Learning IFRS can be done through reading articles, attending seminars, or enrolling in courses. Online tools and free classes are available, and many countries have adopted IFRS. US companies follow both IFRS and GAAP, prompting the SEC to explore making IFRS mandatory. Learning IFRS can take up to five years and there are differences in tax matters and reporting. Webcasts, webinars, and workshops are other ways to learn IFRS.
Learning international financial reporting standards (IFRS) can be achieved by reading published articles on the subject, listening to webcasts or webinars, or attending seminars or workshops on the subject. Some accountants prefer to enroll in privately sponsored universities or courses when learning IFRS. Online tools are available that provide an overview of IFRS and cover examples for preparing financial statements and income reports.
Some online classes are free and may include modules that guide accountants through the IFRS learning process. Each module can be downloaded and applied to individual companies, with examples of specific situations that can be applied to international reporting methods. At the end of the course, a certificate can be printed to show completion of the study.
Many countries have adopted IFRS as the accepted method of reporting revenue, inventory, employee benefits and liabilities. The United States used a similar process called generally accepted accounting principles (GAAP). US companies doing global business generally follow both sets of rules, prompting the US Securities and Exchange Commission to examine the optional use of IFRS and to explore the idea of making these standards mandatory.
Learning IFRS and converting to this new accounting system can take up to five years for accountants working for large US corporations. The two sets of standards differ in tax matters and in the reporting of probate, including real estate, equipment, and intangible assets. There are also differences in dealing with exchange rates and the costs of borrowing money to operate. Special rules may exist for construction companies and agricultural businesses.
Due to the growing interest in learning IFRS, hundreds of news articles cover various aspects of reporting standards. These articles can cover a certain type of business or general accounting principles. Many articles are written by experts on international financial reporting requirements.
Webcasts and webinars can be suitable options for learning IFRS without leaving your office. These online tools can provide a detailed analysis of the topic and tips for translating accounting practices into international requirements. Some of these online tips are free, while others charge a fee to access information. Webinars can be chosen because they allow for an interactive learning experience, although the opportunity to ask questions.
Workshops or seminars led by accounting professionals are another way to learn IFRS. These courses can be presented in one day or last for several weeks. A company can send senior accounting officers to these workshops to learn IFRS principles in order to teach the company’s subordinate employees.
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