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QR Challenge: International Accounting Standards (IAS)

Created using the ClassTools QR Treasure Hunt Generator

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Teacher Notes

A. Prior to the lesson:

1. Arrange students into groups. Each group needs at least ONE person who has a mobile device.

2. If their phone camera doesn't automatically detect and decode QR codes, ask students to

3. Print out the QR codes.

4. Cut them out and place them around your class / school.

B. The lesson:

1. Give each group a clipboard and a piece of paper so they can write down the decoded questions and their answers to them.

2. Explain to the students that the codes are hidden around the school. Each team will get ONE point for each question they correctly decode and copy down onto their sheet, and a further TWO points if they can then provide the correct answer and write this down underneath the question.

3. Away they go! The winner is the first team to return with the most correct answers in the time available. This could be within a lesson, or during a lunchbreak, or even over several days!

C. TIPS / OTHER IDEAS

4. A detailed case study in how to set up a successful QR Scavenger Hunt using this tool can be found here.

Questions / Answers (teacher reference)

Question

Answer

1. IAS 1IAS 1
2. Presentation of Financial StatementsPresentation of Financial Statements
3. Sets out the overall requirements for financial statements, including structure, minimum content requirements and accounting concepts that must be used. A complete set of financial statements must include an income statement, balance sheet, statement of changes in equity and cash flow statementSets out the overall requirements for financial statements, including structure, minimum content requirements and accounting concepts that must be used. A complete set of financial statements must include an income statement, balance sheet, statement of changes in equity and cash flow statement
4. IAS 2IAS 2
5. InventoriesInventories
6. Sets out how inventories should be valued. The prudence concept must be used which states that inventories must be valued at the lower out of cost or net realisable valueSets out how inventories should be valued. The prudence concept must be used which states that inventories must be valued at the lower out of cost or net realisable value
7. IAS 7IAS 7
8. Statements of Cash FlowStatements of Cash Flow
9. Statements of cash flow must be included with the final accounts. They must follow a given format, including operating activities, financing activities and investing activitiesStatements of cash flow must be included with the final accounts. They must follow a given format, including operating activities, financing activities and investing activities
10. IAS 8IAS 8
11. Accounting Policies, Changes in Accounting Estimates and ErrorsAccounting Policies, Changes in Accounting Estimates and Errors
12. States criteria for selecting policies, changing them and correcting errorsStates criteria for selecting policies, changing them and correcting errors
13. IAS 10IAS 10
14. Events after the Reporting PeriodEvents after the Reporting Period
15. How to adjust for events after the end of the reporting period in the financial statements. These are categorised into adjusting and non-adjustingHow to adjust for events after the end of the reporting period in the financial statements. These are categorised into adjusting and non-adjusting
16. IAS 16IAS 16
17. Property, Plant and EquipmentProperty, Plant and Equipment
18. States how non-current assets should be treated in the final accountsStates how non-current assets should be treated in the final accounts
19. IAS 18IAS 18
20. RevenueRevenue
21. States how revenue should be treated in the final accounts. This includes sales and other sources of revenue, such as interest, royalties and dividendsStates how revenue should be treated in the final accounts. This includes sales and other sources of revenue, such as interest, royalties and dividends
22. IAS 36IAS 36
23. Impairment of AssetsImpariment of Assets
24. An asset must not be shown at more than the highest amount that can be recovered through its use or sale. If it is, the impairment loss is added on to depreciationAn asset must not be shown at more than the highest amount that can be recovered through its use or sale. If it is, the impairment loss is added on to depreciation
25. IAS 37IAS 37
26. Provisions, Contingent Liabilities and Contingent AssetsProvisions, Contingent Liabilities and Contingent Assets
27. Ensures provisions, contingent liabilities and contingent assets are consistently accounted for and users of the accounts are informed about themEnsures provisions, contingent liabilities and contingent assets are consistently accounted for and users of the accounts are informed about them
28. IAS 38IAS 38
29. Intangible AssetsIntangible Assets
30. How expenditure on non-tangible assets should be treatedHow expenditure on non-tangible assets should be treated

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=IAS_1

Question 1 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=Presentation_of_Financial_Statements

Question 2 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=Sets_out_the_overall_requirements_for_financial_statements,_including_structure,_minimum_content_requirements_and_accounting_concepts_that_must_be_used._A_complete_set_of_financial_statements_must_include_an_income_statement,_balance_sheet,_statement_of_changes_in_equity_and_cash_flow_statement

Question 3 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=IAS_2

Question 4 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=Inventories

Question 5 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=Sets_out_how_inventories_should_be_valued._The_prudence_concept_must_be_used_which_states_that_inventories_must_be_valued_at_the_lower_out_of_cost_or_net_realisable_value

Question 6 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=IAS_7

Question 7 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=Statements_of_Cash_Flow

Question 8 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=Statements_of_cash_flow_must_be_included_with_the_final_accounts._They_must_follow_a_given_format,_including_operating_activities,_financing_activities_and_investing_activities

Question 9 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=IAS_8

Question 10 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=Accounting_Policies,_Changes_in_Accounting_Estimates_and_Errors

Question 11 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=States_criteria_for_selecting_policies,_changing_them_and_correcting_errors

Question 12 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=IAS_10

Question 13 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=Events_after_the_Reporting_Period

Question 14 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=How_to_adjust_for_events_after_the_end_of_the_reporting_period_in_the_financial_statements._These_are_categorised_into_adjusting_and_non-adjusting

Question 15 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=IAS_16

Question 16 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=Property,_Plant_and_Equipment

Question 17 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=States_how_non-current_assets_should_be_treated_in_the_final_accounts

Question 18 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=IAS_18

Question 19 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=Revenue

Question 20 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=States_how_revenue_should_be_treated_in_the_final_accounts._This_includes_sales_and_other_sources_of_revenue,_such_as_interest,_royalties_and_dividends

Question 21 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=IAS_36

Question 22 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=Impairment_of_Assets

Question 23 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=An_asset_must_not_be_shown_at_more_than_the_highest_amount_that_can_be_recovered_through_its_use_or_sale._If_it_is,_the_impairment_loss_is_added_on_to_depreciation

Question 24 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=IAS_37

Question 25 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=Provisions,_Contingent_Liabilities_and_Contingent_Assets

Question 26 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=Ensures_provisions,_contingent_liabilities_and_contingent_assets_are__consistently_accounted_for_and_users_of_the_accounts_are_informed_about_them

Question 27 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=IAS_38

Question 28 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=Intangible_Assets

Question 29 (of 30)

 


International Accounting Standards (IAS): QR Challenge

https://www.classtools.net/QR/decode.php?text=How_expenditure_on_non-tangible_assets_should_be_treated

Question 30 (of 30)