IFRS — Foundation
The framework and core financial statements every IFRS career is built on
Key facts
- Level: Foundation
- Field: Finance & Accounting
- Certification price: $129 (one-time payment)
- Online course: IFRS Foundations — Illustrated Study Guide — Free
- Course + exam bundle: $129
- Exam: 40 multiple-choice questions · 90 minutes · passing score 70% · up to 3 attempts
- Estimated study time: about 15 hours
- Validity: 36 months
- Certification language: English
About the IFRS — Foundation certification
A foundation-level certification that turns IFRS from a wall of standards into a clear, working mental model. You will learn how the standards are set (the IFRS Foundation, the IASB and the IFRS Interpretations Committee) and how IFRS differs from local GAAP; the 2018 Conceptual Framework — the objective of financial reporting, the fundamental and enhancing qualitative characteristics, the definitions of the five elements (asset, liability, equity, income, expense), and the recognition and measurement concepts that underpin every standard; the complete set of primary statements under IAS 1 and the statement of cash flows under IAS 7, including the indirect method worked step by step; how to account for changes in accounting policies, changes in estimates and prior-period errors (IAS 8) and events after the reporting period (IAS 10); the measurement of inventories at the lower of cost and net realisable value with FIFO and weighted-average worked examples (IAS 2); the basics of property, plant and equipment — cost, depreciation and the two measurement models (IAS 16); and an overview of the IFRS 15 five-step revenue model. The course is illustrated with Mermaid diagrams, comparison tables, journal entries, fully worked numeric examples and a hands-on lab in which you assemble a small set of financial statements from a trial balance. It is the natural first step before the Associate certification.
Course outline
The IFRS Foundations — Illustrated Study Guide course covers:
- The IFRS World and the Conceptual Framework — Who sets IFRS and how; the objective of financial reporting, the qualitative characteristics, the five elements, and the recognition and measurement… (3 lessons)
- The Primary Financial Statements — The complete set under IAS 1, the current/non-current split, profit or loss versus OCI, and the statement of cash flows (IAS 7) with the indirect… (3 lessons)
- Policies, Estimates, Errors and Events — IAS 8 (retrospective policies and errors versus prospective estimates) and IAS 10 (adjusting versus non-adjusting events after the reporting period). (2 lessons)
- Core Assets: Inventories and PP&E — Measuring inventories at the lower of cost and NRV with FIFO and weighted-average worked in full (IAS 2), and the cost, depreciation and revaluation… (2 lessons)
- Revenue and Bringing It Together — The IFRS 15 five-step model at a foundation level, and a hands-on lab that turns a trial balance into a small set of financial statements. (3 lessons)
Frequently asked questions
- Is the IFRS — Foundation certificate verifiable?
- Yes. Every certificate issued by BC Skills Academy carries a unique credential ID that anyone can check on the public verification page.
- How is the IFRS — Foundation exam structured?
- It is a timed, randomized multiple-choice exam of 40 questions in 90 minutes, graded instantly; you need 70% to pass.
- Can I get a refund?
- Full refund within 7 days of purchase if you have not started the exam. Once the exam has been started or completed, the purchase is no longer refundable.