IFRS: Core High Level Standards

This course will enable you to

• Recognise the impact of IFRS 18 on IAS 8 and the key changes to be aware of
• Take appropriate action when events occur after the reporting period
• Follow the fundamental steps to account for foreign currency or foreign operations
• Understand the concept of fair value measurement and its application

About the course

Many IFRS Accounting Standards apply to specific transactions or circumstances, but a small number of high-level standards underpin large areas of financial reporting. For accountants involved in preparing financial statements, gaps in understanding around these core standards can lead to inconsistent judgement, incorrect presentation, or missed disclosure requirements.

This course brings together several of these foundational IFRS standards. It examines IAS 8 Basis of Preparation of Financial Statements, including the implications of IFRS 18 and the principles of going concern and fair presentation. It also covers IAS 10 Events After the Reporting Period, focusing on how to distinguish between adjusting and non-adjusting events. In addition, the course explores IAS 21 The Effects of Changes in Foreign Exchange Rates, addressing common challenges around foreign currency transactions and foreign operations, before concluding with IFRS 13 Fair Value Measurement and its core concepts and valuation approach.

You’ll come away with a clearer understanding of how these key standards fit together within the IFRS framework and how they apply in practice. This course will give you a stronger foundation for making consistent accounting judgements, applying disclosure requirements appropriately, and explaining key decisions with confidence when preparing IFRS-compliant financial statements.