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The material is designed to support those teaching IFRS, so that they can progressively develop in their students the ability to make the estimates and judgements that are necessary to apply IFRS and the 'IFRS for SMEs'. The Framework-based teaching approach should also better prepare students to update their IFRS knowledge and competencies continuously in the context of life-long learning.
The material is prepared in separate sections to support the Framework based IFRS teaching of CA/CPA stream students at three stages:
The stages are necessarily broad in definition to take into account the many different approaches to qualifying as an accountant worldwide.
The material published today covers non-financial assets with a particular focus at Stage 1 on property, plant and equipment.
Framework-based teaching at Stage 3 should focus on enhancing the students’ ability to make the estimates and other judgments that are necessary when accounting for economic phenomena (transactions, conditions and events) in accordance with IFRS. To do so effectively, a teacher could explore, in class discussion, estimates and other judgments about the accounting and reporting of economic phenomena that are unfamiliar to the students.
The education staff are now working on similar material on the following topics: liabilities, business combinations and consolidations. Other topics will follow. The next batch of material is tentatively scheduled for posting on the IASB’s website in the second half of 2013.