The material was developed to support those teaching IFRSs, helping them to progressively develop students' abilities to make the necessary estimates and judgements when applying IFRSs and IFRS for SMEs. The material is presented in three stages to accommodate students at different levels in their learning process:
- Stage 1 — A student’s first financial reporting course.
- Stage 2 — A financial reporting course mid way to qualifying as a CA or CPA.
- Stage 3 — A course immediately before qualifying as a CA or CPA.
Because Stage 3 requires students to make estimates and other judgements that are necessary when accounting for economic phenomena (transactions, conditions, and events), it is critical that the teaching guide for Stage 3 lessons not be distributed to future students. The teaching notes that supplement Stage 3 are only available via application to the Education Initiative staff.
The material covers nonfinancial assets with a particular focus on property, plant, and equipment. The education staff is currently working on similar material on the following topics: liabilities, business combinations, and consolidations, with other topics to follow. The next batch of material is tentatively scheduled for posting on the IASB’s Web site in the second half of 2013.
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