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IFRS course benefits

IFRS course benefits

IFRS course benefits: The  INTERNATIONAL FINANCIAL REPORTING STANDARDS  when you talk about IFRS what comes up to you mind?

Depends right but what we all things is , WHAT IS THE BENEFITS OF THIS COURSE? 

This is the question we all think and we all wanted to be answered on this question. So here we will try to give you some answer and try to sort out some answer to you hope its help you.

IFRS course benefits

IFRS course benefits

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external. |San Francisco IFRS, with the exception of IAS 29 Financial Reporting in Hyper inflationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29, are authorised in terms of the historical cost paradigm. IAS 29 and IFRIC 7 are authorised in terms of the units of constant purchasing power paradigm.[1][2]

IFRS began as an attempt to harmonise accounting across the European Union but the value of harmonisation quickly made the concept attractive around the world. However, it has been debated whether or not defector harmonisation has occurred. Standards that were issued by IASC (the predecessor of IASB) are still within use today and go by the name International Accounting Standards (IAS), while standards issued by IASB are called IFRS. IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new International Accounting Standards Board (IASB) took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards “International Financial Reporting Standards”.

In the absence of a Standard or an Interpretation that specifically applies to a transaction, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for assets, liabilities, income, and expenses in the Framework.

We know now what is IFRS right! now move on to what and who and benefits of this and course IFRS.

IFRS course benefits

Why we need this?

  • IFRS for Decision Makers of Banking and Financial Institutions
  • financial reporting
  • international financial reporting standards
  • international accounting standards
  • ifrs for banks
  • accounting principles
  • financial accounting
  • financial statement
  • IFRS 9 Financial Instruments

IFRS course benefits

THE SYLLABUS: We will gain all the knowledge of this many topics mentions below:

1. The nature and operations of the IASB

  • Structure of the IFRSF/IASB
  • Extant standards of the IASB
  • The framework.

2. The status and use of IFRSs around the world

  • The use of IFRS around the world
  • The IASB roadmap
  • The annual IASB bound volume and its use.

3. Presentation and profit

  • IAS 1, Presentation of financial statements
  • IFRS 15, Revenue from contracts with customers
  • IAS 8, Accounting policies, changes in accounting estimates and errors.

4. Accounting for assets and liabilities – part 1

  • IAS 16, Property, plant and equipment
  • IAS 38, Intangible assets
  • IAS 40, Investment Property
  • IAS 36, Impairment of assets
  • IAS 23, Borrowing costs
  • IAS 20, Accounting for government grants and disclosure of government assistance
  • IAS 2, Inventories
  • IFRS 16, Leases
  • IFRS 5, Non-current assets held for sale and discontinued operations

5. Accounting for assets and liabilities – part 2

  • IFRS 13, Fair Value Measurement
  • IFRS 32, Financial instruments – presentation
  • IFRS 9, Financial instruments
  • IFRS 7, Financial instruments: disclosures
  • IFRS 2, Share-based payment
  • IAS 37, Provisions, contingent liabilities and contingent assets
  • IAS 10, Events after the reporting period
  • IAS 19, Employee benefits
  • IAS 12, Income taxes
  • IAS 41, Agriculture
  • IFRS 6, Exploration for and evaluation of mineral resources.

6. Group accounting

  • IFRS 10, Consolidated Financial Statements
  • IAS 27 (revised 2011), Separate financial statements
  • IFRS 3, Business Combinations
  • IAS 28 (revised 2011), Investments in associates and joint ventures
  • IFRS 11, Joint arrangements
  • IFRS 12, Disclosure of interests in other entities
  • IAS 21, The effects of changes in foreign exchange rates
  • IAS 29, Financial reporting in hyperinflationary economies.

7. Disclosure standards

  • IAS 7, Statement of cash flows
  • IAS 24, Related party disclosures
  • IAS 33, Earnings per share
  • IAS 34, Interim financial reporting
  • IFRS 4, Insurance contracts
  • IFRS 1, First time adoption of IFRS
  • IFRS 8, Operating segments.

8. Principal differences between UK/US GAAP and IFRS

9. Proposals for change

What we will gain from this? 

On completion of this course we will :

  • Understand and explain the structure of the framework of international accounting and Ind-AS
  • Apply relevant financial reporting standards to key elements of financial reports
  • Identify and apply disclosure requirements for companies in financial reports and notes
  • Prepare group financial statements (excluding group cash-flow statements), including subsidiaries, associates and JVs

IFRS course benefits

IFRS Certification

For the accounting profession, the use of IFRS will create need for effective training and education. Professional associations will have to integrate IFRS into their training materials, testing and certification programs. The IFRS certificate programs were designed to help accountants build on their knowledge needed in the standard for prosperity in today’s globalised business world.

The course is a comprehensive integrated curriculum and provides introductory training on the substance of areas of the IFRS literature with respect to the standard object, scope, key terms and recognition and measurement requirements. The program is administered by the AICPA.

It consists 25 self-study courses administered online at one’s speed. The course can take a minimum 42 hours to complete but once started one has a time period of two years to complete it.
Prerequisites of the course include a background in IFRS and a good level of understanding of the US GAAP(Generally Accepted Accounting Principles). For those with no prior knowledge of IFRS, a foundation course is available.

Hope this information helps you.

IFRS course benefits

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