IFRS

How IFRS is better than existing accounting standards?

Originally Posted by Pehu

How IFRS is better than existing accounting standards?

Hi Pehu

It is not a matter of IFRS being better than existing standards – more that IFRS is generally accepted more widely. The advantage is that you are speaking the same accounting language as over 113 countries, including the UK, Canada, Singapore and Australia. Also, IFRS is generally much easier to understand – the disclosures are clear, the form of the financial statements help you to identify important elements more easily. And most importantly, IFRS is based on a solid conceptual framework (in most cases, except sometimes for interim standards) so the IFRS treatments are usually quite logical.

hii... thank u v much...
IFRS is good....
Accounts is fun.....

The Institute of Chartered Accountant in England and Wales offers:

The Institute offers a Certificate level learning and assessment programme that is flexible and self-taught which is available to both accountants and non-accountants who are required to implement, use or are affected by IFRS.

The global business community faces an ongoing challenge to ensure that it is adequately prepared to comply with International Financial Reporting Standards (IFRS). The introduction of the standards means that most organisations will need to update their financial policies, processes and systems.

The programme

The programme is supported by a comprehensive set of learning materials, and will enable you to:

* understand financial reporting across all international financial reporting standards
* apply principles, concepts and knowledge from IFRS in a business context
* produce and interpret financial statements and information
* make more informed business decisions
* assess the standards' commercial impact on your business
* provide practical business advice

Furthermore, for those individuals who would like to demonstrate their competence in IFRS, or who are looking to enhance their career prospects as an IFRS specialist, the IFRS assessment verifies knowledge and understanding.


For more details please logon to:
International Financial Reporting Standards Qualification | IFRS Programme | ICAEW

An ideal diploma to assess competency in IFRS is the Diploma in International Financial Reporting (DipIFR) which is set and accredited by ACCA. ACCA (The Association of Chartered Certified Accountants) is the largest professional accountancy body in the world. ACCA supports its 122,000 members and 325,000 students throughout their careers, providing services through a network of 80 offices and centres.

The aim of the Diploma in International Financial Reporting (DipIFR) is to provide qualified accountants or graduates, possessing relevant country specific qualifications or work experience, with an up to date and relevant conversion course. It also aims to provide a practical and detailed knowledge of the key international financial reporting standards and how they are interpreted and applied.

Key benefits to students
On completion of the syllabus, candidates should be able to:

• understand and explain the structure of the international professional and conceptual framework of accounting
• apply relevant financial reporting standards to key elements of financial reports
• identify and apply disclosure requirements for companies relating to the presentation of financial reports and notes
• prepare financial statements of single entities and account for their key elements complying with specified International Financial Reporting Standards and other related pronouncements
• prepare group financial statements (excluding group cash flow statements) including subsidiaries, associates, and joint ventures

Flexible study options allow you to fit your studying around work and family commitments.

Please feel free to let me know if you need further details.

I am a B Com Graduate.Am I still eligible for a course in IFRS? If someone could recommend an institute.

ACCA's Diploma in IFRS (the above mentioned qualification) is intended for professional accountants and auditors working in practice and industry, who are qualified in accordance with national accounting standards, or those who are not qualified but have been working in finance and accounting for a reasonable period of time.

Dip IFR would be a suitable qualification for Chartered Accountants and junior staff, who are involved in preparing, analysing or consolidating the accounts of companies based abroad. It would also be invaluable to others involved in analysis as IFRS is becoming the norm across the world.

To be eligible for the Diploma you must be:

• a Chartered Accountant OR
• a Bcom with at least 2 years of relevant work experience in F & A area OR
• a non Bcom with at least 3 years of relevant work experience in F & A area

Currently PwC, KPMG, Deloitte and Ernst and Young offer courses in IFRS as an extension of their services in India. However, these do not lead to a certificate where you can show that you have the knowledge. The Institute of Chartered Accountants of India offers an e-learning course in IFRS, supplemented with a few days of face to face teaching. Other than these organizations, Get through guides (GTG), a global provider of professional education in finance, management and accounting, offers a Diploma in IFRS. Ensure that you are attending a course which is right for your level.

I think proper training will definitely help but what else can a company do to ensure smooth transition to IFRS?

This presentation shows the basic Introduction to Framework to IFRS/IAS.