IFRS Masterclass Part A: A Practical Introduction to IFRS

Explain IFRS 15 revenue recognition by showing how control transfers, how to allocate the transaction price to performance obligations using stand-alone selling prices, and how to journalize revenue.

Learn how IFRS 15 measures progress toward completing a performance obligation and recognizes revenue, using the output method or the input method to reflect transfer of control.

Learn how IAS 36 guides impairment: compare carrying amount to recoverable amount, determined by higher of fair value less costs of disposal and value in use, with possible reversals.

Explore IAS 21 and how to record foreign currency transactions using the spot rate and retranslate monetary items at the closing rate, highlighting functional currency and presentation currency.

Explore IFRS 9's forward-looking expected credit loss model, detailing PD, LGD, and EAD to calculate ECL using the simplified approach or the three-stage model for loans and trade receivables.

Classify IFRS 9 financial assets using the business model and SPPI tests to determine amortized cost, FVOCI, or FVTPL. Apply expected credit loss for impairment on amortized cost and FVOCI.

Identify financial liabilities as contractual obligations to deliver cash or other financial assets or exchange instruments on unfavorable terms, classified at amortized cost, FVOCI, or FVTPL.

Explore IFRS 18, the new presentation and disclosure standard replacing IS-1, effective January 1, 2027, introducing operating, investing, financing, taxes, and discontinued operations categories, subtotals, and management defined performance measures.

Explore IFRS 2 cash-settled share-based payments, using fair value valuation through binomial or Black-Scholes models, with vesting, liability-to-equity transfer, and typical journal entries.

Learn how IFRS 2 recognizes the expense of equity-settled share-based payments and records equity instruments, including share options and restricted shares, with vesting and journal entries.

Learn how IFRS 13 defines fair value as the exit price in an orderly transaction between market participants, and apply the three-level hierarchy to value assets and liabilities.

Identify joint control under IFRS 11 and distinguish joint operations from joint ventures, recognizing direct assets and liabilities in the former and using the equity method for the latter.

Explore IAS 8 and learn how to handle changes in accounting policies and errors retrospectively, changes in estimates prospectively, and restatement to maintain reliable, comparable financial statements.