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3 biggest myths on ifrs and what you can do about them

Sat Jul 08 2023

3 biggest myths on ifrs and what you can do about them



Once I realized that “working harder” didn’t work (and would NEVER work), I broke through and found a solution that didn’t just get short-term results. More on that soon.

Myth 3: “Books, pen and paper will do the trick”

What about all those courses and courses that encourage you to review notes, pick up pen and paper, and solve the questions in the course?

When I prepared for my ACCA exams, I did the exact same thing. Revise the notes, re did the examples with my pen and paper. It worked relatively well for the exams – I did it.

But when it came to putting new knowledge into practice, again – I was lost. I understood that most IFRS Course or conferences do not prepare people to be the best on the market. They prepare people enough to pass the test (sometimes not even).

Years after finding my own path and becoming an IFRS expert, I saw many unhappy accountants or CFOs who were very intelligent and educated, but they had to pay me or other consultants to resolve some issues related to International Financial Reporting Standards.

Most people believe that they need to read a lot of IFRS books, memorize all the rules, take expensive courses, and spend tons of time mastering IFRS and getting the best job they can.

Do these mistakes seems familiar to you? Do you make them yourself?

Well, I did them too!

Instead, from my own experience, I have found out what works best:

  • 1. Learn IFRS in small portions,
  • 2. Translate IFRS into very simple language (you can use visual aids for this, such as clear and fun examples, images or films),
  • 3. Instantly apply IFRS rules to real examples using real work tools (Excel, not a pen and paper),

And then take one more step towards more demanding concepts.

This approach is much more effective if you want to master IFRS and accelerate your career.

If you have any queries on the IFRS Course please feel free to Contact Simandhar Education  + 91 7780273388 or mail us at info@simandhareducation.com.