Every department in an organisation has to abide by a set of standards and law for them to operate in a specific manner. These standards make it easy for a company to attain their goals and objectives efficiently and easily. In the same way, there are a set of rules and regulations that the accounting department of every organisation has to follow and report on. These accounting standards are set by an independent, non-profit organisation called International Financial Reporting Standards (IFRS). The International Accounting Standard Board assists companies in establishing a cohesive view of finances. This is essential as organisations have to work on the same standards of accounting, which helps make it more understandable, feasible and globally accepted.
With a uniform standard of accounting set in place, it easy for the auditors to efficiently check the liability of organisations. IFRS standards promote and facilitate the adoption of accounting standards. It describes the standard of a company’s financial position in terms of their financial statements, record keeping, balance sheets, etc.
IFRS offers a standardised way to present the financial status of a company. So, if you undergo an IFRS course, you will be offering significant benefits to your organisations which can help the company grow exponentially. There are three main benefits of getting trained for IFRS. Those are:
- There will be an increase in accountabilities in the organisation and the business, reducing gaps in information between the capital provider and the people. IFRS strengthens the trust between the two parties. IFRS standards are crucial for regulators around the world.
- There will be better transparency in work and business activities with betterment in an organisation’s financial information. Following IFRS standards allows you to compare with international accounts and get a better quality of financial information. It also allows investors and other participants to make informed economic decisions.
- IFRS standards offer investors multiple investment opportunities around the world. This is due to the economic efficiency offered by IFRS. Following a single trusted accounting language lowers the cost of capital and international reporting.
Which such significant benefits offered with IFRS training, every organisation thriving for financial efficiency should follow the IFRS standards. An IFRS course opens up the gates to understanding First-time Adoption of International Financial Reporting Standards, share-based payments, business combinations and more. Check out LBTC’s website for the range of courses offered.