IFRS 19 is a voluntary standard that applies to entities without public accountability, but whose parents prepare consolidated financial statements under IFRS Accounting Standards. For in-scope companies, IFRS 19 simplifies disclosures on various topics, including leases, exchange rates, income taxes, statement of cash flows, etc. If elected, IFRS 19 is expected to reduce the cost of preparing in-scope financial statements while maintaining the usefulness of those financial statements for stakeholders. | Under US GAAP, private companies can elect to apply Private Company Alternatives, aimed at reducing complexity and costs in financial reporting for in-scope companies. This includes the option to amortize goodwill over a set period, the ability to combine similar intangible assets, a simplified approach to evaluating variable interest entities, a simpler approach to lease accounting, and alternative methods for estimating fair value in certain cases. There is no specific alternative focused solely on reducing disclosures; however, certain US GAAP disclosure requirements only apply to public entities. The entities eligible to elect Private Company Alternatives under US GAAP compared to IFRS 19, as well as the results of applying each, may differ. |
KPMG resources: |
IAS 37 standard-setting developments
Effective since 1999, IAS 37, the one-stop standard for accounting for provisions under IFRS Accounting Standards is being put to the test with a recent uptick in climate-related accounting matters. Some of them – such as those relating to emission schemes and climate-related commitments – are being addressed by the IFRS Interpretations Committee. In 2022, an Agenda Decision 3 explored whether measures to encourage reductions in vehicle carbon emissions give rise to an obligation requiring a liability under IAS 37. In 2024, another Agenda Decision 4 sets out a two-step approach to first assess if the commitments a company makes to reduce or offset its future greenhouse gas emissions create a constructive obligation, and second if that constructive obligation results in a liability under IAS 37. It highlights that setting or announcing a commitment, on its own, does not trigger recognition of a liability, even if a public announcement has created a valid expectation and resulted in a constructive obligation, unless an expenditure has been incurred.
Meanwhile, the IASB is considering targeted improvements to IAS 37 5 itself, and has begun to develop proposals to clarify the requirements related to the recognition of liabilities, non-performance risk in discount rates, and costs to include in measuring a provision.
Given the widespread use of IAS 37, preparers and users of financial statements prepared under IFRS Accounting Standards should monitor upcoming developments in this area.
2024 IFRS® Interpretations Committee Agenda Decisions
A summary of 2024 IFRIC activity and comparison to US GAAP.
IFRS Accounting Standards first-time adoption for US subsidiaries
When a subsidiary converts to IFRS Accounting Standards later than its parent, optional exemptions apply under IFRS 1.
IFRS Institute
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Jobscan > Resume Formats
Find out how to choose the best resume format to showcase your skills, experience, and achievements.
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A good resume format organizes your skills, experience, and achievements. It tells hiring managers what they need to know.
Having a good resume format is important for another reason. It helps applicant tracking systems (ATS) read and understand your resume.
ATS is a computer software that most companies use today to help them hire employees. One of the main jobs of ATS is to screen the hundreds of resumes that come in for every job opening.
If your resume isn’t formatted the right way, the ATS will have trouble reading it. This makes it far less likely that a hiring manager will see your resume.
Don’t worry! Choosing a resume format isn’t as hard as it sounds. This article will guide you through the process.
By the end of it, you’ll know which resume format is best for your situation.
There are three basic resume formats to choose from. They are:
It’s important to understand the pros and cons of each format. This allows you to choose the one that best suits your specific situation and career goals.
After choosing a format, consider using a resume template to help create your resume. A template is a pre-designed layout that provides a structured framework for presenting your skills and experience. All you have to do is fill in your information.
Jobscan has a variety of free resume templates you can use. Our templates come in all three resume formats and each one is ATS-friendly.
Also known as the “reverse chronological” resume, this is the most common type of format. You’re most likely already familiar with it.
As the name suggests, this format lists your most recent job first. Then your second-most recent job, your third-most recent job, etc…
Why do hiring managers like the chronological resume?
Hiring managers often prefer the chronological resume format for several reasons:
Because this resume format focuses on work experience, it’s often used by job seekers who:
Have a strong work history
This format is ideal for job seekers who have lots of relevant work experience. It allows recruiters to see your career trajectory at a glance. They can get a good sense of the breadth and depth of your expertise.
Work in traditional industries
Many traditional industries prefer the chronological format. These industries include finance, engineering, healthcare, and legal professions. These sectors generally place a strong emphasis on a candidate’s work history.
Have a stable career path
The chronological resume is good at showing steady career growth within an industry. Hiring managers like to see this because it shows commitment.
The reverse chronological resume contains the following sections, from top to bottom:
You don’t have to create your resume from scratch. You can use a resume template. This is a pre-designed layout that includes all the sections listed above. All you have to do is fill in your information.
Jobscan has free resume templates . Each one is ATS-friendly and can be easily customized to suit your needs.
This is also known as the skills-based resume format. It’s quite different from the chronological resume format.
The chronological format focuses on your work history. The functional format focuses on your skills and achievements. It minimizes your work experience.
This has several advantages:
Why do hiring managers like the functional format?
Actually, hiring managers don’t like the functional resume format!
This is because the lack of work experience makes it hard for them to understand your career. The functional format can also hide periods of unemployment. Hiring managers prefer transparency.
Another big reason why you shouldn’t use the functional resume format is that it’s not ATS-friendly.
ATS scan resumes for specific keywords, job titles, and dates. They use this information to assess an applicant’s qualifications for a specific job.
But functional resumes don’t focus on job titles and dates. So the ATS might have trouble reading and understanding them. As a result, functional resumes may not receive high rankings from an ATS.
