International Financial Reporting Standards (IFRS)

Melanie Solomon guides you through the concepts and practical application of IFRS standards across modules and lectures, with all applicable standards included.

Explore how IAS 16 governs property, plant and equipment, including recognition, initial cost, and componentization. Compare cost and revaluation models, and cover depreciation, impairment, reversals, and disposals.

Explore IAS 40 investment property: definition, scope, and measurement options of cost or fair value, plus transfers between investment property and owner-occupied assets.

Explore IAS 23 borrowing costs, distinguishing when to capitalize vs expense, define qualifying assets, identify directly attributable borrowings, and outline start-stop rules and impairment considerations.

Explore IAS 38 the recognition and measurement of intangible assets—non-monetary, lacking physical substance, with examples like software, patents, goodwill, and internal generation, pirates criteria, amortization, impairment, and revaluation options.

Explain impairment by comparing carrying amounts with recoverable amounts—the higher of value in use or fair value less costs of disposal—and test cash generating units, allocating losses to goodwill first.

Explore IAS 2 inventories: recognize assets held for sale, apply lower of cost and net realizable value, and use cost formulas like FIFO or weighted average to determine profits.

Learn how IFRS classifies financial instruments as liabilities or equity (IAS 32), explains compound instruments, and applies IFRS 9 recognition, measurement, impairment, and IFRS 7 disclosures.

Government grants - monetary or non-monetary - are recognized over time. Revenue-related grants appear in profit or loss or as expense reductions; asset-related grants may be deferred or reduce asset carrying amounts, amortization.

Explore the IFRS 15 five-step revenue recognition process based on transfer of control, identifying distinct performance obligations and allocating the transaction price to each obligation.

Understand current tax and deferred tax under IAS 12, including calculating taxable profit from accounting profits and permanent and temporary differences, and recognizing tax assets and liabilities.

Explain IAS 37 provisions, contingent liabilities, and contingent assets, defining provisions as obligations with uncertain timing or amounts and recognition criteria based on probable outflow and reliable estimates.

Identify adjusting and non-adjusting events after the reporting period, assess whether conditions existed at year-end, and disclose material events that affect financial statements.

Covers earnings per share under IAS 33, detailing basic and diluted EPS and how to adjust the numerator and denominator for bonus issues, rights issues, and dilutive shares.

Explore IAS 8 changes in accounting policy and IFRS 5 non-current assets held for sale and discontinued operations, emphasizing disclosure, retrospective versus prospective application, and presentation.

Explain how profit does not equal cash and classify cash flows into operating, investing, and financing activities; compare direct and indirect methods and note non-cash items and working capital effects.