IFRS overview

In this lesson

1. 0:00 IFRS overview and global adoption
2. 0:50 IFRS governance structure explained
3. 2:46 Roles of IFRS Foundation and IASB
4. 4:14 How accounting standards are developed
5. 5:54 Sustainability reporting and ISSB

About this lesson

This foundation is essential for Financial Reporting, Strategic Business Reporting, and Advanced Financial Reporting modules across ACCA and CIMA qualifications. The video covers the core structure of IFRS: what these international standards are, why they increase comparability of financial statements across countries, and which organisations are required to use them. You'll see how adoption works globally, including the mandatory requirement for listed organisations in the EU and UK to prepare consolidated financial statements using IFRS, and how other countries approach compliance. A key part of this lesson explores the governance framework—the four main bodies involved in IFRS standard-setting. The IFRS Foundation provides oversight, the International Accounting Standards Board develops and publishes standards, the IFRS Interpretations Committee provides feedback on how standards work in practice, and the IFRS Advisory Council advises on strategic priorities. Understanding these roles helps you grasp how standards evolve and why they're structured the way they are. Finally, you'll learn the lifecycle of how an accounting standard is created, from initial consultation and research through to discussion papers, exposure drafts, and final publication. The video also introduces the newer International Sustainability Standards Board, which develops standards for sustainability disclosures—an increasingly important area for financial reporting compliance.

Duration: 8m