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Understanding Key Accounting Standards
Overview
Updated in 2025, 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.
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).
What you'll learn
- 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.
Who is this for ?
This course is designed for accountants who are involved in reporting, particularly in the application of accounting standards. It is beneficial to financial accountants in both public practice or private companies wishing to increase or refresh their knowledge of current reporting standards.
