As the world continues to advance and international trade has grown exponentially, there have been many changes in the business environment. Companies and brands have set up multiple branches of their company in different parts of the world to cater to different customers. This includes setting up headquarters and carrying out business in foreign countries.
Many of these international companies also choose to become public and issue shares on domestic and foreign stock exchanges to increase their funds and expand further. However, more than 140 countries around the world have made it mandatory for firms wishing to be listed on stock exchanges to present their financial statements in accordance with IFRS standards. Others have made it voluntary. But what are the IFRS Standards, why are they so important, and what are the benefits of learning IFRS? These are the questions that we answer in this blog.
What is Diploma in IFRS (DipIFR) and its importance?
The International Financial Reporting Standards or IFRS standards are globally recognized accounting standards for presenting financial statements. Issued by the International Accounting Standards Board (IASB), they serve a very important purpose, that is comparability of financial statements. With different countries having their own accounting practices and their way of presenting financial statements, it becomes very confusing for foreign investors looking to buy stock or invest in foreign companies. Additionally raising money through financial institutions in a foreign company becomes an issue since different accounting practices mean more opportunities to create fraud or hide pertinent information.
On the other hand, having similar accounting standards and financial statements for all listed companies allows investors to analyze different options and choose the company that best suits their needs. This leads to less confusion, less risk of fraud, and more opportunities for businesses to raise additional funds. Consequently, this leads to a thriving community for international trade, business, and economic growth.
Those individuals equipped with the knowledge of International Financial Reporting Standards and how to create financial statements that adhere to them will have great opportunities for international growth and career development. However, for this, candidates will first have to gain IFRS certification skills that are best developed through an IFRS certification course online.
What is the best way to learn IFRS?
The best way to learn the IFRS reporting standards is with the help of a professional training program. There are many training providers and bodies that provide online courses on the IFRS standards. However, the best one in our opinion is the ACCA diploma in IFRS.
ACCA Diploma in International Financial Reporting Standards
The Certificate in International Financial Reporting Standards issued by the ACCA is one of the best IFRS courses. It helps students understand the principles and concepts that underlie the IFRS standards and helps candidates apply them in practical situations. The syllabus of the diploma in IFRS covers important topics on the international bodies and their authority, the different elements of financial statements, and how to present them as well as the relevant disclosures in accordance with IFRS standards among other topics.
The IFRS exam is held twice a year by the ACCA and requires a 50% grade to pass the IFRS exam and receive the IFRS certification. To know more about the IFRS course details, its eligibility requirements, and fees, check out our website.
Benefits of IFRS
Completing your training through a Diploma in IFRS course online and gaining the certification can provide many benefits. We’ve listed some of them below:
- For companies: Getting your employees trained in the IFRS standards can lead to many benefits such as explained in our blog “What are the benefits of corporate training for employees?”. A direct benefit of adopting IFRS practices though is a lower cost of capital and reduced costs for international reporting. In addition to this, companies also receive more investments through international sources which means more funds as well as access to foreign markets through their stock exchanges.
- For employees of companies: Gaining your DipIFR certification through an IFRS online course can lead to career prospects in multiple countries due to its global recognition. Higher salaries are another benefit that employees can enjoy since this skill is highly demanded and gives employees a bargaining chip to negotiate higher salaries.
Edudelphi Education is one of the best training providers in Dubai and India. We understand the commitment and support you need to develop your professional skills, especially in the IFRS standards.
This is why we have employed world-class international trainers who are experts at the International Financial Reporting Standards. They are willing to support and motivate you throughout your journey and are always willing to answer your doubts or provide you with any additional support.
Our Learning Management System makes available to you 24×7 all the class recordings, study resources, and practice questions to give you a seamless platform to study on. We also provide timed mock exams that simulate the exam environment to help you better prepare for your exam day and help you with time management.
Considering the different needs of our students, we provide physical classroom, online training, or self-paced training packages to suit your needs. Whether you are a working professional or a student fresh out of college, we’ve got you covered.
Join us at Delphi Star Training Center today and enroll in our diploma in IFRS online course to enjoy the benefits of having world-class, globally recognized accounting skills!