Webinars On-Demand

Introduction to IFRS Framework and Pervasive Principles

Overview  

The IFRS Framework establishes the foundation for financial reporting, ensuring consistency, transparency, and accountability across global markets. This webinar introduces you to the key components of the IFRS Framework and the pervasive principles that underpin its application.

Whether you're new IFRS or looking for a structured refresher, this session is designed to provide a clear understanding of the framework's objectives, concepts, and practical implications for financial reporting.

Join Caryn Maitland CA(SA) for this session and build a solid foundation in IFRS that will support your financial reporting expertise. 

Learning objectives  

Attending this webinar will equip you with the following skills: 

• Understand the purpose and structure of the IFRS Framework. 

• Identify the qualitative characteristics of useful financial information.

• Apply the fundamental principles that guide financial reporting under IFRS. 

• Recognise the concept of materiality and its role in financial statements. 

• Gain insights into how the IFRS Framework supports consistency and comparability.   

Content 

The webinar will cover the following topics: 

• Introduction to the IFRS Framework

  • Objectives and scope of the IFRS Framework.

  • Importance of the Framework in Financial Reporting.

  • Key users of financial statements and their information needs. 

• Qualitative Characteristics of Financial Information 

  • Fundamental qualitative characteristics: relevance and faithful representation.

  • Enchancing qualitative characteristics: comparability, verfiability, timeliness, and understandability. 

  • Practical examples of how these characteristics are applied. 

• Pervasive Principles

  • Accrual basis of accounting.

  • Going concern assumption.

  • Materiality and aggregation in financial statements.

  • The role of prudence in financial reporting.

• Elements of Financial Statements

  • Definitions and recognition criteria for assets, liabilities, equity, income, and expenses.

  • Practical applications and examples. 

• Practical Insights

  • Common challenges in applying IFRS principles.

  • Strategies for overcoming these challenges.

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