Thursday, November 9, 2023

IFRS Summaries


Hello, welcome to IFRS IS EASY!

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 16 million people 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.

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

  Hello, welcome to  IFRS IS EASY ! I remember when I was interviewing for a role in Canada. I had heard that even though IFRS is the main a...