Teaching IFRS Contextually: A Framework-based Approach Using Accompanying Documents — Illustrated Through Revenue Recognition (IFRS 15)

Srivatsan Lakshminarayan

No g9qps_v1, SocArXiv from Center for Open Science

Abstract: Framework-based teaching is widely recommended as a way to develop the judgement that applying International Financial Reporting Standards (IFRS) requires. In practice, it is often realised in a thin, 'referential' form: the conceptual framework is named or reproduced alongside a standard without being made to do explanatory work. This paper proposes a contextual extension. Established framework-based teaching moves from the framework to a requirement and then to the judgement a preparer makes in applying it. This paper adds a further object: the judgement the standard-setter made in writing the requirement, recorded in the documents that accompany a standard — particularly the Basis for Conclusions — and in the wider due process. Brought into teaching, that reasoning lets conceptual ideas interact with the economics of a transaction and the requirements of a specific standard. Standard-setter choices are treated as 'prior' judgements: contingent, negotiated and revisable. The paper develops a transferable critical overlay — what alternative was foregone, what is left silent, what precedent may be set — and two classroom sequences for deploying it. Intended for a final-year undergraduate or comparable postgraduate financial reporting module, it is demonstrated on revenue recognition (IFRS 15) with a short, worked appendix. The contribution is conceptual and pedagogical rather than empirical: a design for teaching, with a candid account of its costs and limits.

Date: 2026-07-04
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:g9qps_v1

DOI: 10.31219/osf.io/g9qps_v1

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