liminfoIFRS Reference
Free reference guide: IFRS Reference
About IFRS Reference
The IFRS Reference is a searchable cheat sheet for International Financial Reporting Standards, covering IFRS 9 (financial instruments and ECL impairment), IFRS 15 (5-step revenue recognition), IFRS 16 (lease accounting single model), IFRS 3 (business combinations), IFRS 10 (consolidated statements), IFRS 13 (fair value hierarchy), and key IAS standards including IAS 1, IAS 2, IAS 12, IAS 16, IAS 19, IAS 21, IAS 36, IAS 37, and IAS 38.
Each entry includes practical journal entries, recognition criteria, measurement rules, and detailed IFRS vs US GAAP comparison tables. Categories are organized by IFRS Standards, IAS Standards, and IFRS vs GAAP differences for quick professional reference.
Designed for accountants, auditors, CPA/CFA candidates, and finance professionals who need instant access to IFRS accounting treatments, deferred tax rules, impairment testing procedures, and disclosure requirements without searching through thousands of pages of official standards.
Key Features
- Complete IFRS 15 five-step revenue recognition model with point-in-time vs over-time criteria
- IFRS 9 financial asset classification flowchart, SPPI test explanation, and ECL 3-stage impairment model
- IFRS 16 lessee single model with ROU asset and lease liability journal entries
- Side-by-side IFRS vs US GAAP comparisons for inventory, impairment, leases, revenue, and development costs
- IAS 12 deferred tax accounting with DTA/DTL recognition and balance sheet approach
- IAS 36 impairment testing with recoverable amount calculation and reversal rules
- IFRS 3 acquisition method goodwill calculation with NCI measurement options
- Searchable and filterable by category with instant keyword matching across all standards
Frequently Asked Questions
What IFRS standards does this reference cover?
This reference covers major IFRS standards including IFRS 3 (business combinations), IFRS 9 (financial instruments and ECL), IFRS 10 (consolidation), IFRS 13 (fair value), IFRS 15 (revenue recognition), IFRS 16 (leases), and key IAS standards such as IAS 1, 2, 12, 16, 19, 21, 36, 37, and 38, along with IFRS 1 first-time adoption procedures.
Does the reference include IFRS vs US GAAP differences?
Yes. Dedicated comparison entries cover inventory (IAS 2 vs ASC 330), impairment (IAS 36 vs ASC 360), leases (IFRS 16 vs ASC 842), revenue (IFRS 15 vs ASC 606), development cost capitalization (IAS 38 vs ASC 730), and disclosure requirements, highlighting practical impacts for dual-reporting entities.
Are journal entries included in the IFRS reference?
Yes. Most entries include complete debit/credit journal entries with Korean Won amounts. Examples cover lease recognition, ECL impairment provisions, deferred tax assets/liabilities, goodwill on acquisition, foreign currency translation, employee benefit obligations, and asset revaluation entries.
How is the ECL impairment model explained?
The IFRS 9 ECL section details the 3-stage model: Stage 1 (12-month ECL), Stage 2 (lifetime ECL on significant credit risk increase), and Stage 3 (credit-impaired lifetime ECL). It includes interest revenue calculation basis for each stage and the simplified approach for trade receivables.
Can CPA or CFA exam candidates use this reference?
This reference is well-suited for CPA, CFA, and ACCA exam preparation. It summarizes key recognition criteria, measurement rules, and IFRS vs GAAP distinctions in a concise format ideal for revision. However, it is a quick-reference summary and should complement official study materials.
Does the tool cover IFRS 16 lease accounting?
Yes. The IFRS 16 entry explains the lessee single model that treats all leases as finance leases, including initial recognition of ROU assets and lease liabilities, subsequent depreciation and interest expense entries, short-term and low-value exemptions, and key differences from US GAAP ASC 842 dual model.
What IAS standards are included?
The reference covers IAS 1 (financial statement presentation), IAS 2 (inventories and NRV), IAS 12 (deferred taxes), IAS 16 (PPE and revaluation), IAS 19 (employee benefits and DB plans), IAS 21 (foreign currency translation), IAS 36 (impairment), IAS 37 (provisions), and IAS 38 (intangible assets).
Is this IFRS reference free to use?
Yes, this IFRS reference is completely free with no registration required. All content runs in your browser with no data sent to servers. It is part of liminfo.com's collection of free professional tools for accountants and finance professionals.