ACCA: Technical articles

On 28 May 2014, the IASB issued IFRS 15, Revenue from Contracts with Customers. Application of the standard is mandatory for annual reporting periods starting from 1 January 2017 onward and earlier application is permitted. This podcast considers the application of IFRS 15 using the five-step model. IFRS 15 will be examinable in F7 from the September 2015 session.

An important part of an external audit is the consideration by the auditor as to whether the client has complied with laws and regulations. Candidates preparing for F8, Audit and Assurance and P7, Advanced Audit and Assurance should have an understanding of how laws and regulations affect an audit. The auditing standard that is relevant to this podcast is ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements.

This is the second of a pair of podcasts looking at the key principles of IFRS 15, Revenue from Contracts with Customers. The five step revenue recognition model was explained in the first of this pair of podcasts. This podcast will explore the issues surrounding the definition and nature of a contract according to IFRS 15 in greater depth, as well as the scope of the standard and its interaction with other standards.

This is the first in a series of two podcasts considering the application of IFRS 15, Revenue from Contracts with Customers. The new standard was issued on 28 May 2014 as a result of a joint project between the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) and introduces a five step model for recognising revenue.

The term lean was first used to describe the Toyota Production system. It means far more than simply cutting costs, as the history of lean production shows. In this podcast we look at the history of lean in Toyota, and how it has inspired methodologies that have since been applied to other industries. Features of lean information systems are also explored, and an overview of the Five S Model is provided.

In this podcast, we consider potential finance sources that an SME could use. There is a particular focus on the more modern sources of crowdfunding and supply chain financing that have been introduced to the F9 syllabus and are examinable from September 2015. Finally, we consider how, and why, governments often try to assist the SME sector.

In recent years, regulatory bodies including the IAASB and the UK FRC have emphasised the importance of professional scepticism in an audit of financial statements. This podcast provides an overview of what is meant by professional scepticism and explains why it is such an essential part of the auditor's mindset.

Integrated reporting has been developed and promoted by the IIRC and has been introduced to the syllabuses of many of the Professional level papers. This podcast looks at the definition, aims, guiding principles and contents of an integrated report and explores how the idea of integrated reporting is relevant to the Paper P3 syllabus.

The issue of audit quality is a key consideration for auditors. This podcast explores how and why audit firms sometimes compromise on audit quality, and the impact of this on the profession. This issue is relevant to Paper P7.

The purpose of the statement of profit or loss and other comprehensive income is to show an entity's financial performance in a way that is a useful to a wide range of users. This podcast explores the meaning of profit or loss and other comprehensive income and the relationship between them when presenting data in financial statements as required by IFRS.