Online IFRS Video Lectures and also IFRS Video Tutorials in USB & DVD format are introduced recently. IFRS are now becoming the global financial reporting language. The importance of IFRS has grown significantly in the recent times. We have made available both Paid IFRS Video Lectures and also Free IFRS Video Classes. IFRS is an acronym for International Financial Reporting Standards. IFRS is a Global Language, the intention of which is to make Common Accounts that can be understood across multiple countries. In our earlier post, we have already provided GST Video Lectures. These IFRS Video Lectures are provided only for Non-Commercial use.
Free IFRS Video Lectures Free Download
There are many online free resources to watch IFRS Class Videos and we have compiled a list of them and provided below for your reference. The below downloadable lectures are provided in AVI Format.
|IFRS Video Lecture on IAS-1 Presentation of Financial Statements||Download|
|Basics of IFRS Video Lecture||Watch|
|IAS-9 IFRS Video Lecture||Watch|
|US GAAP Vs IFRS Video Lecture||Download|
History : IFRS Video Lectures Tutorial
The the concept of IFRS is not new. Back in the year 1973, the professional accountancy bodies of developed economies such as USA, London, Germany, Japan, France etc. recognised the need to harmonize the accounting principles and standards followed by different countries and formed International Accounting Standards Committee (IASC).
IASC is a not for profit corporation incorporated in USA and operates from London. It took the responsibility of harmonizing accounting practices followed worldwide by issuing International Accounting Standards (IAS).
These IAS were adopted by many multinational companies and endorsed by many countries as their own standards. Most of the nations adopted these international standards but modified them according to their situations and environment prevailing in their own country.
With the passage of time several country level accounting principles emerged and there were many gaps between these local generally accepted accounting principles and the IAS. So, in the year 2001, international fraternity of accountants decided to revise the whole framework. In 2001, IASC was renamed as International Accounting Standards board (IASB).
Introduction : IFRS Video Lectures
The accounting standards issued by IASB are known as International Financial Reporting Standards (IFRS). IFRS is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements.
IFRS are nothing but principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB).
This introduction to IFRS has been addressed in the IFRS Video Lectures below.
Characteristics of IFRS Video Lectures
Below we have listed out important features of IFRS and how it is different from the existing Accounting Standards like GAAPs.
- IFRS does not permit Last In First Out (LIFO) as an inventory costing method.
- IFRS allows the revaluation of assets in certain circumstances.
- IFRS uses a single-step method for impairment write-downs rather than the two-step method used in U.S. GAAP, making write-downs more likely.
- IFRS requires capitalization of development costs, when certain criteria are met.
All these Differences between IFRS and GAAPs have been clearly discussed in the IFRS Video Lectures we are providing below.
Key Impact Areas Discussed in IFRS Video Lectures
- Statement of financial position
- Statement of comprehensive income
- Statement of changes in stockholders equity
- Judgements, assumptions and estimates
- Revenue, margins
- First-time adoption
All these issues relating to the implementation of IFRS and how IFRS is going to impact the existing companies are explained in detail in the IFRS Video Lectures.
IFRS Video Lectures Index
- 9-International Financial Reporting Standards (IFRS)—standards issued after 2001 by IASB.
- 29-International Accounting Standards (IAS)—standards issued before 2001by IASC which are still valid
- 16-Interpretations issued by International Financial Reporting Interpretations Committee (IFRIC) after 2001.
- 11–interpretations issued by Standing Interpretations Committee (SIC) before 2001.
Students can find the above topics in the IFRS Video Lectures with Illustrations and Examples.
IAS-2 Inventories : IFRS Video Lectures
Inventories should be valued at the lower of cost and net realisable value. Net realisable value is selling price less cost to complete the inventory and sell it. Cost includes all costs to bring the inventories to their present condition and location. If specific cost is not determinable, the benchmark treatment is to use FIFO or weighted average.
An allowed alternative is LIFO, but then there should be disclosure of the lower of (i) net realisable value and (ii) FIFO, weighted average or current cost.
The cost of inventory is recognised as an expense in the period in which the related revenue is recognised.
If inventory is written down to net realisable value, the write down is charged to expense. Any reversal of such a write-down in a later period is credited to income by reducing that period’s cost of goods sold.
IAS-7 Cash Flow Statements : IFRS Video Lectures
The cash flow statement is a required basic financial statement. It explains changes in cash and cash equivalents during a period. Cash equivalents are short-term, highly liquid investments subject to insignificant risk of changes in value. Cash flow statement should classify changes in cash and cash equivalents into operating, investing, and financial activities.
IAS-10 Events After the Balance Sheet Date : IFRS Video Lectures
An entity shall adjust the amounts recognized in its financial statements to reflect adjusting events after the balance sheet date. Further an entity shall not adjust the amounts recognized in its financial statements to reflect non-adjusting events after the balance sheet.
If an entity declares dividends to holders of equity instruments after the balance sheet date, the entity shall not recognize those dividends as a liability at the balance sheet date.
An entity shall not prepare its financial statements on a going concern basis if management determines after the balance sheet date either that it intends to liquidate the entity or to cease trading, or it has no realistic alternative but to do so.
Conclusion : IFRS Video Lectures
IFRS is one of the most sought after courses in the Global educational industry. The Online IFRS Video lectures are too expensive and do not offer the worth of their price. We recommend you to chose wisely which mode you want to prepare for the IFRS Course.