The Introduction to IAS 1

Name: The Introduction to IAS 1
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Learn major concepts of IAS 1 for Financial Reporting

Created byThanh Nguyen CIA, ACCA, LLB,JD

Last updated 4/2024

English

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What you'll learn

World-class PwC training about IAS 1 delivered by former PwC Auditor
Understand deeply about underlying concepts of the IAS 1 and the objectives of financial statements
Understand deeply about The components of financial statements (excluding the statement of cash flow)
Understand deeply about classification of assets and liabilities

Course content

3 sections • 17 lectures • 1h 18m total length

Welcome to the course and introduction to the course content2:05
Explore the overview and scope of the IAS 1 standard, learn the purpose and general requirements for presenting financial statements, and preview three modules and the final exam.
Overview of IAS 110:50
Discover the scope and general requirements of IAS 1, including going concern, accrual basis, and current versus non-current classifications, plus notes on amendments and presentation of financial statements.

Purpose and components of financial statements8:35
Explain the purpose and general requirements of financial statements and identify five key components: financial position, profit or loss and other comprehensive income, changes in equity, cash flows, and notes.
General features of financial statements4:50
Apply the general features of financial statements, including going concern, accrual basis, materiality, aggregation, reporting frequency, comparatives, and presentation consistency, to ensure fair presentation with appropriate disclosures.
Going concern assumption and accrual basis2:15
Understand the going concern assumption under IAS 1, including management's 12-month assessment and disclosure of uncertainties, and apply the accrual basis to recognize assets, liabilities, equity, income, and expenses.
Materiality concept3:13
Explore the materiality concept, 2018 amendments, and guidance on assessing material information in financial statements effective from 2020, including aggregation rules and presentation for primary users.
Offsetting6:32
Explore the IAS 1 offsetting concept, netting income with related expenses and presenting assets and liabilities separately unless the substance warrants netting, including disclosures, comparatives, and impracticability.
Summary of module 11:33
Outline the five main statements: financial position, profit or loss and other comprehensive income, changes in equity, cash flows, and notes; emphasize comparative information and standards compliance.

Welcome to module 21:54
Explore the structure and disclosure requirements under IAS 1, including classifying assets and liabilities, current versus non-current, profit or loss and other comprehensive income, and the notes.
Classification of assets and liabilities9:38
Learn how the balance sheet (statement of financial position) classifies current and non-current assets and liabilities, including the operating cycle, liquidity presentation, and essential disclosures.
Update for January 2020 amendments1:35
Summarize the January 2020 amendments to IAS 1, clarifying classification of liabilities as current or non-current and the end-of-period right to settlement, with conditions, retrospective and early application.
Specific situations in classification of assets and liabilities3:31
Explore how IAS 1 classifies assets and liabilities in specific situations, including refinancing within 12 months, the ability to refinance, and breach scenarios with grace periods.
Profit or loss statement and OCI6:15
Explore the profit or loss statement and OCI under IAS 1, including items recognized in profits or loss or OCI, reclassification adjustments, and single vs two-statement presentation.
Analysis of expenses3:53
Learn to present expenses under IAS 1 by nature or by function on the statement of profit or loss and other comprehensive income, with examples like depreciation, wages, and advertising.
Statement of changes in equity2:44
Explore the statement of changes in equity, detailing total comprehensive income, owner and noncontrolling interest, reconciliations of carrying amounts, other comprehensive income, and dividends or distributions to owners.
Notes to the financial statements7:15
Explore the notes to the financial statements, detailing structure, accounting policies, estimation uncertainty, capital disclosures, and other disclosures like dividends and entity details, with IFRS guidance.
Summary of module 21:24
Explore how IAS 1 structures financial statements by distinguishing assets and liabilities. Classify current and non-current items and present profits or loss and comprehensive income.

Requirements

None, i will teach you all the concepts from the scratch. Some basic knowledge on Financial Accounting such as Debit/credit accounting entries, profit&loss, balance sheet, cash flow might be helpful but not necessary to pass this course

Description

IAS/IFRS standards constitute a standardized way of describing the company’s financial performance and position so that company financial statements are understandable and comparable across international boundaries. Additionally, they are particularly relevant for companies with shares or securities listed on a public stock exchange.

This course is an introduction for accountants or professionals who want to learn in more detail about the IAS 1 for Financial Reporting that is increasingly adopting by more organizations around the world. This course provides clear guidelines about the underlying concepts of the IAS 1 which is going concern assumption; The components of financial statements ; Materiality Concept; Classification of Assets and Liabilities; Specific situations in classification of assets and liabilities; Analysis of expenses . Many real-world examples about the IAS 1 application will also help you perceive the concepts easily.

After studying this course you will be able to understand deeply about IAS 1 for Financial Reporting properly whether for studying or pursuing a career for organizations that require using IAS/IFRS standard as a major accounting policy.

Who this course is for:

General Accountant, Asset accountants
Compliance Risk Professionals
CFO, Finance Head
External/Internal Auditors and Internal Controls Professionals
Risk Management Students, Business and Finance Students, Banking Students.
Other learners who want to learn about basic concepts of IAS 1 in action

Who this course is for:

Accounting and financial professionals who want to learn more about IAS 1 and its applications as well as students who are studying ACCA, CIMA...
External Auditors
Internal Auditors who are specialized in Financial Audit or about to audit Financial Statement of specific institutions adopting IFRS standards
Learners who want to understand deeply about modern international accounting treatment

The Introduction to IAS 1

What you'll learn

Explore related topics

Course content

Module 0 Overview of IAS 12 lectures • 13min

Module 1 Purpose and components of financial statements6 lectures • 27min

Welcome to Module 29 lectures • 38min

Requirements

Description

Who this course is for: