Framework-based Teaching of IFRS Judgements

Christopher Hodgdon, Susan B. Hughes and Donna L. Street

Accounting Education, 2011, vol. 20, issue 4, 415-439

Abstract: International Financial Reporting Standards (IFRS) are principles-based accounting standards that provide less prescriptive, interpretive and implementation guidance than do some national standards. Thus, considerable judgement in the application of IFRS is often required. We suggest a three-step approach to teaching IFRS judgements (concepts, to principles/rules, to the judgements required in the application of those rules), and provide accounting educators with guidance and resources that will help them create and enhance students' awareness of the importance of making professional judgements in the application of IFRS. We consider both pervasive issues, such as the going concern assumption, materiality and related disclosures, and issues encountered in the application of most IFRSs, such as presentation and disclosure, classification, recognition/de-recognition, and measurement. We illustrate past judgements with examples from corporate annual reports, regulatory enforcement decisions published by the ESMA, and other sources for classroom use.

Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://hdl.handle.net/10.1080/09639284.2011.589587 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:accted:v:20:y:2011:i:4:p:415-439

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RAED20

DOI: 10.1080/09639284.2011.589587

Access Statistics for this article

Accounting Education is currently edited by Richard Wilson

More articles in Accounting Education from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().