Introduction to IFRS – IAS 1 Presentation of Financial Statements

Overview

If you would like to dive into the world of international financial reporting standards (IFRS), you have to be aware of what IFRS and IAS means, what the difference between the standards and the conceptual framework is, what the fundamental definition of assets and liabilities is, etc. This course provides answers to these questions using practical examples.

The course consists of two parts. First part, after the introduction to the IFRS, explains the most important concepts of the Conceptual Framework. In the second part IAS 1 Presentation of financial statements standard’s requirements are presented including practical examples and interim tests to enhance understanding. 

This course will enable you to:

• understand the concept of international financial reporting standards

• identify main features of the Conceptual Framework

• understand the qualitative characteristics of useful financial information (fundamental and enhancing)

• decide whether the standard or the conceptual framework prevail in case they are in conflict with each other

• understand the definition of control

• distinguish main accounting considerations and define which are applicable to the primary statements (statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes)

Further information:

• Training hours: 50 minutes

• CPD: 1.0

• Language: English

• Topics: IFRS, Reporting
• Sector: Corporates

• Training method: E-learning

• Type: Single course

• Geographic relevance: Global

This e-learning course is part of an e-learning series designed by PwC Academy Hungary which aims to provide a comprehensive overview of the application of IFRS (IAS) standards to finance and accounting experts who are already familiar with fundamental (local) accounting and reporting processes.