Accounting is all about the way companies, investors and financial institutions provide a standard account that describes their financial performance. Those who prepare financial statements have to follow a set of rules. This standardized procedure stretches across the market. It is mandatory for all registered companies to publish financial statements in the prescribed format in relevance with accounting standards set by International standards Accounting Board. These standards can be applied globally by developed and developing economies, so that all those concerned can compare and assess the financial performance of an organization.
Various Courses offered in International Financial Reporting IFRS- USA, UK, Australia, CANADA
Employees in a company who deal with Finance and Accounts are required to have knowledge about the standards in which the financial reports have to be submitted so that they follow the norms from the outset and avoid mistakes or rework, saving a good deal of time and efforts. Hence, those who work in the field of accountancy seek for certification in IFRS. This qualification happens to be an added advantage for those aspirants who plan to work in the field. Various institutions conduct courses on IFRS in all countries, the syllabus is uniform because the standards are international; the duration and mode may vary. In countries like USA, UK, Australia and Canada, the courses are in high demand which continues to increase on account of growing business worldwide.
Difficulties encountered in International Financial Reporting IFRS
In the first place, IFRS is a highly technical course. People from various educational backgrounds like commerce graduates, economics graduates, law graduates, finance and accounting experts, chartered accountants pursue this course to support their professionals and complement their existing qualifications. The core subject is accountancy with a legal aspect added to it. Naturally, some students may find the accounting side simple; others may be good in the legal aspect while some may be unfamiliar to both.
Secondly, the technical nature of the subject requires deep study, concentration and accuracy. It is necessary to remember rules and regulations, and a long list of them. The course is hectic and exacting.
Thirdly, there are few who are engaged in doing the course solely. Either they pursue it simultaneously with their post-graduation or employed people do the course to enhance their qualification or as a necessity in their organization. Hence, most students get little time to handle the assignments and writing tasks or practical work that is part of the course. If they can get some kind of aid to manage the two things, they can easily go through the course successfully.
Their performance in the examinations is important. When companies sponsor their education, companies expect good results. If they are fresher, their prospects for a good job depend upon the performance. Hence, practical account writing work assignments cannot be ignored and must be given due importance.
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Most people think that it is inappropriate to take any kind of extra help at a higher education level. Most are under the impression that no such help is available. Both are labouring under false notions.
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