Tanzania

Latest News

 


 

ACCOUNTING AND AUDITING STANDARDS

Effective from 1st July, 2004,   the National Board of Accountants and Auditors has wholly adopted the International Financial Reporting Standards (IFRSs), issued by the International Accounting Standards Board (IASB), and International Accounting Standards(IASs) and International Standards of Auditing (ISAs), issued by the International Federation of Accountants (IFAC). The standards Adopted are as listed below:

International Financial Reporting Standards (IFRSs)

IFRS 1 - First-time Adoption of International Financial Reporting Standards
IFRS 2 - Share-based Payment
IFRS 3 - Business Combinations
IFRS 4 - Insurance Contracts
IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations

International Accounting Standards (IASs)

IAS 1 - Presentation of Financial Statements
IAS 2 - Inventories
IAS 7 - Cash flow Statements
IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 - Events After the Balance Sheet Date
IAS 11 - Construction Contracts
IAS 12 - Income Taxes
IAS 14 - Segment Reporting
IAS 15 - Resolution of the IASB - Withdrawal of IAS 15 by the Board
IAS 16 - Property, Plant and Equipment
IAS 17 - Leases
IAS 18 - Revenue
IAS 19 - Employee Benefits
IAS 20 - Accounting for Government Grants and Disclosure of Government
IAS 21 - The Effect of Changes in Foreign Exchange Rates
IAS 23 - Borrowing Costs
IAS 24 - Related Party Disclosures
IAS 26 - Accounting and Reporting by Retirement Benefit Plans
IAS 27 - Consolidated and Separate Financial Statements
IAS 28 - Investments in Associates
IAS 29 - Financial Reporting in Hyperinflationary Economies
IAS 30 - Disclosures in the Financial Statements of Banks and Similar Financial Institutions
IAS 31 - Interests in Joint Ventures
IAS 32 - Financial Instruments: Disclosure and Presentation
IAS 33 - Earnings per Share
IAS 34 - Interim Financial Reporting
IAS 36 - Impairment of Assets
IAS 37 - Provisions, Contingent Liabilities and Contingent Assets
IAS 38 - Intangible Assets
IAS 39 - Financial Instruments: Recognition and Measurement
IAS 40 - Investment Property
IAS 41 - Agriculture

International Standards of Auditing (ISAs)

ISA 200 - Objective and General Principles Governing an Audit of Financial Statements
ISA 210 - Terms of Audit Engagements
ISA 230 - Documentation
ISA 250 - Consideration of Laws and Regulations in an Audit of Financial Statements
ISA 260 - Communications of Audit Matters with Those Charged with Governance
ISA 320 - Audit Materiality
ISA 402 - Audit Considerations Relating to Entities Using Service Organizations
ISA 501 - Audit Evidence - Additional Considerations for Specific Items
ISA 505 - External Confirmations
ISA 510 - Initial Engagements - Opening Balances
ISA 520 - Analytical Procedures
ISA 530 - Audit Sampling and Other Means of Testing
ISA 540 - Audit of Accounting Estimates
ISA 545 - Auditing Fair Value Measurements and Disclosures
ISA 550 - Related Parties
ISA 560 - subsequent events
ISA 570 - Going Concern
ISA 580 - Management Representations
ISA 610 - Considering the Work of Internal Auditing
ISA 620 - Using the Work of an Expert
ISA 710 - Comparatives
ISA 720 - Other Information in Documents Containing Audited Financial Statements


However the Board will continue to abide by the Tanzania Financial Accounting Standards (TFASs), and Tanzania Statements of Recommended Practice (TSRPs) that do not have counterpart International standards. The Tanzania standards and statements of recommended practice that will continue to be used are as listed below:

Tanzania Financial Accounting Standards (TFASs)

TFAS No. 12 - Director's Report
TFAS No. 16 - Accounting for Extractive Industries
TFAS No. 23 - Accounting for Value Added Tax (VAT)
TFAS No. 24 - Public Sector Accounting**

Tanzania Statements of Recommended Practice (TSRPs)

TSRP 2 - Accounting for Non-Governmental Organizations
TSRP 3 - Governance in the Public Sector - An Accounting Officer's Perspective


**  First ever released accounting standard catering for the public
     sector in Tanzania

 

Profile | CPE | Important Alerts | FAQs | Forms
  |   Examinations   |   Training   |   Publications   |   Database of Members   |   News  |   Links 

2008 NBAA. All Rights Reserved Designed by eNetwork Tanzania