The IFRS Foundation Education Initiative today published the third part of
its comprehensive Framework based IFRS teaching material. This batch is focused
on accounting for liabilities.
The free-to-download teaching material
is designed to assist those teaching IFRS to progressively develop in their
students the ability to make the estimates and judgements that are necessary to
apply IFRS and the IFRS for SMEs. This is in line with the IFRS Foundation’s
strategic goal of supporting consistent application and implementation of
IFRS.
The new material relates primarily to the accounting for liabilities in
accordance with IFRS Standards. It is presented in four parts and aimed at
students who are new to financial reporting and students close to qualifying as
a Chartered Accountant or Certified Public Accountant. The material covers how
to introduce accounting for liabilities; classification of financial instruments
with characteristics of equity; accounting for ‘forward’ contracts; and
accounting for financial assets and liabilities. The material is accompanied by
case studies.
Translations of the material into other languages will
follow.
Teacher training programme
To train IFRS teachers
in the use of this material, the staff of the IFRS Foundation Education
Initiative are arranging a series of Framework-based teaching workshops, usually
around international and regional academic accounting association events. In the
next few months, workshops are scheduled in China, Colombia, Japan, Poland,
Tanzania, South Korea, the United States (at the American Accounting Association
annual meeting) and Zimbabwe.
End
Press enquiries:
Kirstina Reitan, Head of Communications, IFRS Foundation
Telephone: +44
(0) 20 7246 6960
Email: kreitan@ifrs.org
Notes to editors:
- The teaching material is prepared in separate sections to support the
Framework-based IFRS teaching of Chartered Accountant/Certified Public
Accountant stream or equivalent students at three stages:
- Stage 1: a student’s first financial reporting course;
- Stage 2: a financial reporting course midway to qualifying as a CA, CPA or
equivalent; and
- Stage 3: a course immediately before qualifying as a CA, CPA or
equivalent.
- The IFRS Education Initiative staff are currently developing similar
material on the following topics: non-financial liabilities business
combinations and consolidations; accounting policies, accounting estimates and
errors; the impairment of assets; and general hedge accounting.
- Further information about the IFRS Foundation’s Education Initiative can
be found here [http://www.ifrs.org/Use-around-the-world/Education/Pages/Education.aspx]
- Further information on upcoming train the trainer workshops can be found
here
- All teaching material can be accessed here [http://www.ifrs.org/Use-around-the-world/Education/Pages/Framework-based-teaching-material.aspx]
- To ensure that the Stage 3 material remains effective in developing
students’ ability to make judgements when accounting and reporting economic
phenomena that are unfamiliar to them, the teaching notes that accompany the
case studies for Stage 3 classes are available at the sole discretion of the
Education Initiative staff. The teaching notes are available only to
those actively teaching IFRS, and on the condition that they are not
distributed to others and are used for IFRS teachers’ own reading purposes
only. Please
apply for access to these teaching notes.
- The materials each contain terms of use that set out how the materials can
be used both in print form and electronically. The teaching notes that
accompany the Stage 3 case studies cannot be distributed, for the reasons
given above. For the avoidance of doubt, these teaching materials cannot
be used in or as a commercial product.