As of mid-2024, there are 19 numbered IFRS Accounting Standards (IFRS 1 to IFRS 19) issued by the IFRS Foundation. These standards represent the modern set of rules, with IFRS 18 and IFRS 19 being the most recently issued (May 2024). The system also includes older International Accounting Standards (IASs).
IFRS 17 is an International Financial Reporting Standard. It replaces IFRS 4 on accounting for insurance contracts and has an effective date of January 1, 2023.
IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 sets out overall requirements for the presentation and disclosure in financial statements.
IFRS - IAS 20 Accounting for Government Grants and Disclosure of Government Assistance. The IFRS Foundation is a not-for-profit, public interest organisation established to develop high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards.
IFRS 19 aims to create a more attractive option for subsidiaries without public accountability. Eligible entities are now able to elect to apply IFRS 19, which allows for specific reduced disclosures in most topic areas. IFRS 19 provides a solution that can alleviate the reporting burden for in-scope entities.
2021 FAR Changes
The FAR section of the CPA Exam saw the elimination of the International Accounting Standards Board (IASB) framework and the IFRS versus U.S. GAAP content area.
IFRS 17 is applicable for NHS bodies from 2025/26. It provides accounting guidance for entities who are issuers of insurance contracts. The new standard is applied retrospectively from 1 April 2024, restating comparatives as though IFRS 17 had always applied.
A recap. IFRS 16 and Topic 842 became effective for IFRS Accounting Standards preparers and US GAAP public companies in 2019, and US private entities (including most not-for-profit entities) in 2022. Both IFRS 16 and Topic 842 require lessees to report most of their leases on-balance sheet, as assets and liabilities.
Summary. IFRS 18 replaces IAS 1 Presentation of Financial Statements as the primary source of requirements in IFRS accounting standards for financial statement presentation which will provide better information to users.
The four pillars of IFRS S1 and S2 are governance, strategy, risk management and metrics and targets.
While IFRS 17—Insurance Contracts—defines measurement and specific categories within the financial statements for insurance companies reporting, IFRS 18 prescribes an overall structure to the income statement, including a new subtotal of “operating profit.” Insurance companies will need to disclose management-defined ...
Applicable from January 1, 2019, IFRS 16 is an international accounting standard. It aims to synchronize lease accounting for all companies worldwide.
IAS 33 deals with the calculation and presentation of earnings per share (EPS). It applies to entities whose ordinary shares or potential ordinary shares (for example, convertibles, options and warrants) are publicly traded. Non-public entities electing to present EPS must also follow the Standard.
The four core financial statements are the Balance Sheet (snapshot of assets, liabilities, equity), the Income Statement (revenues, expenses, profit over time), the Cash Flow Statement (cash inflows/outflows over time), and the Statement of Shareholders' Equity (changes in owner investment over time), all crucial for understanding a company's financial health.
International Financial Reporting Standards. Standards International Financial Reporting Standards IFRS 9 — Financial Instruments. Standards. International Financial Reporting Standards.
The Canadian Accounting Standards Board (AcSB) requires publicly accountable enterprises to use IFRS in the preparation of all interim and annual financial statements.
Key Takeaways of ASC 842 vs. IFRS 16. The key difference between ASC 842 and IFRS 16 is that, under IFRS 16, there is a single lessee accounting model approach that is of finance leases, whereas lessors will continue to distinguish between operating and finance leases.
-- In Canada, the introduction of IFRS 17 also affects solvency capital requirements and income taxation rules, which adds an additional layer of complexity.
IFRS 4 was issued in March 2004 and applies to annual periods beginning on or after 1 January 2005. IFRS 4 will be replaced by IFRS 17 as of 1 Janaury 2023.
IFRS 15 replaces IAS 11, IAS 18, IFRIC 13, IFRIC 15, IFRIC 18 and SIC‑31. IFRS 15 provides a comprehensive framework for recognising revenue from contracts with customers.
The difficulty of Dip IFRS depends on your accounting background, study habits, and access to the right support. It's a professional challenge—but not an impossible one.