IFRS: The Structure of Financial Statements

by Wayne Bartlett
access120 days access
cpd hours4 CPD hours

This course will enable you to

  • Understand the principles and aims of the IFRS regime
  • Comprehend the general rules regarding financial statements prepared under IFRS
  • Gain an overview of the reports

Do you understand the fundamental principles underlying IFRS? Without a clear understanding of the essential background to the IFRS regime as a whole, it is impossible to fit the individual IFRSs into the bigger picture.

Now enhanced with additional case studies and video interviews with the author, this course explains the design of financial statements within International Financial Reporting Standards (IFRS) and considers their key components, as well as what each statement is trying to achieve. You will recognise the information that needs to be included as well as the concepts of fair presentation, accruals and going concern, building to a full understanding of the core framework into which the IFRSs fit.

The aims of IFRS

  • What is IFRS?
  • General purpose financial statements
  • IFRS regime: Basic principles
  • Key financial statements
  • Project manager
  • Technical challenges
  • Implementing IFRS
  • Changes to IFRS
  • Overcoming barriers

General rules

  • Moving to IFRS
  • The purpose of financial statements
  • Information that must be included
  • The accruals concept
  • The going concern concept
  • Going concern
  • The financial statements under IFRS

The statement of financial position

  • The statement of financial position explained
  • Statement of financial position: The aims
  • Information in the statement of financial position
  • Statement of financial position in action
  • Current and non-current assets
  • Current and non-current assets and liabilities
  • Current liabilities
  • Assets and liabilities
  • Changes to assets
  • Definition and recognition of an asset
  • Disclosures

The statement of comprehensive income

  • The statement of comprehensive income explained
  • Statement of comprehensive income
  • Non-controlling interest
  • Finance costs
  • What is comprehensive income?
  • Types of income included
  • Nature of expense and function of expense methods
  • Nature vs function of expense

Other financial statements and disclosure notes

  • Other financial statements explained
  • The statement of changes in equity
  • The statement of cash flows
  • Structure of the statement of cash flows
  • Disclosure notes explained
  • Structure of the notes
  • Accounting policies in the financial statements
  • Sources of estimation uncertainty
  • Estimation
  • IAS 1 and capital
  • Accounting policies
  • Cash flow statement
  • Operating, investing and financing activities

Dr Wayne Bartlett specialises in public sector financial management and budgeting and has worked as a consultant and lecturer throughout the world. After 7 years in the NHS in the UK, he joined the Home Office as Head of Accountancy Advice. He has worked closely with a number of Supreme Audit Institutions and has become an expert of the implementation of international accounting standards.

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