International Financial Reporting Standards

IFRS (and previously IAS) are accounting standards issued by the IFRS Foundation, a not-for-profit organisation. The standards are developed by the International Accounting Standards Board (IASB).


When accounting students understand that classification of assets and liabilities is an important step towards deciding how to report events, then they appreciate the importance of professional judgement in accounting. Here are some tips for teaching classification.

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Accounting Cafe

The nature of income

Dictionaries, from an accounting perspective, invariably provide an incorrect and conflated definition of income.

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