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IFRS Exam Prep

17 Online Courses

32+ Hours

Lifetime Access

 

 

  • First-time Adoption of International Financial Reporting Standards
    1h 44m
  • Share-based Payment
    2h 05m
  • Business Combinations
    2h 02m
  • Insurance Contracts
    0h 58m
  • Non-current Assets Held for Sale and Discontinued Operations
    2h 09m
  • Exploration for and Evaluation of Mineral Resources
    1h 25m
  • Financial Instruments: Disclosures
    1h 48m
  • Operating Segments
    2h 19m
  • Financial Instruments
    2h 24m
  • Consolidated Financial Statements
    2h 17m
  • Joint Arrangements
    1h 28m
  • Disclosure of Interests in Other Entities
    1h 01m
  • Fair Value Measurement
    2h 55m
  • Regulatory Deferral Accounts
    1h 24m
  • Revenue from Contracts with Customers
    2h 33m
  • Leases
    2h 37m
  • Consolidated Financial Statements ( Before & Post IFRS)
    3h 02m
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$39963% Off

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Skills you will master

  • International Financial Reporting Standards
  • Share-based Payment
  • Business Combinations
  • Insurance Contracts
  • Non-current Assets
  • Discontinued Operations
  • Exploration for and Evaluation of Mineral Resources
  • Financial Instruments Disclosures
  • Operating Segments
  • Financial Instruments
  • Consolidated Financial Statements
  • Joint Arrangements
  • Disclosure of Interests
  • Fair Value Measurement
  • Regulatory Deferral Accounts
  • Revenue from Contracts with Customers
  • Leases
  • Consolidated Financial Statements

Overview


What are IFRS?

International Financial Reporting Standards (IFRS) are a fixed set of international accounting standards maintaining how certain kinds of transactions and other proceedings should be stated in financial statements. IFRS are handed out by the International Accounting Standards Board (IASB), and they lay down how exactly accountants must maintain and report their accounts. The objective of IFRS upon its establishment was to have a common accounting language in order, for businesses and companies from across the globe.

 

The objective of IFRS is to see to it that there exists the required amount of stability and transparency in the financial world. Such an action safeguards the position of many individual investors and large corporates as it allows them make more informed decisions about whether to invest in a company or not. IFRS are the standards in most parts of the world including the European Union, many countries of Asia and South America, but not however in the US.

In the US, the Securities and Exchange Commission (SEC) is still in the process of reviewing whether to accept these standards or not. These standards have benefitted those countries the most, that do a lot of investing and international trade. There has been a strong wave throughout the world, in favor of applying the IFRS standards in all countries as they would allow information to flow more freely and would cut costs on individual investigations and other alternatives.

 

In those countries that have completely adopted the IFRS, both investors and organizations are benefiting this system as investors now have more faith in these companies and their practices. Moreover, the cost of each individual investment tends to be lower in these countries. Thus, those countries that are actively involved in foreign business are more likely to benefit from these standards.

 

People most of the times get confused whether IFRS is the same as IAS or International Accounting Standards. Well, they’re not the same. The IAS, were the older accounting standards that were being used from the years 1973 to 2000. Moreover, the International Accounting Standards Board (IASB) got replaced with International Accounting Standards Committee (IASC) in the year 2001.

 

Standard IFRS Rules

IFRS engulfs a large amount of accounting activities. There are several portions of business practice for which the IFRS have set compulsory rules.

 

Statement of Financial Position: also popularly known as The Balance Sheet. IFRS have a huge influence on the manner in which the constituents of a balance sheet are recorded.

Statement of Comprehensive Income: There can be two parts of this statement viz. the Profit and Loss statement and the statement of Income from other sources including machinery and property.

Statement of Changes in Equity: This is also known as a statement of retained earnings. It is maintained to ascertain the company’s change in profit or earnings for a given financial period.

Statement of Cash Flow: The purpose of this statement is to summarize the financial transactions of the company for a said period, segregating the cash flows into Operations, Investing and Financial activities.

In addition to preparing these statements, a company is also required to provide a summary of its accounting policies. The complete report is viewed side by side along with the previous reports to ascertain the changes in profit and loss. The parent organization must maintain separate account reports for each and every of its subsidiaries.

IFRS Training Description

The IFRS Framework

 

The Conceptual Framework defines the objective and the ideas for generalised financial reporting. It is a hands-on tool that:

 

helps the Board to create IFRS Standards that are constructed on consistent patterns;

helps constructers to create consistent accounting rules if no IFRS Standard is applicable to a particular operation or event, or if a Standard permits a choice of accounting policy

helps the other stakeholders to comprehend and infer the Standards.

The aim of the Conceptual Framework is to develop financial reporting through a more clear, comprehensive and latest set of conceptions.

 

Why is the IASB revising the IFRS Framework?

 

The IASB’s current IFRS Framework was created by its ancestor body called the International Accounting Standards Committee, in the year 1989. Although the existing Conceptual Framework has aided the IASB in developing and reviewing the International Financial Reporting Standards:

 

some significant aspects are not touched upon;

the direction in certain areas is vague; and

certain aspects of the prevailing Conceptual Frameworks are outdated.

