IFRS are global financial reporting regulations adopted by the IASB, used by many countries. To obtain an IFRS qualification, accountants must demonstrate understanding. Classes and seminars are available, as well as online resources. SME accountants should focus on relevant standards.
International Financial Reporting Standards (IFRS) are a group of regulations adopted by the International Accounting Standards Board (IASB) to provide a global set of principles for financial reporting. These standards have been adopted by many countries and are being adopted by others. Places as diverse as Russia, Turkey, the United States and Argentina use or are starting to use them. To receive an IFRS qualification, an accountant needs to demonstrate a clear understanding of the standards and methods. Typically, he or she can obtain IFRS certification in the home country, but not necessarily at an international level.
Learning all the rules for an IFrS qualification can be easier if interested parties can attend classes and seminars in person. This provides an opportunity for students to interact with those who have already been trained in this system, ask questions and receive personal assistance as needed. There is a rotating schedule of workshops, seminars and classes on IFRS qualification provided by the IASB. Public and private schools in many countries also offer these courses. Interested students and accounting professionals should check with their local professional accounting organizations for detailed information on IFRS qualification.
For those unable to attend workshops and seminars in person, International Financial Reporting Standards and the International Accounting Standards Board have a combined website that provides detailed information on the subject. Materials are downloadable in multiple languages including English, Arabic, Russian and Spanish. The materials explain the standards, provide examples, and provide professionals interested in the IFRS qualification with additional professional resources. In many cases, certification can be obtained through a professional organization after mastering the information.
Most countries are moving towards the adoption of the IFRS qualification for all business accountants, but may not yet have a specific test or other means of proving ability in this area. The best way to ensure IFRS readiness is to attend classes or seminars whenever possible, study the standards and practice the principles. Students should take classes that have been updated to incorporate IFRS standards so they will have a clear understanding of the rules when they graduate.
Accountants specializing in a particular area of accounting, such as small and medium-sized entities (SMEs), should focus on learning the standards that apply to them. SMEs are responsible for most business accounts, and the IFRS document covering the standards for SMEs is over 200 pages long. It will be much easier for a person to learn the most used patterns than trying to learn all new patterns at once. More classes can be taken for additional certification as needed.
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