IFRS stands for International Financial Reporting Standards. IFRS is the international accounting framework for how public companies prepare and disclose their financial statements. Derived from the declarations of the London-based International Accounting Standards Board (IASB), so that financial statements can be consistent, transparent, and comparable around the world, it is presently the accounting framework that has been adopted in more than 120 countries. IFRS requires businesses to report their financial results and financial position using the same rules. Barring any fraudulent manipulation, the preceding statement means that there is considerable uniformity in the financial reporting of all businesses using IFRS, which makes it easier to compare and contrast their financial results.
Benefits of IFRS:
1. Financial statements prepared using a common framework are reliable and help investors better understand investment opportunities as opposed to financial statements made using a different set of national accounting standards.
2. The industry can raise capital from foreign markets at a reduced cost by creating trust in the minds of investors from other countries that their financial statements comply with globally accepted accounting standards.
3. It profits the economy through the increased expansion of its international business.
4. Global investors are encouraged to invest, leading to more foreign capital flows to the country.
5. It offers accounting professionals more opportunities in any part of the world if the same accounting practices prevail across the globe.
Benefits of having an IFRS certification:
1. Trained and professional IFRS experts can establish their consultancies to help companies migrate to IFRS.
2. Empirical knowledge of these universal standards will open doors for IFRS certified professionals across the globe as more than 120 countries have given a green signal to IFRS in their accounting boundaries.
3. Application of the IFRS standards is complicated and time-consuming, which underlines the significance of IFRS professionals.
4. Continuous amendments in these standards by regulators are creating a need for IFRS professionals with a thorough understanding of these standards.
5. IFRS implementation for Indian accounting professionals will be what Y2K was for the software professionals; in other words, a huge earning potential.
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