The International Financial Reporting Standards (IFRS) are a set of global accounting principles used by companies in over 140 jurisdictions. For professionals, students, and enthusiasts in the UK seeking to understand or apply these standards, a variety of free and paid resources are available. These resources range from official standards published by the International Accounting Standards Board (IASB) to supplementary learning modules and illustrative examples. This article outlines the primary avenues for accessing IFRS materials, detailing what is available at no cost, the limitations of free access, and the benefits of subscription-based services.
Official Sources and Free Access
The IFRS Foundation, which oversees the IASB, is the primary source for all IFRS standards. The official website, ifrs.org, is the definitive repository for the full set of standards, including all supplemental guidance such as the Basis for Conclusions. However, while the standards themselves are copyrighted, access is not universally free. The IASB’s website requires a subscription for full access, which includes a robust search function and an archive of all published standards dating back to 1975. A subscription fee, noted as £200 per year in one source, supports the IASB’s independence and mission to promote global adoption of IFRS.
For those seeking free access, the European Union provides a valuable alternative. As part of its agreement with the IFRS Foundation, the EU makes the IFRS standards it has adopted (often referred to as European-IFRS) available for free on its server, both in the original English and in translation. This is a significant advantage for users in the UK and other EU member states. However, this free access has notable limitations. The EU only publishes the standards it has formally adopted, which may not be the complete, up-to-date set issued by the IASB. Furthermore, the EU server does not include supplemental guidance, such as the Basis for Conclusions, and lacks the advanced research features available on the IASB’s subscription site. Consequently, while the EU server provides essential free access to adopted standards, professionals often rely on the full IASB version for comprehensive research and application.
Supplementary Learning and Downloadable Materials
Beyond the official standards, several platforms offer free educational resources and downloadable materials. Deloitte, for example, provides free IFRS Accounting Standards e-learning modules. These modules are available free of charge and can be used freely without alteration, subject to Deloitte’s copyright and terms of use. They serve as a practical introduction to applying IFRS principles.
Additionally, various online compilations aggregate publicly available IFRS documents for ease of access. One such resource is a blog post that compiles links to download PDF versions of numerous issued IFRS and IAS standards. This includes standards such as IFRS 17 (Insurance contracts), IFRS 16 (Leases), IAS 2 (Inventories), and IAS 12 (Income taxes). The same compilation also provides links to IASB-issued illustrative examples for certain standards, such as IAS 12 (Income taxes) and IAS 24 (Related party disclosures). It is important to note that for many standards, including IAS 1, IAS 7, and IAS 19, the illustrative examples are not available. These third-party compilations are useful for accessing the text of the standards, but users should be aware that the official, most current versions are always available on the IASB’s website.
Illustrative Examples and Taxonomy
The IFRS Foundation also publishes illustrative examples to accompany IFRS Accounting Standards. These examples illustrate the presentation and disclosure requirements in the standards. The Foundation demonstrates the use of the IFRS Accounting Taxonomy by tagging these examples using XBRL® syntax, providing XBRL and Inline XBRL files. These examples are provided for informational purposes only and are a valuable resource for understanding how the standards are applied in practice.
Context of IFRS Application
Understanding the context in which IFRS is applied is crucial. The standards are not merely academic; they are used in real-world financial reporting with significant legal and regulatory implications. Applying IFRS requires professional judgment, which can take years of practice to develop. Companies must also regularly deal with auditors and, in some cases, regulators and courts.
In the European Union, the application of IFRS is mandated for consolidated entities that offer their securities on a regulated EU market, as per EC Regulation 1606/2002. Member states may extend this requirement to additional entities, such as banks, investment funds, and other public interest entities. Some states, like The Slovak Republic, extend the requirement further to entities that cross specific revenue, asset, or employee thresholds. This demonstrates that the obligation to use IFRS can vary significantly depending on the jurisdiction and the entity’s characteristics.
Conclusion
Accessing IFRS materials involves navigating a mix of free and paid resources. The EU server offers free access to adopted standards, which is beneficial for many users but lacks the comprehensive scope and advanced features of the full IASB subscription. For a complete, research-ready set of standards, including all supplemental guidance and historical archives, a subscription to ifrs.org is the authoritative choice. Supplementary resources, such as Deloitte’s e-learning modules and various online compilations of PDFs and illustrative examples, provide valuable free support for learning and reference. Ultimately, the choice of resource depends on the user’s specific needs, from basic reference to in-depth professional application.