IFRS Summaries

 

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If you are learning IFRS as a beginner, you may become overwhelmed by the amount of information you need to consume. Here are a few tips on how to learn IFRS as a beginner:

Start with the basics 

Before you can dive into the details of IFRS, it's important to have a strong foundation in accounting principles. If you're not already familiar with accounting, there are a number of resources available to help you get started. Start with YouTube and learn as basic as double-entry principles and the impact of the elements of financial statements on company annual reports.

Find a good IFRS material or online course 

There are a number of resources available to help you learn IFRS, but it's important to choose one that is comprehensive and up-to-date. Look for a resource that covers all of the major IFRS topics. You can start learning with our posts here that has eLearns for each topic.

Practice applying IFRS to real-world examples 

Once you've learned the basics of IFRS, it's important to practice applying them to real-world examples. This will help you to understand how IFRS is used in the real world and to identify any areas where you need additional clarification. An example is preparing financial statements using Microsoft Excel for a small business.

Stay up-to-date on the latest IFRS changes

IFRS is constantly evolving, so it's important to stay up-to-date on the latest changes. You can do this by attending accounting conferences, and following accounting organizations on social media. Also, all the Big 4 firm including the IFRS Foundation have YouTube channels where they share IFRS updates.

Most importantly, don't be afraid to make mistakes. Everyone makes mistakes when they're learning something new. The important thing is to learn from your mistakes and to keep practicing.

Learning IFRS can be challenging, but it is a worthwhile investment. IFRS is the global standard for accounting, so learning IFRS will make you more marketable to potential employers around the world.

This blog post compiles for you IFRS Summaries made available by the Big 4 and other Audit firms to help you with the learning and understanding of IFRS as a beginner. The documents also helps you to refresh your knowledge if you are an expert at IFRS.

Fun fact:

The first IAS was issued in 1975

The first IFRS was issued in 2001

The IASB is based in London, England

IFRS is translated into over 40 languages

IFRS is used by over 140 jurisdictions worldwide.

The below resources provide comprehensive knowledge for a beginner. Whether you're new to IFRS or looking for a refresher, these resources are valuable.

IFRS Summaries

Source: KPMG

KPMG IFRS Summaries Pdf

Source: Deloitte

Deloitte IFRS Summaries Pdf

Source: BDO

BDO IFRS Summaries Pdf

IFRS Sustainability Summaries

Source: BDO

BDO IFRS Sustainability Summaries Pdf

IFRS for SMEs Summaries

Source: BDO 

BDO IFRS for SMEs Summaries Pdf

PS: All resources above are sourced directly from the public domain of the owners as made publicly available by them and are compiled here by IFRS IS EASY for your convenience.

Kindly leave a comment if you find the content of this post helpful or would like to share your thoughts on the topic.

Download IFRS Sustainability Standards IFRS S1 and IFRS S2 Pdf from PwC, KPMG, Deloitte and EY

 

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Sustainability is becoming increasingly important to businesses of all sizes. Investors, customers, and other stakeholders are demanding more transparency and accountability on sustainability performance.

To meet these demands, the International Accounting Standards Board (IASB) has developed the first two IFRS Sustainability Standards: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.

IFRS S1 and IFRS S2 set out specific requirements for disclosing sustainability-related information, including:

IFRS S1:

• Sustainability-related risks and opportunities that could reasonably be expected to affect the entity's cash flows, its access to finance or cost of capital over the short, medium or long term
• How the entity manages those risks and opportunities
• The entity's sustainability-related governance arrangements

IFRS S2:

• Climate-related risks and opportunities that could reasonably be expected to affect the entity's business model, strategy or financial performance over the short, medium or long term
• The entity's greenhouse gas emissions
• Other climate-related information, such as the entity's adaptation plans and climate-related financial targets

IFRS S1 and IFRS S2 will be mandatory for all publicly traded companies in jurisdictions that have adopted IFRS, and they are expected to be widely adopted by other companies as well including companies using US GAAP.

This blog post compiles for you the resources made available by the Big 4 Audit firms to help understand the IFRS Sustainability Standards - IFRS S1 and IFRS S2.

Fun facts:

Did you know that recycling one aluminum can saves enough energy to power a TV for 3 hours?

Did you know that taking a shorter shower can save up to 25 gallons of water per shower?

IFRS S1 and IFRS S2 are designed to be used in conjunction with IFRS Accounting Standards, providing a comprehensive framework for financial and sustainability reporting.

The development of IFRS S1 and IFRS S2 was informed by the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

 

Click the links below to download them.

IFRS Sustainability Standards IFRS S1 and IFRS S2

PDF

Source: KPMG

KPMG IFRS Sustainability on IFRS S1 and IFRS S2 Pdf

Source: Deloitte

Deloitte iGAAP in Focus on IFRS Sustainability Pdf

Deloitte IFRS Sustainability on IFRS S1 and IFRS S2 Pdf

Source: EY

EY IFRS Accounting for Climate Change Pdf

EY IFRS Sustainability on IFRS S1 and IFRS S2 Pdf

Source: PwC

PwC IFRS Sustainability on IFRS S1 and IFRS S2 Pdf

Learning materials

Source: ISSB

ISSB IFRS S1 - General Requirements for Disclosure of Sustainability-related Financial Information

ISSB IFRS S2 - Climate-related Disclosures

PS: All resources above are sourced directly from the public domain of the owners as made publicly available by them and are compiled here by IFRS IS EASY for your convenience.

Kindly leave a comment if you find the content of this post helpful or would like to share your thoughts or have questions about the topic.

Download US GAAP and IFRS Conversion documents PDF from KPMG, PwC, Deloitte, and EY

 

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I remember when I was interviewing for a role in Canada. I had heard that even though IFRS is the main adopted standard in Canada, several companies in Canada are listed in the US. As a result, the knowledge of US GAAP was as important as that of IFRS.

If you're an accounting or finance professional, you know that these two accounting standards (IFRS and US GAAP) are the most widely used in the world. But what are the key differences between them? And why should you care?

This blog post compiles for you the resources made available by the Big 4 Audit firms to help understand IFRS conversion to US GAAP and the key differences between IFRS and US GAAP.

Fun facts:

US GAAP is the oldest accounting standard in the world.

US GAAP is developed and issued by the Financial Accounting Standards Board (FASB).

The first standards were released under US GAAP in 1936, and under IFRS in 1973.

Title of the first IFRS standard is International Accounting Standard (IAS) 1: Presentation of Financial Statements

Title of the first US GAAP standard is Accounting Research Bulletin No. 1: Earned Surplus

US GAAP is considered to be one of the most comprehensive and rigorous accounting standards in the world.

 Click the links below to download them.

Differences between IFRS and US GAAP

Source: KPMG

KPMG Differences between IFRS and US GAAP Pdf

Source: PwC

PwC Differences between IFRS and US GAAP Pdf

Source: Deloitte

Deloitte Differences between IFRS and US GAAP Pdf

Source: EY

EY Differences between IFRS and US GAAP Pdf

PS: All resources above are sourced directly from the public domain of the owners as made publicly available by them and are compiled here by IFRS IS EASY for your convenience.

Kindly leave a comment if you find the content of this post helpful or would like to share your thoughts or have questions about the topic.