What is IFRS?

go site What is IFRS

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payday loans direct lender no credit check online uk Financial statements / reports form the backbone of Financial Analysis. Imagine a world where every firm had a different reporting format. It would be a nightmare to compare, reconcile and analyze companies, even in the same sector. This is why we have uniform standards for reporting. This was the practical problem faced in the current scenario, since different countries had their own set of accounting standards and rules. For example, India has its own set of accounting standards, and the United States follows US- GAAP. Thus, their reporting style and compiling of financial statement are different, though of course, basic accounting rules will stay similar everywhere. Moreover, with the rising cases of mergers and acquisitions, consolidation of financial statements posed a complex problem. To overcome this problem, some countries decided to adopt a set of standardized accounting rules that would be recognized on an international level.

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click here The International Financial Reporting Standards is one such global reporting standard adopted by the International Accounting Standards Board (IASB). It stipulates how financial statements should be presented, what should be disclosed, what elements need to be part of which statement, treatment of interest payments, leases, taxation, depreciation etc. Currently, more and more countries including India are converging their accounting standards into IFRS. In fact, the converged standards i.e., Ind AS is applicable to companies having net worth of equal to or more than 500 crores since April 1, 2016. The implementation will be done in phases and more companies will come under purview as per the directions of the government. Hence, there is increasing number of IFRS specialists in our domestic country too.

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payday loans your rights The ACCA, UK runs a Diploma in International Financial Reporting (DipIFR) program that aims to equip the takers with knowledge on IFRS. It is a relatively quick and painless program that can be completed within 3-6 months. Although there are several courses out there on IFRS, the DipIFR is very credible, well laid out and backed by a reputed global body like the ACCA. This would be definitely better than picking up a random local course with no value addition.The ACCA, UK runs a Diploma in International Financial Reporting (DipIFR) program that aims to equip the takers with knowledge on IFRS. It is a relatively quick and painless program that can be completed within 3-6 months. Although there are several courses out there on IFRS, the DipIFR is very credible, well laid out and backed by a reputed global body like the ACCA. This would be definitely better than picking up a random local course with no value addition.

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get link The ACCA program has a holistic approach with comprehensive knowledge on practical implementation of financial statements given to the students. This prepares them for real-life challenges during the IFRS implementation, since conversion of regularly followed standards into newer standards is no easy feat, and needs proficient members to implement them successfully.

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