IFRS Courses

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Accountancy is one of the leading careers in Commerce, opted by many students. Some directly study abroad after 12th Commerce, while others go for accounting courses like Diploma in Financial Accounting or an MBA. Apart from these regular full time degree programmes, there are a few short term certificate courses offered by recognized institutions like IFRS. Through this blog, let us explore different IFRS courses. 

What is IFRS?

International Financial Reporting Standards or IFRS are financial statements that are transparent and same around the world derived from the assertions of the London-based International Accounting Standards Board or IASB. Companies all over the world receive assistance from the IFRS because investors are more likely to put money into a company if their business practices are transparent. IT is an essential acquisition to have in more than 120 countries worldwide. It is considered by business reports and their financial results everywhere except the USA, where Generally Accepted Accounting Principles, or GAAP, is a framework that is used. This accounting standard basically originated in the European Union focusing on the purpose of making businesses and accounts conveniently accessible in the region. The idea immediately spread globally, with being used as a common language, it allowed larger communication worldwide. Most of the countries have come forward and accepted these norms of accounting!

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IFRS Focus Areas

  • Business combinations
  • Presentation of financial statements
  • Revenue recognition
  • Employee benefits
  • Borrowing costs
  • Foreign exchange rates
  • Income taxes
  • Investment in associates
  • Inventories
  • Fixed assets
  • Intangible assets
  • Leases
  • Retirement benefit plans
  • Operating segments
  • Subsequent events

Eligibility Criteria

IFRS Foundation offers a wide range of certification and one can choose a well fit programme as per their choice. Here are some basic things you must check before signing up for these courses:

  • Any professional auditor or editor in practice is eligible to take this certificate according to the national accounting standards.
  • A degree from college or university
  • Three years minimum of accounting experience

Scope of IFRS

According to accounting standards that exist intending to process the inter economy transactions conveniently. IFRS ensures transparency to the market, it is accountable and efficient. As the firms are trying to move their accounting system following the global standards, the demand for these professionals has increased, therefore brings immense opportunities. The knowledge of its standard across the world in among 120 countries have the accounting limitations, the application the standards have continuous amendments and these guidelines by the regulators have created the requirement IFRS certified professionals explicit understanding of the guidelines. The implementation of these standards has high earning potential. There exists a need to have train specialists in India to maintain global standards of IFRS.

IFRS Certifications: Key Features

Upon completion of the certification, the holder should be able to:

  • Comprehend and explicate the international regulating framework of financial reporting
  • Should be able to confer and apply the theoretical knowledge to the International Accounting Standards
  • Should be able to prepare financial statements under International Financial Reporting Interpretations Committee
  • Should group financial statements like subsidiaries and associate the joint ventures
  • Know the global accounting functions

List of IFRS Courses

  • Diploma in IFRS by ACCA- KPMG India
  • Diploma in IFRS by ACCA- EY
  • ACCA Diploma in IFRS – PWC’s academy
  • Grant Thornton
  • Saraf Academy
  • IMS preschool
  • Globalfti
  • Hi-Educare
  • Udemy – online courses
  • Takshila learning
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  • International financial reporting 7th edition
  • IFRS Guidebook: 2017 Edition by Steven M. Bragg
  • The Vest Pocket Guide to IFRS
  • Wiley not for profit GAAP 2019

Lists of IFRS

There are 16 IFRS standards that consist of a set of rules. Here is a list of the same:

  • Module 1- First-time Adoption of International Financial Reporting Standards
  • Module 2- Share-based Payment
  • Module 3- Business Combinations
  • Module 4- Insurance Contracts
  • Module 5- Non-current Assets Held for Sale and Discontinued Operations
  • Module 6- Exploration for and Evaluation of Mineral Resources
  • Module 7- Financial Instruments: Disclosures
  • Module 8- OperatingSegments
  • Module 9-Financial Instruments
  • Module 10- Consolidated Financial Statements
  • Module 11- Joint Arrangements
  • Module 12- Disclosure of Interests in Other Entities
  • Module 13-Fair Value Measurement
  • Module 14-Regulatory Deferral Accounts
  • Module 15
  • Module 16

We hope our blog was provided all the relevant information about IFRS, to know more about these courses, visit Leverage Edu and book your online counselling session with our exclusive E-meeting session!

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