My Skill Lab
AccountingIntermediate

IFRS Financial Reporting Standards

Revenue, leases, impairment and the standards behind the statements.

Taught by Pooja Adhikari · Chartered Accountant

What you'll learn

  • Explain the Conceptual Framework's recognition criteria and present a set of IFRS financial statements, including the IFRS 18 categories replacing IAS 1
  • Apply the five-step model of IFRS 15 to bundled contracts, variable consideration and contract liabilities
  • Measure a lease liability and right-of-use asset under IFRS 16 and build the interest and depreciation schedule
  • Account for property, plant and equipment and intangible assets under IAS 16 and IAS 38, including components, revaluation and development costs
  • Perform an impairment test under IAS 36 using value in use and allocate losses within a cash-generating unit
  • Recognise and measure provisions and contingencies under IAS 37, and classify and impair financial assets under IFRS 9

About this course

IFRS Accounting Standards are the reporting language of listed companies in more than 140 jurisdictions, and employers expect accountants to apply them, not just name them. This intermediate course is for accounting graduates, ACCA, CA and CPA students, and practising bookkeepers and analysts who want a working command of the standards that shape most financial statements. You will apply the Conceptual Framework and presentation rules including the move from IAS 1 to IFRS 18, work through IFRS 15 revenue recognition step by step, build an IFRS 16 lease schedule, account for property, plant and equipment and intangibles under IAS 16 and IAS 38, test assets for impairment under IAS 36, recognise provisions under IAS 37, and classify and impair financial instruments under IFRS 9 with an expected credit loss matrix. Every lesson pairs the rule with a worked example and the judgement areas auditors probe. Basic double-entry and financial statement knowledge is assumed.

Course content

7 lessons
  1. 1The Framework and the Financial StatementsWhat the Conceptual Framework demands, how a complete set of IFRS statements is presented, and what IFRS 18 changes.Preview
  2. 2IFRS 15 Revenue: The Five-Step ModelIdentify the contract and performance obligations, price and allocate, then recognise as control transfers.
  3. 3IFRS 16 Leases: Right-of-Use Assets and Lease LiabilitiesMeasure the liability at the present value of payments, recognise the asset, and build the schedule that unwinds both.
  4. 4IAS 16 Property, Plant and Equipment and IAS 38 IntangiblesCapitalise the right costs, depreciate by component, choose cost or revaluation, and decide which intangibles qualify.
  5. 5IAS 36 Impairment of AssetsTest when indicators exist, measure recoverable amount, and allocate losses across a cash-generating unit.
  6. 6IAS 37 Provisions, Contingencies and Events After the Reporting PeriodRecognise provisions only for present obligations, disclose contingencies, and separate adjusting from non-adjusting events.
  7. 7IFRS 9 Financial Instruments and Expected Credit LossesClassify financial assets by business model and cash flows, then impair them with the expected credit loss model.