IFRS Learning Module 1: Presentation of IFRS Financial Statements (Course Id 2181)

IFRS Learning Modules are a series of courses that provide in-depth overviews of various topics related to International Financial Reporting Standards (“IFRS”). IFRS represents the global accounting principles that provide the foundation for most of the world’s financial reporting. These Standards establish the recognition, measurement, presentation and disclosure requirements for transactions and events reflected in IFRS financial statements.

Module 1 of the IFRS Learning Module series provides a “deep dive” into the principles governing the presentation of financial statements under IFRS. This includes a review of the IASB’s Framework, which addresses the concepts underlying the information presented in IFRS financial statements. It also includes detailed discussions of the IAS 1 Presentation of Financial Statements and IAS 7 Statement of Cash Flows.

NASBA QAS - Text - NASBA Registry - 2181

Module Learning Objectives

• Identify financial reports that are within the scope of the IASB Framework.
  
• Recognize practices that are consistent with the underlying assumptions and qualitative characteristics of financial statements prepared in accordance with the IASB Framework.
  
• Describe the characteristics of general purpose financial statements required under IFRS.
  
• Identify and classify the various elements of IFRS financial statements.
  

Module 1:   Presentation of IFRS Financial Statements

1.0   Framework for the Preparation and Presentation of Financial Statements

1.1   Purpose and status

1.2   Scope

1.3   The objective of financial statements

1.4   Underlying assumptions

1.5   Qualitative characteristics of financial statements

1.6   The elements of financial statements

1.7   Recognition of the elements of financial statements

1.8   Measurement of the elements of financial statements

1.9   Concepts of capital and capital maintenance

2.0   Introduction to IAS 1

2.1   Scope

2.2   Definitions

2.3   Complete set of IFRS financial statements

2.4   Fair presentation and compliance with IFRSs

2.5   Going concern

2.6   Accrual basis of accounting

2.7   Materiality and aggregation

2.8   Frequency of reporting

2.9   Comparative information

2.10   Consistency of presentation

3.0   IFRS Financial Statements

3.1   Statement of Financial Position

3.2   Statement of Comprehensive Income

3.3   Statement of Changes in Equity

3.4   Statement of Cash Flows

3.5   Notes to the Financial Statements

4.0   Module Summary

Glossary