Instructor for this course
more

What does IFRS require when presenting general purpose financial statements to ensure comparability both with financial statements of previous periods and with the financial statements of other organizations?

What are some of the differences between presenting financial statements under US GAAP and under IFRS? Quite a few actually! US GAAP uses rules while IFRS is much more principles based, leaving room for judgment in what fits the circumstances best. It allows for financial statements to be more suited to the needs of the users and ultimately presents a “truer” picture of the financial condition and performance of the entity.

This presentation will give you a bird’s eye view as well as use a drill-down approach for presenting clear, reliable, relevant, and comparable information in a financial statement that complies with IFRS standard number IAS1.

IAS1 is very specific and a clear understanding of this standard is essential to presenting an IFRS compliant statement that meets the general-purpose needs of the users of the financial statements.

All the major parts of the IFRS financial statements (profit-or-loss statement, balance sheet, statement of equity, cash flow statement, and notes) will be examined and explained. If you are looking for the “rules of engagement” for putting together an IFRS compliant set of financial statements, this is where you get it them, in an easy-to-follow, step-by-step walk through IAS1.

This session will describe in detail the overall requirements for the presentation of financial statements, guidelines for their structure, minimum requirements for their content, what to include and what not to include, as well as a good view as to what should be in the notes to the statements.

 

Course Key Concept: IFRS, IAS 1, Principles, Clarity, Reliability, Relevance, Comparability, Presentation, Financial Statements, Notes, Profit-or-Loss Statement

Learning Objectives

  • Explore general concepts and rules for presentation of IFRS financial statements under IAS 1.
  • Recognize the minimum inclusion requirements in order to comply with IAS 1.
  • Identify additional statements management needs to provide with IFRS financial statements.
  • Discover the “Do’s and Don’ts’s” of formatting IFRS financial statements.
  • Recognize the asset/ liability offsetting rules for presentation in IFRS financial statements.
  • Explore options for presenting profit or loss and other comprehensive income together or in two sections as part of the IFRS financial statements.
  • Identify what need to be in the Notes, what else should be in the notes. and what can stay out.
  • Explore the disclosure requirements of IAS 1.
Last updated/reviewed: Aug 09, 2020

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND REVIEW
  9:01Introduction to IFRS Financial Statement Presentation (IAS 1)
  1:05Objective and Application
  11:48Definitions
  6:46Overview
Financial Statements
  2:32Financial Statements
  5:01Complete Set of Financial Statements
  5:36Fair Presentation and Compliance
Accounting Issues
  3:16Going Concern
  0:48Accrual Basis Accounting
  2:42Materiality and Aggregation
  1:56Offsetting
Reporting
  1:22Frequency of Reporting
  3:24Comparative Information
  0:48Consistency of Presentation
  2:30Identification of the Financial Statements
Parts of Financial Statements
  18:59Statement of Financial Position
  2:41Statement of Profit or loss and Other Comprehensive Income
  0:36Profit or Loss for The Period
  5:15Other Comprehensive Income
  2:39Statements of Changes in Equity
Disclosures
  8:55Disclosures
CONTINUOUS PLAY
  1:37:35IFRS Financial Statement Presentation (IAS 1)
SUPPORTING MATERIAL
  PDFSlide: IFRS Financial Statement Presentation (IAS 1)
  PDFIFRS Financial Statement Presentation (IAS 1) Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM