Chart of Accounts
Chart of Accounts
The standardized chart underlying every course example — six classes, IFRS and US GAAP framework flags, original descriptions with citations to the governing standard.
Assets are what a business owns and uses to run — the cash in the bank, the inventory on the shelf, the building it works out of, the patent it holds. If it could be sold or used to make money, it belongs in this class.
IAS 16
Property, plant and equipment (PPE) covers the physical assets a business uses in operations for more than one accounting period — land, buildings, machinery, vehicles, and equipment. An asset stays in this category as long as it's held for use, not for sale.
IAS 16
Buildings records the cost of structures a business owns and occupies or leases out — offices, warehouses, retail space, and factories. It's depreciated over the building's estimated useful life, separately from the land it sits on.
Version update
Recent pronouncements affecting how this chart is structured: • IFRS 18 Presentation and Disclosure in Financial Statements — issued April 2024, effective for annual reporting periods beginning on or after 1 January 2027. Replaces IAS 1 and sorts income and expenses into defined operating, investing and financing categories, so the revenue and expense classes above map to the new subtotals. • FASB ASU 2023-08 Accounting for and Disclosure of Crypto Assets — effective for fiscal years beginning after 15 December 2024. In-scope crypto assets are measured at fair value with changes in net income and presented separately from other intangible assets, which is why this chart carries a distinct crypto assets line.