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The Students How To Learn IFRS For 2017 Exam

The Students How To Learn IFRS For 2017 Exam

How To Learn IFRS :  International Financial Reporting Standards (IFRS) are quickly increasing in importance globally. Over 90% of the world’s leading economies either require IFRS or are converging with it. Very few companies can afford to ignore the need to understand IFRS Registration Form and its implications for their business and financial reporting. Consequently, demand for professionals with IFRS skills is increasing at an accelerating rate.

The International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB) are gaining recognition as Global Reporting Standards. The Council of the Institute of Chartered Accountants of India, while appreciating the emerging diversities and complexities in the world of accounting and the need for knowledge of IFRS in relation to the convergence of the Indian Accounting Standards with IFRS, has decided to launch a Certificate Course on International Financial Reporting Standards for its members. The objective of this Course is to enhance the knowledge as well as to provide benefit to the members in the global service market.

The Course aims at providing:

  • Introduction of the concepts of IFRS
  • Dissemination of knowledge on IFRS;
  • Comparison of IFRS with existing Indian Accounting Standards;
  • Issues in relation to IFRS;
  • Conversion of Financial Statements prepared on the basis of Indian GAAP to IFRS based financial statements.

The Students How To Learn IFRS For 2017 Exam

How To Learn IFRS : The world has been constantly moving to the single set of global accounting rules. There is a strong ambition to adopt IFRS as a unified set of financial reporting standards all over the planet by 2015. So yes, I understand that accountants and other finance people need to gain at least some degree of IFRS knowledge, since they might face IFRS directly in their job. Maybe it’s also your case.

How to Learn IFRS (Part 1)

Now, how to learn IFRS? Where to start?

Well, it depends. First, you should ask yourself at least the following questions:

  • What is your current knowledge of IFRS? None at all? Or have you already acquired some base?
  • What is your purpose of learning IFRS? How deep knowledge would you like to possess? Do you want to obtain some certificate or “offcial” qualification or just learn it to be able to deal with it in your job?
  • What is your budget for learning IFRS? Do you want to keep it free or with minimal financial cost? Or you have a quite generous budget for this?
  • How much time are you able or willing to dedicate to your IFRS training? Are you very busy guy and have only evenings / weekends? Or can you afford to skip some days from your daily job and visit classes?

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Yes, all this matters, because there are many options what and how to do. So let’s say you are an accountant or financial guy with solid accounting base, but IFRS is something you have heard of but never really touched. There is a certain path to follow no matters tools you chose. Being me in your shoes, I would start my IFRS learning as a step-by-step process:

  1. Learn the basic structure of IFRS
  2. Read the Framework
  3. Get some knowledge about individual standards
  4. Develop your knowledge and be up-to-date

So let’s start with the first one.

1. Learn the basic structure of IFRS

Familiarise yourself with the basic structure and concept of IFRS. This is not a hard part. To start digging a bit deeper into this complex topic, you should know what is in front of you. Let me draft a simple picture.

IFRS is an acronym for International Financial Reporting Standards and covers full set of principles and rules on accounting treatment of various items or situations. This full set comprises the following components:

  • Framework for the Preparation and Presentation of Financial Statements
  • International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)
  • Standing Interpretations Committee (SIC) and Interpretations originated from the International Financial Reporting Interpretations Committee (IFRIC)

2. Read the Framework

For any beginner in IFRS, the Framework is the basic concept of IFRS and therefore it is a MUSTREAD document. Anyway, it’s not so time consuming, as the Framework itself has only about 30 pages and as an experienced accounting professional you would be familiar with many concepts in it. You can find full text of the Framework in www.ifrs.org.

3. Get some knowledge about individual standards

Now while you can read the Framework yourself without any pain, it’s almost impossible and ineffective to read and study the texts of individual standards, interpretations and accompanying docs – it’s more than 3 000 pages!

There are many possibilities how to learn basic principles and rules in individual standards. You might want to pick one of them based on your time and budget available. In my opinion, 2 main streams of learning IFRS are face-to-face training and self-study.

The Students How To Learn IFRS For 2017 Exam

Face-to-face training

What I mean by saying “face-to-face” is attending a classic form of the study: long-term courses in the class, short-term seminars or workshops, etc. This should work wonderfully – I learned most of my IFRS basics this way. Let me just sum up pros and cons of face-to-face training:

Cons:

  • high costs – if you’d like to attend really high-quality training, you will pay for it – oh yeah. I remember that the cost of my 6-day course on IFRS was about 4 000 EUR. Of course, tutor and topics covered were wonderful, however, if cost is something that bothers you, then check out other forms of training.
  • time consuming – face-to-face training usually takes place during your normal working or business hours and you must find a space in your overloaded schedule. That might be a problem, especially during a high or busy season.
  • inconvenient – you might also suffer from certain form of inconvenience. Often, you have to travel to the location that is far far away from your office or home. Or, you might feel distracted by other attendants in the class.

Pros:

  • learning from experienced tutor with personal contact
  • high level of interactivity – you might ask for additional explanations or any questions you don’t understand and often you get a feedback from your tutor
  • full focus on the topic – when you attend a lecture, you will not be distracted by so many things around you (like 5 minutes for coffee, 5 minutes for “very tiny help” to your colleague or family member) and therefore, your study will be very effective.

In the second part of this article, I will give you some hints how to effectively learn IFRS by self-study and what good sources you could use in order to stay up to date with the newest developments.

The Students How To Learn IFRS For 2017 Exam

How to Make IFRS Financial Statements

If you’re getting ready for IFRS implementation, or you just need to know how to convert your local accounts to IFRS, then this course is for you.

You’ll learn exact steps to make starting with your own trial balances to drafting IFRS financial statements.

You’ll learn how to make IFRS adjustments, how to prepare your first opening IFRS statement of financial position, how to account for deferred tax from IFRS adjustments and many more.

Created by Top IFRS Expert

I’m Silvia Mahutova, FCCA, the founder of IFRSbox. I’ve been working in IFRS consulting, auditing and teaching for over 15 years.

During that time I came across numerous IFRS issues, solved many IFRS problems and helped my clients to implement IFRS into their system and transfer their reporting smoothly to IFRS.

Within past 5 years, I’ve written many IFRS articles, produced many IFRS videos and helped many students pass their exams or solve their difficult accounting issues.

This website became very popular quickly, so I turned all my knowledge toward helping people make IFRS simple and easy to understand.

The Students How To Learn IFRS For 2017 Exam

Learning Format

The AICPA certificate is awarded for the completion of a comprehensive, integrated curriculum of 25 online, self-study training courses. The multimedia courses are interactive, engaging and scenario-based, with nearly 50 IFRS experts involved in their development. While the e-learning courses will cover basics of the standards, the primary focus of each course will be application of the standards in multiple problem scenarios.

Learning Objectives :

By the end of the course students  have a general overview about IFRS dealing with ;

1.  Presentation of financial statements o Principles of disclosure o Inventories o Revenue recognition

2.  Property, plant and equipment

3.  Leases

4.  Income taxes

5.  Financial instruments

6.  Provisions, contingent liabilities and contingent assets

7.  Intangible assets o Business combinations o Shareholders’ equity

8.  Standards dealing with consolidation issues will not be covered since they will be dealt with in ACC5012.

9. Student  have an understanding in applying and interpreting existing IFRS to real world accounting problems Basic Outline, Teaching Concept and Grading In a primarily interactive approach, the most important IFRS-rules will be dealt with in depth (i.e. including journal entries) to provide a thorough understanding of IFRS.

10. The lectures are based on Power Point presentations which are revised term by term to be up to date with the ongoing changes of regulations and which will be available for download/print through the University’s Intranet (E-Learning Platform). In addition, practical examples are provided on blackboard .

The Students How To Learn IFRS For 2017 Exam

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