International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB).
The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. IFRS provides general guidance for the preparation of financial statements, rather than setting rules for industry-specific reporting.
Having an international standard is especially important for large companies that have subsidiaries in different countries.
Adopting a single set of world-wide standards will simplify accounting procedures by allowing a company to use one reporting language throughout. A single standard will also provide investors and auditors with a cohesive view of finances.
IFRS is sometimes confused with IAS (International Accounting Standards), which are older standards that IFRS has replaced.
Approximately 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies, although approximately 90 countries have fully confirmed to IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports.
The International Association of Accounting Professionals is an international body based and incorporated in the United Kingdom. IAAP has been established to provide international recognition for the level of qualification achievement of accounting professional and, through that recognition, to enhance their status in the financial and business communities. Holders of a current IAAP membership certificate can enjoy the benefits of this international recognition in their careers.
Industry-specific accounting, such as mineral resources and agriculture
There are several working groups that are gradually reducing the differences between the GAAP and IFRS accounting frameworks, so eventually there should be minor differences in the reported results of a business if it switches between the two frameworks. There is a stated intent to eventually merge GAAP into IFRS, but this has not yet occurred.
There will be a reduced cost for companies once the two accounting frameworks are more closely aligned, since they will not have to pay to have their financial statements restated to show results under the other framework in cases where they need to report their results in locations where the other framework is required.
Our trainers are from MNC companies and they will guide you on practical case studies and application.
Target audience for this programme is Fresh Graduates/ MBA Professionals/ CA’s/CMA’s/ or anyone who looks for a career in finance in India and abroad.
Once you complete the course participants can write the IAAP exam for IFRS Certification.
Certification Name: Certification in International Financial Reporting Standards (CIFRS)
Certification Issued by International Association of Accounting Professionals (IAAP)
Student can keep the designation “CIFRS”, once they passed the exam and completed experience requirement with his name.
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