Financial Reporting and IFRS Standards

What the page covers

This unit is mostly mind maps, with quizzes, flashcard decks, notes, slide sets and a few flowcharts alongside. The maps work through individual standards one by one. The IAS 38: INTANGIBLE ASSET map starts from the definition: identifiable, non-monetary, controlled, with future benefits expected. The IAS 40 Investment Property map covers recognition, the fair value and cost models, transfers and de-recognition. The IAS 2 - inventories map splits stock into finished goods, work in progress and raw materials, and shows what cost includes and excludes.

Where to start

Begin with the big picture. Open the Conceptual Framework map, which lists the four main statements and the underlying concepts. Then try Published Accounts of Limited Companies to see how those statements appear in practice. The AAT-level slide set on international accounting standards opens with IAS 1 and the aim that accounts should be useful to investors, lenders and other creditors.

Then work through the standards

1. Assets: the IAS 16 maps and the IAS 38 maps, plus IAS 23 Borrowing Costs, which deals with qualifying assets.
2. Inventories and investment property: IAS 2 and IAS 40.
3. Tax and instruments: Chapter 17: Accounting for Income Taxes covers deferred tax assets and liabilities, and there are separate maps and flashcards on financial instruments.
4. Wider topics: leases, foreign exchange, share-based payments, earnings per share and consolidated statements.

Using maps and quizzes together

Read a map first, then test yourself. A quiz such as ACCA Paper F7 or IAS10 Adjusting events shows quickly which branches you have not absorbed. Go back to the map, fix the gap, then try the flashcards, such as IAS 16 Definitions, for recall. Exam names that appear across the listed resources include ACCA, ACCA SBR, ACCA F7, CIMA, CPA and CFA, so professional candidates can look for their own paper. Teachers can pick maps and notes to share with a class.

Where it fits

This unit sits in the Financial Reporting and Analysis strand of Accounting and auditing. Choose one standard today, open its map and see how much you can explain without looking.