Acca aaa s21 Notes

2. Audit procedures and obtaining evidence
The following table lists the classes of transactions, balances and events that may be reflected in a set 
of financial statements that are specifically mentioned in the ‘audit procedures and obtaining 
evidence’ part of the AAA syllabus. In order to design appropriate audit procedures about each of 
these, auditors must know the provisions of the relevant accounting standard(s) concerning, in 
particular:
๏
Initial recognition and recognition criteria
๏
Initial measurement (with the exception of grants related to assets this is invariably at cost)
๏
Subsequent measurement (e.g. depreciated cost, amortised cost, fair value)
๏
Classification, presentation and disclosure
Accounting standards will be relevant in the exam both in Section A (set at the planning stage of the 
audit) and in the Section B question drawn from the completion, review and reporting section of the 
syllabus. 
September 2021 to June 2022 exams
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Specific 
standard(s)
Other potentially 
relevant 
standard(s)
i) 
Inventory (including standard costing systems)
IAS 2
IAS 23
ii) 
Non-current assets
IAS 16
IASs 20, 23, 36 & 37
IFRSs 5 & 16
iii) 
Intangible assets
IAS 38
IAS 36
IFRS 3 (goodwill)
iv) 
Biological assets
IAS 41
–
v) 
Investment properties
IAS 40
IASs 16 & 36
vi) 
Assets held for sale and discontinued operations
IFRS 5
–
vii) 
Financial instruments
IAS 32/
IFRSs 7 & 9
viii)
Accounting estimates including values
IFRS 13
–
ix) 
Government grants
IAS 20
–
x) 
Leases
IFRS 16
IASs 16 & 24
IFRSs 9 & 15
xi) 
Impairment
IAS 36
–
xii) 
Provisions, contingent liabilities and contingent assets
IAS 37
–
xiii) 
Borrowing costs
IAS 23
–
xiv) 
Employee benefits
IAS 19
–
xv) 
Share-based payment transactions
IFRS 2
–
xvi) 
Taxation (including deferred tax)
IAS 12
–
xvii) Related parties
IAS 24
–
xviii) Revenue from contracts with customers
IFRS 15
–
xix) 
Statement of cash flows
IAS 7
–
xx) 
Business combinations
IFRS 3
IASs 27 & 28
IFRS 10, 11 & 12
xxi) 
Events after the end of the reporting period
IAS 10
–
xxii) The effects of foreign exchange rates
IAS 21
IFRS 9
xxiii) Segmental reporting
IFRS 8
–
xxiv) Financial statements notes and related disclosures
–
IAS 1, IFRS 12
xxv) Earnings per share
IAS 33
–
xxvi) Changes in accounting policy
IAS 8
IAS 1
xxvii) Payroll and other expenses
IASs 1 & 19
–