In the world of globalization, when the quantity of multinational corporations are ever expanding, standardization is a need, not a decision. Financial reporting is a fundamental part of business and requires standardization. IFRS focuses on precisely that by keeping up stability and transparency in the financial world. What is IFRS? What exactly IFRS stands for? International Financial Reporting Standards are Global unified reporting/ accounting standards that are used in preparing financial statements of a company viz, like account book, profit & loss account and cash flow statements. All the companies which are located in different countries use accounting standards of respective countries for preparing financial statements. Which standards were we using till now without IFRS?   In India, we were using Indian GAAP/ Accounting Standards notified by the Government (MCA). There was no uniformity in the basis of preparing financial statements of the companies in ...

Finance is the only field which   brings endless learning and earning opportunities for all. IFRS means International Financial Reporting Standard which is an internationally accepted language for business accountancy presentation. In other words, IFRS is a singular accounting language which is accepted by the world. If you are in accounting and thinking to make a secure career in finance and accounts, then the knowledge of IFRS is very important for you. In the world of upgrading, most of the countries, even including India, are moving to IFRS accounting standards . We have created a learning segment for accounting and finance backgrounds where you can learn about IFRS to improve their career prospects.   Let’s have a look at, from which field a person can go for IFRS: The demand for IFRS is higher because there is a lesser number of IFRS professionals in India and moreover, experts can offer consultancy services to companies adopting IFRS standards . And most compan...

  International Financial Reporting Standards (IFRS)  set basic guidelines of financial reporting so that the financial statements of a company can be reliable, transparent, and are comparable across the other companies around the globe. Prior to  IFRS , every country has different  Generally Accepted Accounting Principles (GAAP)  for the businesses to prepare financial statements in their own country. With globalization, it was becoming difficult to undertake cross border transactions, because it was difficult to understand financial statements prepared in different  GAAP . To bring harmony in the accounting language, the International Accounting Standards Committee ( IASC ) started developing the International Accounting Standards ( IAS ) from the year 1973. The International Accounting Standards Board ( IASB ) took over the functions from  IASC  in July 2000. Since then a set of common reporting standards is referred to as  IFRS .  IF...

  The  ACCA   Diploma in International Financial Reporting  (DipIFR)  is primarily intended for professional accountants working in practice and industry. Many professionals who are qualified in accordance with national accounting standards now need to develop technical awareness of  International Financial Reporting Standards ®  (IFRS Standards)  because of the increasing global use of  IFRS Standards  including India. India Inc is now compliant with  Indian Accounting Standards (Ind AS)  converged with  IFRS.  The  DipIFR  has tried to bridge the knowledge gap regarding IFRS by providing an understanding on various topics of IFRS. Eligibility for examination: holders of a nationally recognised accounting qualification (for e.g. a Chartered Accountant in India); or those who have a relevant degree (B.Com. / M.Com.) plus two-years’ accounting work experience; or those who hold an  ACCA  Certificate...

  Thousands of accounting, audit and finance professionals apply for diploma in IFRS every year, and the biggest intimidation that a majority of them face is the preparation of  DipIFR examination  to crack it in the very first attempt. While lack of time for preparation and inability to focus on studies at a stretch are generally behind this pre-examination stress, the right guidance may help them determine their course of preparation and experience a surprising outcome. DipIFR students typically come up with questions like how much time does it take to complete DipIFR syllabus before the examination, is it possible for non-CA professionals to get well versed with IFRS (International Financial Reporting Standards) within such a short time span and how many hours should be dedicated to  DipIFR study on a daily basis . Aspirants are often concerned about the magnitude and complexity of syllabus. Despite being professionals in the field of accounting, finance and audit...

  Make Your Dream Career In Finance A career in finance is thrilling and satisfying, and, generally, very rewarding. It not only appeals young individuals who are immensely ambitious but who also those who have a knack for economics, accounting and the capability to swiftly and instinctively grasp and process intricate financial concepts and data. Finance is all about managing money. The finance industry is a stirring global industry that is continuously evolving and expanding. There are numerous reasons why you would want to join such an exciting and powerful job sector. There are endless possibilities when it comes to career path in finance. Companies are growing to new stimulating areas of the world and with this expansion, comes a high demand for finance professionals. By pursuing a career in finance, you are opening the door to thousands of exciting opportunities, including places that you may not have considered moving to.  ...