information to a wide range of users, including investors, creditors, and regulatory authorities.

IAS 16 deals with the accounting treatment of ______________, establishing guidelines for their recognition, measurement, and subsequent depreciation.

IFRS 9 focuses on ______________, including financial assets and financial liabilities, providing principles for their classification and measurement.

IAS 36 requires entities to perform ______________ when there are indicators of impairment, ensuring that assets are not carried at amounts exceeding their recoverable amounts.

Under IAS 40, investment properties are recognized at ______________ value, and the standard provides guidance on the measurement and disclosure of these properties.

IAS 2 outlines the accounting treatment for ______________, establishing principles for their recognition, measurement, and disclosure in financial statements.

IFRS 15 addresses ______________ revenue recognition, including principles for recognizing revenue from contracts with customers.

To promote transparency, companies listed on international stock exchanges, such as the New York Stock Exchange (NYSE) or the London Stock Exchange (LSE), are often required to report their financial results following ______________.

To ensure consistency and comparability, the IASB continually works on updating and ______________ IAS to reflect evolving business practices and changing economic conditions.