IFRS Courses

About IFRS

The IFRS is issued by the International Accounting Standards Board (IASB) and is a set of standards that describe how transactions and financial dealings are recorded and reported when creating financial statements. 

This set of standards seeks to simplify and standardise financial statements, which allows them to be clearly understood by all parties. 

Why Learn IFRS?

IFRS is used in over 160 jurisdictions, including the UK, and is accepted as a respected and well-known set of standards. The aim of this set of standards is to ensure transparency when comparing companies or when conducting financial reports. 

For those in charge of creating or accessing financial reports, being qualified in this area can be a helpful asset and can open up new career opportunities. If you’re moving from a country that does not use an IFRS set of standards, becoming knowledgeable in this area is important. 

Taking on a training course in this area can help finance professionals in the preparation of financial statements and joint ventures. IFRS courses have dedicated e-learning modules that can allow accounting professionals to understand the application of IFRS and how it works as a conceptual framework, and can also help professionals roll out the first-time adoption of IFRS in an in-house team or as part of a consultation process.

There are many employee benefits to be had from upskilling through online courses and can allow teams to get a better understanding of vital financial information.

IFRS vs GAAP

Although IFRS is widely used across Europe and many countries around the world, the United States of America uses GAAP (Generally Accepted Accounting Principles). GAAP is set by the FASB (The Financial Accounting Standards Board), which is a separate body from the body which sets IFRS.

Although GAAP and IFRS are guided by similar goals, there are some key differences that mean that a background knowledge in both IFRS and GAAP is important for those who will be working in both American and non-American markets. UK GAAP is used in Britain, so those working in Britain may want to familiarise themselves with both US and UK GAAP, as well as IFRS, if they plan to be working in EU markets. 

The key differences between GAAP and IFRS are as follows. GAAP focuses on a rules-based model that aims to provide specific guidance, whereas IFRS is a principles-based model that gives more generalised advice. This means that IFRS allows for more flexibility in reporting. Both systems use the First In, First Out (FIFO) inventory costs method, but only GAAP can use the Last In, First Out (LIFO) method. 

Understanding IFRS will allow learners to understand a far higher number of reports from over 160 countries, as opposed to just the US.

Keen to learn more about IFRS? Explore courses today and begin your education journey.