In 2011, IASB conducted a public session on its program. The IASB recognized that the Framework was a top priority project. Therefore, the IASB resumed the IFRS Framework project from 2012 onwards.

 

Who will be affected by the revised IFRS Framework?

 

The Conceptual Framework does not override pre-existing Standards and is not a sole Standard. Thus, the planned changes to the Framework do not leave any immediate effect on the financial statements of a majority of accounting entities. Still, a few entities may get affected by the alterations directly if they decide to make use of the Conceptual Framework to construct their accounting policies once no IFRS Standard precisely applies to specific business dealing.

 

The IFRS Framework is likely to guide the Board whenever it makes its Standards in the future, and it will have an effect on financial statements indirectly as organizations implement revised Standards on the basis of the revised ideological Framework.

 

What about the future of this project?

 

The Board will contemplate on the remarks they have got on the Exposure Draft whilst developing the revised ideological Framework. In the Board meeting to be held in March, the staff is expected to do an analysis of the remark letters received. In the next meeting, the Board would likely be deciding on the project course. Moreover, the Board wishes to conclude the revised ideological Framework in the first quarter of 2017.

 

IFRS in India

 

Adaptation is actually more than just a methodical accounting issue. The congregated IFRS standards in India known as “Ind AS” are likely to affect a company’s daily procedures and can even impact the stated profitability of the organization too. Adaptation brings a sole opportunity to fully review the financial reporting.

 

On 2nd Jan, 2015 the Press Information Bureau under the aegis of the Government of India issued a letter charting the various stages in which Indian Accounting Standards congregated with the IFRS. The Ind AS, are suggested to be employed in India for all companies except the Banking, Insurance and NBFCs.

 

The employability of the Ind AS is done on the basis of its listing status and the net worth. Ind AS would first apply to those with a net worth >= 500 crore INR from 1st April 2016. Those listed companies and other firms that have a net worth >= 250 crore INR would follow from 1 April 2017. And, from April 2015 the organizations impacted during the first phase now have to consider the details of the thirty-nine new Ind AS presently notified. Moreover, Ind AS is proposed to be applicable to subsidiaries, associates, joint ventures and other holding companies of entities covered under the roadmap.

 

Finance Minister Arun Ja

Curriculum


Category Certificates Details
IFRS 1 - First-time Adoption of International Financial Reporting StandardsView All
IFRS 2 - Share-based PaymentView All
IFRS 3 - Business CombinationsView All
IFRS 4 - Insurance ContractsView All
IFRS 5 - Non-current Assets Held for Sale and Discontinued OperationsView All
IFRS 6 - Exploration for and Evaluation of Mineral ResourcesView All
IFRS 7 - Financial Instruments: DisclosuresView All
IFRS 8 - Operating SegmentsView All
IFRS 9 - Financial InstrumentsView All
IFRS 10 - Consolidated Financial StatementsView All
IFRS 11 - Joint ArrangementsView All
IFRS 12 - Disclosure of Interests in Other EntitiesView All
IFRS 13 - Fair Value MeasurementView All
IFRS 14 - Regulatory Deferral AccountsView All
IFRS 15 - Revenue from Contracts with CustomersView All
IFRS 16 - LeasesView All
Consolidated Financial Statements ( Before & Post IFRS)View All

Sample Certificate


certificate

Reviews


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Testimonials

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Testimonials

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Testimonials

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Testimonials

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Testimonials

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Abhirami Chatakonda
Testimonials

Financial statement analysis

The course is just for 4 hours but it is explained in a very good way. It helped me during my college project. Each and every topic had examples and in detail explanation. This apt for a beginner and revising for a professional. I never knew that we had to take averages in the denominator for few ratios. Worth being part of.
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Testimonials

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Excellent Learning Process

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FAQ


  1. Can I access this course from anywhere?

Yes, you can definitely access this course from anywhere & everywhere. Once you are registered for this Online Training Bundle, you will get your own login credentials which you can use to access the video materials and other contents from anywhere.

  1. Is there a Classroom Training available for this Online Training?

All our courses are available online so as to enable any user, who may have limited time, to study his courses of choice online. The training materials are accessible 24*7 for the users.

  1. Who are the Instructors for this Online Training?

The instructors are Industry based professional who have had tons of experience in the field of Online Training. All the courses in this bundle are based on Industry based standards. Also the courses have been started from Scratch to get the participant well-acquainted with each and every Online Training concept.

  1. Are there any Certification Courses for Online Training available in this Online Training bundle?

Yes, there are certification courses available for the same in this Ultimate Online Training Bundle. To name a few- PMI-ACP Exam Prep – PMI Agile Certified Practitioner Training, PMP Exam Prep Training, NCFM based Modules, ITIL Modules, CFA Training etc.

  1. When will I receive my certificate for any course?

You will receive certificate for completing each course in the Online Training Bundle. Once you have seen more than 70% of the training material in any course, you can issue your certificate.

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No, there are no pre-requisites for this training. Anyone who is keen to learn about specific Industry based domains can enroll for this Ultimate bundle.

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Yes, you will be getting technical Support from eduCBA. In case you have any technical issue, you can drop us a mail or call us to get your doubts cleared.

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