Understanding key accounting standards (114878566) - Online

Updated in December 2020, this comprehensive online course covers the most commonly used International Financial Reporting Standards.

This course covers the main topic-specific standards addressing the presentation of financial statements and the accounting for assets, liabilities and equity items commonly held by a company (including owned or leased property, plant and equipment and provisions). This course also addresses when revenue is recognised by an entity, how to account for the future income tax consequences of assets and liabilities held, and the type of disclosures an entity should make about its transactions and balances with its related parties.

The Accounting Standards explained in further detail in this course are:

• IAS 1 Presentation of Financial Statements
• IAS 7 Statement of Cash Flows
• IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
• IAS 10 Events after the Reporting Period
• IFRS 13 Fair Value Measurement
• IAS 2 Inventories
• IAS 16 Property, Plant and Equipment
• IAS 38 Intangible Assets
• IAS 40 Investment Property
• IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
  IAS 41 Agriculture
  Financial Instruments:
            IAS 32 Financial Instruments: Presentation
            IFRS 9 Financial Instruments
            IFRS 7 Financial Instruments: Disclosures
• IAS 28 Investments in Associates and Joint Ventures
• IFRS 16 Leases
• IAS 19 Employee Benefits
• IFRS 2 Share-based Payment
• IAS 37 Provisions, Contingent Liabilities and Contingent Assets
• IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations
• IAS 36 Impairment of Assets
• IFRS 15 Revenue from Contracts with Customers
• IAS 21 The Effects of Changes in Foreign Exchange Rates
• IAS 23 Borrowing Costs
• IAS 12 Income Taxes
• IFRS 8 Operating Segments
• IAS 33 Earnings per Share
• IAS 24 Related Party Disclosures
• IAS 34 Interim Financial Reporting

References to International Financial Reporting Standards in this manual include both International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs), as well as the Conceptual Framework for Financial Reporting and pronouncements issued by the IFRS Interpretations Committee (IFRIC Interpretations) and its predecessor, the Standing Interpretations Committee (SIC Interpretations). The requirements covered herein have regard to the accounting standards as presented in the 2019 IFRS Standards (Red Book) pronouncements issued up to 20 July 2020, including changes that are not yet effective.

Note: The accounting for acquisitions of businesses and the preparation of consolidated general purpose financial statements is not addressed in this course. As such, requirements applying to consolidated groups are generally not addressed in this course.

This course consists of one online course, including a downloadable PDF, and one multiple choice assessment.

• Identify components of the primary financial statements presented in accordance with International Financial Reporting Standards.
• Identify key recognition and measurement principles of a number of important International Financial Reporting Standards as applicable to Australian for-profit entities preparing general purpose financial statements.
• Identify criteria necessary to make some key disclosures.
• Apply the principles learned throughout the course in a practical setting.
• Calculate relevant amounts for inclusion in the financial statements, observing the principles contained in the International Financial Reporting Standards.