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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Featured Pathways

More pathways

Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Book a demo

Pricing

Ready to get started?

Plans & Membership

Our Platform

Expert led content

+1,000 expert presented, on-demand video modules

Learning analytics

Keep track of learning progress with our comprehensive data

Interactive learning

Engage with our video hotspots and knowledge check-ins

Testing & certification

Gain CPD / CPE credits and professional certification

Managed learning

Build, scale and manage your organisation’s learning

Integrations

Connect Finance Unlocked to your current platform

Featured Content

More featured content

Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

More featured content

Book a demo

Pricing

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Book a demo

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Introduction to IFRS

Introduction to IFRS

Saket Modi

20 years: Chartered accountant & educator

In the second video on this series, Saket outlines the importance of the International Financial Reporting Standards (IFRS), a global set accounting rules that govern the reporting of transactions and other accounting events in the financial statements.

In the second video on this series, Saket outlines the importance of the International Financial Reporting Standards (IFRS), a global set accounting rules that govern the reporting of transactions and other accounting events in the financial statements.

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Introduction to IFRS

5 mins 29 secs

Key learning objectives:

  • Outline the objectives of IFRS

  • Determine the number of countries that have adopted IFRS

  • Identify the users of the financial statements

Overview:

Accounting Standards are a set of principles or rules companies follow when they prepare and publish their financial statements. The accounting standards govern the reporting of transactions and events in the financial statements. The International Financial Reporting Standards (IFRS) bring transparency, accountability and efficiency to financial markets around the world. There is a wide variety of internal and external users of the financial statements.

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Summary

What are the objectives of IFRS?

The IFRSs are published by the International Accounting Standards Board (IASB) and bring transparency, accountability and efficiency to financial markets around the world. Since IFRS is a financial reporting language which is widely used globally, it is better understood by the different users of the financial statements.

The objectives of IFRS are:

  • A single set of high-quality global accounting standards that bring consistency in preparation of the financial statements;
  • Bring transparency, accountability and efficiency in financial reporting; and
  • Help investors, analysts and other users of financial statements to make informed investment decisions.

How many countries have adopted IFRS?

IFRS is a global accounting and financial reporting language. It has been adopted in more than 140 countries, including the UK, European Union, Canada, Australia, Nigeria and Saudi Arabia. A major exception is the US which follows the US GAAP (Generally Accepted Accounting Principles).

Who are the users of the financial statements?

There are a variety of users of financial statements, each of whom may have different information needs. The internal users are the management and employees. There are a number of external users of the financial statements such as investors, analysts, rating agencies, lenders and regulators.

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Saket Modi

Saket Modi

Saket is a financial trainer and consultant based out of London. He specialises in advanced accounting, financial reporting and financial analysis, particularly with regards to International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and Financial instruments.

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