HELP required Regarding IFRS from OT Tutors

Dear Furgan,

I am not a tutor, and i am sorry if this post will disturb you. However I’ve been studying IFRS for a rather long time and i guess i have something to share with you.
Indeed, there are lots of links between standards and thus they can be grouped according to items or areas that they regulate or describe.

First of all , I really recommend you to start with the Framework. It is essential. And even though rules of standards have a stronger power then those of the Framework , you should really start from it as it contains principles that appear in most of the standards. And you can take a quick look at Preface as well.
Try to get the idea about IFRSC and IASB as a standard setting body.

Later on , you can group standards to the following categories:

– Presentation and profit : IAS 1, IAS 18 and IAS 8
– Asset recognition and measurement : IAS 16, IAS 38, IAS 40, IAS 36, IAS 23, IAS20 , IAS2, IAS 11, IAS 17, IAS 32 , 39 and IFRS 7, IAS 41, IFRS 5, IFRS 6
– Accounting for liabilities: IAS 37, IAS 10, IAS 19, IAS 12, IFRS 2
– Group accounting: IAS 27, IFRS 3, IAS 28, IAS 31, IAS 21 and IAS 29
– Disclosure standards: IAS 7, IFRS8, IAS 24, IAS 33, IAS 34, IFRS 1, IFRS 2, IFRS4

Also , i really recommend you to refer to IFRS learning e-learning module’s which are really helpful:
https://www.deloitteifrslearning.com/

And don’t forget to visit OT F7 sessions , which will motivate you for regular studies and will serve as a good place for revision.

Hope it helps , good luck with your studies 🙂

Hello Furqan,

I teach P2 and F7 Papers, and the thing I do with my students is always create sets and them tell them how a previous set relates to the new set we are about to study.

For instance, When you study IAS 16 PPE, you find that the Cost of the asset should include the dismantling, Restoration and decommissioning cost. IAS 16 also tell you that you have to find an estimate for this amount. IAS 37 deals with uncertain liabilities, So here you go a link b/w IAS 16 and IAS 37.

You don’t have to worry about the flow if you are starting with IAS and IFRS for the first time. Focus more on what the individual standard is about. The more in depth you go, you will start understanding links yourself.

Good Luck!
Ash