What is IFRS?
Before we get into the details about the course let us take an overview about what are International Financial Reporting Standards (IFRS). These standards are issued by the International Accounting Standards Board (IASB). They are a set of accounting rules that are meant to make the financial statements of public companies consistent, transparent, and easily comparable throughout the world. At the present time IFRS Accounting Standards are required in over 140 jurisdictions and are permitted in many more.
It’s evident that IFRS is not just important but mandatory, if you want to work in Accounting. It also opens an opportunity to work with MNCs, global accounting KPOs or migrate abroad. Most countries are converging their standards towards IFRS or adopting IFRS as they are, to enable uniform reporting. India, as a step closer to convergence with IFRS, has adopted Ind-AS.
The advantage of establishing global accounting standards is that a single format would be used for financial statements across all companies internationally. This would make it easier for companies to compete abroad, raise capital and to win global contracts by providing consistent and comparable financial details.
Why an IFRS Certification Course?
Various IFRS profiles are being offered in several sectors of the industry that include ITES, software, pharmaceutical, auto spare part, professional advisory companies, auditing firms, banking industry, Insurance industry, KPOs, etc.
Work across the globe
Practical knowledge of these universal standards will open doors across the globe as more than 100 countries have given a green signal in their accounting boundaries.
Establish your consultancy firm
Skilled and experienced IFRS experts can establish their own consultancies to help companies migrate to IFRS.
Become a part of a growing profession
Continuous amendments in these standards by regulators is creating a need for IFRS professionals with a thorough understanding of these standards.
Who Should Undertake an IFRS Course?
Stay updated and continue to grow. Young CAs / IPCC candidates are already enrolling in large numbers.
Non Accounting professionals like MBAs, CSs, CFAs, CFPs can add depth to their understanding of accounting practices and differentiate themselves.
Improve the depth of your accounting knowledge and differentiate yourselves from lakhs of students graduating each year with accounting degrees.
On completion of this certificate program, candidates should be able to:
- Apply relevant financial reporting standards to key elements of financial reports
- Prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates and joint arrangements.
The syllabus comprises the following topics:
Introduction to IASB and IFRS
This topic covers the IASB and the regulatory framework along with the IFRS uses, roadmap and annual IASB bound volume and uses. Here are the details –
- Structure of the IFRS/IASB
- Extant standards of the IASB
- The framework
- The use of IFRS around the world
- The IASB roadmap
- The annual IASB bound volume and its use
Presentation and Profit
In this topic you will be taught about the presentation of accounts and additional disclosures. It will also cover different accounting policies. Here are the details –
- IAS 1, Presentation of financial statements
- IFRS 15, Revenue from contracts with customers
- IAS 8, Accounting policies, changes in accounting estimates and errors.
Accounting for Assets and Liabilities: Part 1
This section comprises accounting for non-current and current assets, impairments and grants, leases and specialized assets. Have a look at the details –
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
IAS 17, Leases
IFRS 5, Non-current assets held for sale and discontinued operations
Accounting for Assets and Liabilities: Part 2
In this section you will study accounting for financial instruments and liabilities in detail. This section will equip you with some of the core skills needed to finish this course. Here are the details –
- 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
This part of the syllabus covers the topics related to preparing group accounts which are required to consolidate the financial statements of various subsidiary companies for a group. The details are as follows –
- 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
Here you will learn about disclosure standards and preparation of accounts related to them. Here are the different topics –
- 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
Principal Differences Between UK/US GAAP, IFRS and Ind AS
In this section you will learn about how UK/US GAAP, IFRS and Ind AS are different from each other.
- Provide an overview about UK/US GAAP.
- Explain how GAAP which is rules-based and IFRS which is principles-based, are different from each other.
- Overview of Ind AS.
- Comparison among UK/US GAAP, IFRS and Ind AS.
- Explain how Indian Accounting Standards are different from other countries.
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