IFRS: Core High Level Standards

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Understand the high-level IFRS standards that underpin financial reporting, from accounting policies and post-reporting events to foreign currency and fair value.

£100 +VAT

4 CPD hours

120 days’ access

Use ACPD101 for 10% off any purchase.

IFRS: Core High Level Standards

£100 +VAT

4 CPD Course 120 days’ access
Use ACPD101 for 10% off any purchase.

IFRS: Core High Level Standards

This course is not currently available. To find out more, please get in touch.

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.

Contents

IAS 8 Basis of Preparation of Financial Statements

IAS 8 changes
Fair presentation
Issues of going concern
Accounting policy issues
Adopting accounting policies
Estimates and errors
Disclosures

IAS 10 Events after the Reporting Period

Events after the reporting period
Dealing with new information
Adjusting and non-adjusting events
Authorisation dates
Dividends, dates, disclosures and going concern

IAS 21 The Effects of Changes in Foreign Exchange Rates

The challenges of currency
IAS 21 objectives and scope
Reporting foreign currency transactions
Recognising gains and losses
Exchange rate risks

IFRS 13 Fair Value Measurement

The significance of fair value
Objectives and scope
Defining ‘fair value’
Assessing assets and liabilities
Be the judge
The fair value hierarchy

How it works

Author

Wayne Bartlett

Wayne Bartlett

Wayne is an internationally acclaimed speaker and trainer on all aspects of public and private sector accounting and auditing standards. He has been instrumental in helping to develop the profession internationally and has taken lead roles in the development of new professional bodies and the accounting profession in Mozambique and Rwanda, and been extensively involved in developing financial reporting in many countries across the globe.