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Framework-based Teaching of IFRS Judgements

Author

Listed:
  • Christopher Hodgdon
  • Susan B. Hughes
  • Donna L. Street

Abstract

International Financial Reporting Standards (IFRS) are principles-based accounting standards that provide less prescriptive, interpretive and implementation guidance than do some national standards. Thus, considerable judgement in the application of IFRS is often required. We suggest a three-step approach to teaching IFRS judgements (concepts, to principles/rules, to the judgements required in the application of those rules), and provide accounting educators with guidance and resources that will help them create and enhance students' awareness of the importance of making professional judgements in the application of IFRS. We consider both pervasive issues, such as the going concern assumption, materiality and related disclosures, and issues encountered in the application of most IFRSs, such as presentation and disclosure, classification, recognition/de-recognition, and measurement. We illustrate past judgements with examples from corporate annual reports, regulatory enforcement decisions published by the ESMA, and other sources for classroom use.

Suggested Citation

  • Christopher Hodgdon & Susan B. Hughes & Donna L. Street, 2011. "Framework-based Teaching of IFRS Judgements," Accounting Education, Taylor & Francis Journals, vol. 20(4), pages 415-439, April.
    • Handle: RePEc:taf:accted:v:20:y:2011:i:4:p:415-439
    DOI: 10.1080/09639284.2011.589587
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    References listed on IDEAS

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    1. Fasshauer, Jan D. & Glaum, Martin & Street, Donna L., 2008. "Adoption of IAS 19R by Europe's premier listed companies: Corridor approach versus full recognition," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 17(2), pages 113-122.
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    Cited by:

    1. Hughes, Susan B., 2017. "Student-authored IFRS teaching cases based on European Securities and Markets Authority reports: Experiences from case writing and subsequent classroom use," Journal of Accounting Education, Elsevier, vol. 41(C), pages 58-74.
    2. Drnevich, Dawn & Stuebs, Marty, 2013. "Cultural differences and judgment in financial reporting standards," Journal of Accounting Education, Elsevier, vol. 31(4), pages 461-482.
    3. Janse van Rensburg, Cecile & Coetzee, Stephen A. & Schmulian, Astrid, 2014. "South African financial reporting students' reading comprehension of the IASB Conceptual Framework," Journal of Accounting Education, Elsevier, vol. 32(4), pages 1-15.
    4. Mala, Rajni & Chand, Parmod, 2014. "Impacts of Additional Guidance Provided on International Financial Reporting Standards on the Judgments of Accountants," The International Journal of Accounting, Elsevier, vol. 49(2), pages 263-288.
    5. Dong, Nanyan & Bai, Meng & Zhang, He & Zhang, Junrui, 2019. "Approaches to learning IFRS by Chinese accounting students," Journal of Accounting Education, Elsevier, vol. 48(C), pages 1-11.
    6. Apostolou, Barbara & Dorminey, Jack W. & Hassell, John M. & Watson, Stephanie F., 2013. "Accounting education literature review (2010–2012)," Journal of Accounting Education, Elsevier, vol. 31(2), pages 107-161.

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