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2017 Preparation Of IFRS Exam Past Papers
IFRS Exam Past Papers : International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organisation called the International Accounting Standards Board (IASB).
The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. IFRS provides general guidance for the preparation of financial statements, rather than setting rules for industry-specific reporting.
Having an international standard is especially important for large companies that have subsidiaries in different countries. Adopting a single set of world-wide standards will simplify accounting procedures by allowing a company to use one reporting language throughout. A single standard will also provide investors and auditors with a cohesive view of finances.
Currently, over 100 countries permit or require IFRS for public companies, with more countries expected to transition to IFRS by 2015. Proponents of IFRS as an international standard maintain that the cost of implementing IFRS could be offset by the potential for compliance to improve credit ratings.
IFRS is sometimes confused with IAS (International Accounting Standards), which are older standards that IFRS has replaced. See also:Financial Industry Regulatory Authority, generally accepted accounting principles (GAAP), Payment Card Industry Data Security Standard , compliance validation
2017 Preparation Of IFRS Exam Past Papers
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2017 Preparation Of IFRS Exam Past Papers
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IFRS Training material By ifrs.org
The IFRS Foundation has developed 35 stand-alone training modules – one for each section of the 2009 version of the IFRS for SMEs.
Please note: The materials each contain a copyright notice and terms for the allowed use of the materials, please ensure that you read the notice and terms before using the materials.
Each module includes the following:
- Introduction—an overview of the module, including:
– Learning objectives—a description of the capabilities and competences that the learner should attain by successfully completing the module.
– The IFRS for SMEs and the material that accompanies, but does not form part of, the IFRS.
– An overview of the requirements of the section, ie a brief technical summary. - Requirements—the full text of the section of the IFRS for SMEs with added notes and worked examples. The notes and examples are designed to clarify and illustrate the requirements.
- Significant estimates and other judgements—a discussion of significant estimates and other judgements in accounting for transactions and events in accordance with that section of the IFRS for SMEs.
- Comparison with full IFRSs—a summary of the main differences between this section of the IFRS for SMEs and the corresponding full IFRS.
- Test your knowledge—a collection of multiple-choice questions (with answers) designed to test the learner’s knowledge of the requirements of this section of the IFRS for SMEs.
- Apply your knowledge—a collection of case studies (with solutions) designed to develop the learner’s ability to account for transactions and events in accordance with this section of the IFRS for SMEs.
The IFRS Foundation has approached the world’s development agencies to fund the translation of the IFRS for SMEs into several languages. So far modules are available in Arabic, English, Russian, Spanish and Turkish.
The IFRS Foundation is currently developing training modules for each section of the 2015 version of the IFRS for SMEs.
IFRS Training modules By ifrs.org
The Education Initiative has developed 35 stand-alone training modules—one for each section of the 2009 version of the International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs).
Modules | Titles |
| 1 | Small and Medium-sized Entities |
| 2 | Concepts and Pervasive Principles |
| 3 | Financial Statement Presentation |
| 4 | Statement of Financial Position |
| 5 | Statement of Comprehensive Income and Income Statement |
| 6 | Statement of Changes in Equity and Statement of Income and Retained Earnings |
| 7 | Statement of Cash Flows |
| 8 | Notes to the Financial Statements |
| 9 | Consolidated and Separate Financial Statements |
| 10 | Accounting Policies, Estimates and Errors |
| 11 | Basic Financial Instruments |
| 12 | Other Financial Instruments Issues |
| 13 | Inventories |
| 14 | Investments in Associates |
| 15 | Investments in Joint Ventures |
| 16 | Investment Property |
| 17 | Property, Plant and Equipment |
| 18 | Intangible Assets Other Than Goodwill |
| 19 | Business Combinations and Goodwill |
| 20 | Leases |
| 21 | Provisions and Contingencies |
| 22 | Liabilities and Equity |
| 23 | Revenue |
| 24 | Government Grants |
| 25 | Borrowing Costs |
| 26 | Share-based Payment |
| 27 | Impairment of Assets |
| 28 | Employee Benefits |
| 29 | Income Tax |
| 30 | Foreign Currency Translation |
| 31 | Hyperinflation |
| 32 | Events after the End of the Reporting Period |
| 33 | Related Party Disclosures |
| 34 | Specialised Activities |
| 35 | Transition to the IFRS for SMEs |
2017 Preparation Of IFRS Exam Past Papers
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