International Financial Reporting is the activity of preparing financial statements for global businesses by using globally accepted accounting principles, standards, and procedure. It validates that financial statements are consistent, comparable, and transparent across countries and industries. The International Financial Reporting Standards (IFRS) are the guidelines accepted globally. It brings uniformity to financial reporting practices for companies, investors, and regulators.
Certification in International Financial Reporting validates your skills and knowledge in IFRS standards and principles. The certification assess your knowledge on how to prepare, interpret, and audit financial statements as per international guidelines.
Why is International Financial Reporting Certification important?
Boosts your career prospects in global accounting, finance, and auditing roles.
Shows your skills in using IFRS.
Provides you a competitive advantage amongst finance professionals.
Increases your credibility on international financial reporting.
Validates your understanding of cross-border financial reporting, tax implications, and compliance.
Expands your job opportunities in multinational companies.
Who should take the International Financial Reporting Exam?
Accountants
Auditors
Financial Analysts
Financial Controllers
Chief Financial Officers (CFOs)
Tax Advisors
Compliance Managers
Financial Reporting Managers
International Finance Managers
Corporate Treasurers
Finance Directors
Risk Management Professionals
External and Internal Auditors
Forensic Accountants
Investment Analysts
Financial Consultants
Public Accountants
Chartered Accountants
International Business Consultants
Management Accountants
Skills Evaluated
Candidates taking the certification exam on the International Financial Reporting is evaluated for the following skills:
International Financial Reporting Standards (IFRS)
Prepare and analyze financial statements as per IFRS.
Financial reporting concepts
Accounting treatment of foreign currency transactions
Consolidating financial statements.
Apply IFRS to specific industries
Ensuring compliance with IFRS
Financial reporting requirements for multinational corporations and cross-border transactions.
Interpret complex financial statements
IFRS adoption and corporate governance.
International Financial Reporting Certification Course Outline
The course outline for International Financial Reporting certification is as below -
Domain 1 - Introduction to International Financial Reporting Standards (IFRS)
Overview of IFRS and its role in global finance
History and development of IFRS
Differences between IFRS and local GAAP (Generally Accepted Accounting Principles)
Domain 2 - Framework for Financial Reporting
Objective of financial reporting
Qualitative characteristics of financial information
The concepts of capital maintenance and the going concern assumption
Domain 3 - IFRS Financial Statements
Presentation of financial statements under IFRS
Statement of financial position (balance sheet), income statement, and cash flow statement
Notes to financial statements
Domain 4 - Revenue Recognition
IFRS 15: Revenue from contracts with customers
Recognition of revenue in different industries
Measurement of revenue
Domain 5 - Financial Instruments
IFRS 9: Financial instruments
Classification and measurement of financial assets and liabilities
Impairment of financial instruments
Hedge accounting
Domain 6 - Leases
IFRS 16: Leases
Accounting for lessees and lessors
Leases in financial statements
Domain 7 - Consolidation and Group Accounts
IFRS 10: Consolidated financial statements
Accounting for subsidiaries, associates, and joint ventures
Foreign subsidiaries and translation of foreign operations
Domain 8 - Income Taxes
IFRS 12: Income taxes
Current tax and deferred tax
Recognition and measurement of income tax expense
Domain 9 - Foreign Currency Transactions and Translations
IFRS 21: The effects of changes in foreign exchange rates
Translation of financial statements from foreign subsidiaries
Currency exchange risk and hedging
Domain 10 - Employee Benefits and Post-employment Benefits
IFRS 19: Employee benefits
Pension plans and retirement benefits accounting
Short-term vs long-term employee benefits
Domain 11 - Provisions, Contingent Liabilities, and Contingent Assets
IFRS 37: Provisions, contingent liabilities, and contingent assets
Recognition, measurement, and disclosure of provisions
Domain 12 - Financial Statement Disclosures
Requirements for disclosures under IFRS
Segment reporting
Related party transactions and other disclosures
Domain 13 - Changes in Accounting Policies and Estimates