Accounting standards

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New to the standards? These 10 guides explain what IFRS and US GAAP are, how they differ and how to study them.

• What is IFRS? A plain-English introduction4 minute readWhat IFRS Accounting Standards are, who sets them, how a standard is made, who must use them, and how they differ from local GAAP, with a worked example.
• What is US GAAP? How the Codification works4 minute readWhat US GAAP is, who sets it, how the FASB Accounting Standards Codification is organised, how updates are made, and who must use it, with an example.
• IFRS vs US GAAP: the key differences in one guide4 minute readThe key differences between IFRS and US GAAP: inventory, property, impairment, development costs, leases, credit losses and provisions, with a worked example.
• Which countries use IFRS and which use US GAAP3 minute readWhich countries require IFRS, which adopt it locally, which have converged standards and who uses US GAAP, with the rules for listed and foreign companies.
• Accounting standards study roadmap for ACCA, CA and CPA students3 minute readA study roadmap for the accounting standards: what to learn first, how ACCA, ICAEW, CA and CPA exams build on each other, and how to practise each standard.
• How to read an accounting standard4 minute readHow an IFRS standard and a US GAAP topic are structured, which parts are authoritative, how paragraph references work, and a method for reading any standard.
• Every IFRS and IAS explained in one line4 minute readThe full list of IFRS Accounting Standards in force: IFRS 1 to IFRS 19 and the remaining IAS, each explained in one line, with what replaces what from 2027.
• The main US GAAP Codification topics explained4 minute readThe main FASB Codification topics from ASC 205 to ASC 985, each explained in one line, how topic numbers work, and the matching IFRS for the big topics.
• The IFRS Conceptual Framework explained4 minute readThe IFRS Conceptual Framework in plain English: its purpose, what makes information useful, how assets and liabilities are defined, and recognition.
• Debits and credits for standards students: the entries behind each standard3 minute readTen journal entries behind the main IFRS standards, from inventory write-downs to leases and deferred tax, with amounts and a free Excel practice workbook.

Standards

Excel models

Free workbooks, each filled in with a worked example.

• IFRS 18 income statement mapperExcel downloadList your income and expense lines, pick a category for each, and get the IFRS 18 statement with its required subtotals.
• MPM reconciliation templateExcel downloadReconcile an adjusted profit measure to operating profit, with the tax and non-controlling interest effect of each adjustment.
• Comparatives restatement workbookExcel downloadRestate the comparative year from IAS 1 to IFRS 18 and produce the line-by-line transition reconciliation.
• Cash flow statement templateExcel downloadAn indirect-method cash flow statement that starts from operating profit, with a working capital sheet and interest and dividends in their new sections.
• Revenue allocation calculatorExcel downloadAllocate a contract price across obligations, estimate variable consideration, measure progress on long contracts and build the monthly revenue schedule. IFRS 15 and ASC 606.
• Effective interest calculatorExcel downloadThe effective interest rate from a loan's cash flows, the amortised cost schedule, and the 10% test for modifications. IFRS 9.
• ECL provision matrixExcel downloadExpected credit losses: loss rates from history, a provision matrix for receivables, and a three-stage calculator with weighted scenarios. IFRS 9.
• Deferred tax calculatorExcel downloadTemporary differences, deferred tax assets and liabilities with the recoverability test, accelerated tax depreciation, and the tax rate reconciliation. IAS 12.
• Impairment test modelExcel downloadValue in use with a terminal value, the impairment test with goodwill allocated first, and a discount rate and growth sensitivity grid. IAS 36.
• Depreciation and revaluation scheduleExcel downloadStraight-line, reducing balance and units of production side by side, component depreciation, the revaluation model, and decommissioning provisions. IAS 16.
• Inventory costing comparisonExcel downloadFIFO, weighted average and LIFO side by side from your purchase lots, with the lower of cost and net realisable value test. IAS 2 and ASC 330.
• Lease calculatorExcel downloadIFRS 16 and ASC 842: lease liability, right-of-use asset, schedules, journal entries, modifications, and the ASC 842 operating lease cost and amortization.
• Journal entries practice workbookExcel downloadTen entries from across the standards: choose the accounts, type the amount and get an instant tick or cross, with a running score.

About these guides

Every guide is written in our own words with our own examples, names the Chartered Accountant who wrote it and the one who reviewed it, and lists its sources. Guides on more IFRS standards, US GAAP topics and IFRS vs US GAAP comparisons are being added.