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

• Who is this course for?
  This course is intended for anyone needing Continuing Professional Education (CPE), particularly CPAs, accountants, or professionals involved with IFRS-based financial reporting.

• What is this course about or what problem does this course solve?
  This course provides a detailed exploration of how to properly present financial statements under IFRS, solving the problem of understanding and applying IASB Framework and specific IFRS standards like IAS 1 and IAS 7.

• How can the knowledge from this course be used?
  Learners can use the knowledge gained to accurately identify, classify, and present elements of IFRS financial statements in compliance with international standards.

• Why is this course important to a CPA, Accountant, or IRS Enrolled Agent?
  It is crucial for professionals to understand IFRS presentation standards, especially those working in or with international markets, as these principles form the basis of financial reporting in many jurisdictions worldwide.

• When is this course relevant or timely?
  This course is relevant in 2024 and beyond, particularly as IFRS continues to be the dominant global accounting standard, and professionals must stay updated with current frameworks and standards.

• How is a course like this consumed or used?
  The course is delivered as a QAS Self Study text-based module, allowing participants to complete it independently online, with review questions, a final exam, and no additional materials required.

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