What is IFRS?
International Financial Reporting Standards or IFRS set common rules to bring consistency and transparency to accounting language, practices and statements. This turns out to be helpful for businesses and investors to make educated financial analyses and decisions. IFRS demands that same set of rules must be followed when businesses provide reports of their financial results and financial position. They specify how companies must maintain and report their accounts, defining types of transactions, and other events with financial impact.
Purpose of IFRS coming into existence
The IFRS was established to bring consistency and reliability to businesses and their financial statements by creating a common accounting language. It is a common language for businesses worldwide so that company accounts are understandable and comparable across international boundaries.
History of IFRS
The attempt to harmonize accounting across the European Union led to the creation of IFRS, since the value of harmonization made this concept very attractive globally. Their original name was International Accounting Standards (IAS). They were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On April 1, 2001, the new International Accounting Standards Board took over the responsibility for setting IAS from the IASC. The existing IAS and Standing Interpretations Committee standards (SICs) were adopted during its first meeting. The IASB has continued to develop standards calling the new standards the IFRS.
Importance of IFRS
IFRS allow comparison among data of different companies on the same basis. They contribute to the economic efficiency by helping investors to identify opportunities and risks across the globe, thus improving capital allocation. They help in developing a unified set of accounting and and reporting standards which breaks down the accounting procedures into simple procedures. IFRS works on a principle based philosophy which ensures equality and transparency with the least scope of manipulation.
CAclubindia provides a live certification IFRS Course that focuses on the provisions of IFRS and earlier existing IAS.
Details of the Live IFRS Course
- Category: IFRS Certificate Course
- Start Date: June 26, 2021
- End Date: September 6, 2021
- Time: Saturday & Sunday (6 PM to 9 PM)
- Duration: 60 hours
- Language: English
- Reference: E-notes will be issued a week before the live class
Live Interactive sessions with the experienced faculty- Amit Chawla will help the participants in getting their queries resolved at real time. The recorded session will be provided.
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