There are over 40 IFRS standards, and without a structure, they can feel chaotic. But here’s the truth: every standard fits into one of a few big themes.

I call these themes IFRS Clouds, because each cloud groups related ideas.

There are 7 main categories (clouds) and please note that this is not any official guidance. It is just my own categorization to help you in your orientation.

Please note that when I write that some standard is core in the category, it does not mean that it is more significant than the other standards. It just means it is the hottest one and the most frequently used.

What you will find here (with links to free lectures):

 

1. Presentation and Disclosures in Financial Statements

 

These standards define how financial statements are laid out, including the form, structure, and required components.

The major standard to focus on is IFRS 18 Presentation and Disclosure in Financial Statements, which guides the structure and content of financial statements.

The other standards in this category are:

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2. Performance Reporting

 

These standards drive what performance means and how it is measured and presented, focusing on revenues, expenses, and profits.

The essential one is IFRS 15 – Revenue from Contracts with Customers, which provides guidance on revenue, the lifeblood of every business.

The other standards in this category are:

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3. Assets (Acquisition, Use, and Disposal)

 

This cloud governs how you handle assets throughout their lifecycle, from acquisition through use to disposal.

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The core standard is IAS 16 Property, Plant and Equipment.

The other (equally important) standards in this category are:

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4. Liabilities and Provisions

 

These standards cover obligations, debt, and uncertainty around liabilities. A key one is IFRS 16 Leases, but the others are also important:

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5. Financial Instruments

 

This group governs the complex area of financial instruments. The central standard is IFRS 9 Financial Instruments.

The other standards in this category are:

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6. Group Reporting and Consolidation

 

These standards explain how to report groups of companies. The two most important are IFRS 3 Business Combinations and IFRS 10 Consolidated Financial Statements.

The other standards in this category are:

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7. Miscellaneous

 

This cloud contains standards that apply to special circumstances or broadly across categories:

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Conceptual Framework

 

Finally, IFRS is supported by the Conceptual Framework for Financial Reporting.

This is not a standard itself, but it sets the basic principles and guidelines that underpin all other standards.
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DOWNLOAD your IFRS map

Here’s our IFRS map in a bird’s-eye view:
Download IFRS Map
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Free video lecture: IFRS map

You can watch the video lecture explaining the IFRS Map here:

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