Introduction to IFRS and Global Financial Reporting

📋 Course Outline

1. Financial Reporting Goals and Functions
2. Institutional Framework of IFRS
3. IFRS Adoption Worldwide
4. European and German IFRS Rules
5. Standard-Setting Models and IASB
6. IFRS Publications and Standards
7. IFRS Hierarchy and Due Process
8. National Standard Setters and EFRAG

📖 1. Financial Reporting Goals and Functions

🔑 Key Concepts & Definitions

• Fair Presentation : Fair presentation is the overarching principle used to guide financial reporting choices when selecting or applying accounting requirements.
• True and fair view : True and fair view is the primary yardstick used when checking whether an IFRS can be endorsed for use in the EU legal framework.

📝 Essential Points

• In the EU endorsement check, conformity is judged first through a true and fair view lens, and only second through broader macroeconomic considerations.
• Financial reporting is structured to be implemented consistently through interpretation and enforcement mechanisms, not only by issuing standards.

💡 Memory Hook

Fair view first: EU endorsement tests true-and-fair-view before anything else.

📖 2. Institutional Framework of IFRS

🔑 Key Concepts & Definitions