While we don’t recommend using a functional resume, it can help certain job seekers. Especially those who:
Have transferable skills
Are you considering a career change? The functional format might be for you. It emphasizes your transferable skills that are relevant to the desired role.
Transferable skills are abilities that you can use in any job in any field or industry. They include things like communication, problem-solving, leadership, time management, organization, and adaptability.
Have limited work experience
The functional resume is for recent graduates or people with limited work experience. This is because it highlights things like your school achievements, hobbies, and volunteering.
Have employment gaps
The functional format downplays gaps in your work history. It redirects the focus of hiring managers toward your skills.
When creating a functional resume, follow this structure:
If you don’t want to build your functional resume from scratch, try Jobscan’s free resume templates . They’re easy to customize and each one is ATS-friendly.
The hybrid resume format is becoming more popular. It combines the best aspects of the chronological and functional resume formats.
That’s why it’s called a hybrid .
The hybrid resume emphasizes both skills and work history. It features a dedicated skills section at the top of the resume. Below that is a chronological work experience section.
This format is especially helpful when you have lots of work experience but also want to show off your skills and accomplishments.
Why do hiring managers like the hybrid format?
Hiring managers appreciate the hybrid resume format for several reasons:
Anyone can use the hybrid resume format to great advantage. It’s especially suited to job seekers who:
Have a diverse skill set
You might have the perfect skills for the job. But your work experience is a little weak. This format allows you to feature your skills while downplaying your work experience.
Want to emphasize achievements
The hybrid format allows you to showcase achievements as well as skills at the top of your resume.
Are changing careers
The hybrid is good if you are transitioning to a new field. It focuses more on your transferable skills and slightly less on your work history.
When creating a hybrid resume, follow this structure:
If you don’t want to build your hybrid resume from scratch, try Jobscan’s free resume templates . They’re easy to customize and each one is ATS-friendly.
If you’re still not sure which format to use for your resume, follow this flowchart to help you decide based on your situation.
It’s important to choose the right resume format. But it’s also important to optimize your resume layout and content for an ATS.
If your resume is not optimized for an ATS, it’s less likely to make it into the hands of a hiring manager. Even if you have relevant skills and experience.
Here are some tips for creating a resume that will get past the initial screening of an ATS.
Pro Tip : Use Jobscan’s free resume templates to start building your resume. All our templates are ATS-friendly and easy to customize.
Here are some additional tips that will help you create an effective resume:
Don’t make the mistake of sending out the exact same resume with every application. Yes, it’s easy. It’s also ineffective.
Instead, read the job description to find out which skills and qualifications are most important. Then try to include those skills on your resume.
When you use the same language on your resume that’s found in the job description, you increase your chances of getting an interview.
While it’s important to list your job responsibilities on your resume, you also want to highlight accomplishments .
Responsibilities are what you did. Accomplishments are how well you did it.
For example, if you increased sales or reduced costs, be sure to mention these accomplishments.
Action verbs paint a clearer picture of your qualifications. They increase the overall impact of your resume.
Instead of simply stating that you were “responsible for” a certain task or project, explain how you took charge and made it happen.
For example, you could say that you “spearheaded a new initiative” or “coordinated a complex team effort.”
Try to use numbers whenever possible. Numbers show the true scope of your accomplishments to hiring managers.
Instead of saying that you “Created marketing campaigns” you could say that you “Created 10 successful marketing campaigns that generated a 20% increase in leads.”
Always try to use active voice instead of passive voice when writing your resume. Active voice is more direct, concise, and easier to read.
In active voice, the subject of the sentence is doing the verb. In passive voice, the subject is being acted upon by the verb.
If you’re not sure whether your resume is using active or passive voice, try running it through the Hemingway editor . It’s free and will tell you if you’re using passive voice.
Selecting the right resume format is the first step to creating an impactful resume. To learn more about how to create a resume that will stand out, check out these additional resources:
What does ats-friendly resume format mean.
An ATS-friendly resume format is one that can be read by Applicant Tracking Systems (ATS). Employers use these systems to manage and filter large volumes of resumes.
When you use an ATS-friendly format , it increases the chances that a hiring manager will find your resume.
No, they are two different things.
Resume format refers to the structure and organization of the content in a resume. A resume template refers to a pre-designed layout you can use to create a resume.
There isn’t a specific “student resume format” per se. Students generally use the same resume formats as other job seekers. But they may emphasize different sections or information.
A student’s resume highlights coursework, internships, part-time jobs, extracurricular activities, and academic achievements.
The best resume format for you depends on your specific circumstances. This includes your work experience, career goals, and the industry you’re targeting.
Having said that, we like the hybrid resume format .
Employers are looking for job candidates who have the right skills. And the hybrid resume features skills right at the top of the resume. Employers also want to see a work experience section on a resume. The hybrid has that as well.
This powerful combination of skills and experiences makes the hybrid resume our top choice for 2023 and beyond.
Free Professional Resume Templates
Jobscan’s free Microsoft Word compatible resume templates feature sleek, minimalist designs and are formatted for the applicant tracking systems that virtually all major companies use.
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From the IFRS Institute - June 7, 2024. As anticipated, the International Accounting Standard Board (IASB®) has issued two new standards - IFRS 18 Presentation and Disclosure in Financial Statements, and IFRS 19 Subsidiaries without Public Accountability: Disclosures - which will be effective in 2027. Narrow-scope amendments to IFRS 9 and IFRS 7 have also been issued, effective in 2026.
There are three basic resume formats to choose from. They are: Chronological - Lists your work history in order, starting with your most recent job first. Functional - Focuses on your skills and accomplishments instead of your work history. Hybrid - Places your skills and accomplishments at the top, before your work history.