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What is IFRS: All About International Financial Reporting Standards
Updated on Jan 29, 2025 06:28 IST
Jaya SharmaAssistant Manager - Content
The full form of IFRS is International Financial Reporting Standards. These accounting standards are issued by both the IFRS Foundation and the International Accounting Standards Board (IASB). IFRS constitute a standardised way to describe a company's financial performance. Its aim is to ensure that the financial statements are understandable and comparable anywhere in the world. IFRS is relevant for companies that have publicly listed shares and securities. In the United States, GAAP is still followed.
What are IFRS?
International Financial Reporting Standards (IFRS) are the set of accounting rules used in the financial statements of public companies. By following IFRS, companies can prepare financial statements that are comparable, transparent and consistent.
List of IFRS Standards
The following IFRS standards are stated on the official website and are as mentioned below:
Q: What is IFRS and GAAP?
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Q: Is IAS 1 an IFRS standard?
A:
From 1st January 2027, IFRS 18 will supersede IAS 1. This means that IAS 1 will no longer remain effective. For now, IAS 1 is not the same as IFRS.
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Table of contents
- What are The Benefits of Learning IFRS Standards?
- Who Can Learn IFRS Standards?
- How To Become Certified in IFRS Standards?
- Online Courses To Learn IFRS Standards in Detail
- Popular IFRS Colleges in India
- Popular Private IFRS Colleges in India
- Popular IFRS Specializations
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What are The Benefits of Learning IFRS Standards?
The below mentioned points tell the benefits of IFRS standards:
- Finance professionals who know IFRS can work in foreign countries, as they're accepted and used in over 140 countries globally.
- Those who have the knowledge of IFRS can compare and analyze financial statements from companies worldwide as these standards create a common finance language.
- People who master IFRS standards often have a higher salaries and have access to more senior positions, mostly in multinational companies and international accounting firms where IFRS expertise is highly valued and increasingly necessary.
Q: Who should learn about IFRS?
A:
Knowledge of IFRS is particularly valuable for investment analysts, accountants, and business consultants who need to evaluate companies across different jurisdictions.
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Who Can Learn IFRS Standards?
Anyone interested in building a career in the Accounting and Finance domains can learn International Financial Reporting Standards (IFRS). The following people are qualified :
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Category |
Who Should Learn |
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Educational Qualification |
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Professional Accountants |
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Industry Practitioners |
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Experience-Based Learners |
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Q: What is the format of balance sheet used in IFRS?
A:
'Statement of Financial Position' is the balance sheet format used in IFRS. It first presents non-current assets which is followed by current assets, equity, non-current liabilities and at last, it presents current liabilities.
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How To Become Certified in IFRS Standards?
Those who want to become certified professionals with the knowledge of IFRS, need to get an FSA credential. By clearing this two-part credential, professionals will be able to integrate sustainability considerations into financial analysis. This will prepare you to lead on disclosure. By getting an FSA credential, a professional will be able to understand how sustainability and financial performance interlink. They will learn to navigate through the complexities of modern business.
1. The FSA Credential Level I exam
This is a 2-hour long exam that consists of 110 MCQs. The following table covers the syllabus of the exam:
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Part |
Sections |
Topics |
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Part I: The Need for Sustainability Disclosure Standards |
1. Demand for sustainability information |
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2. The historical basis for disclosure |
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3. Materiality: a guiding principle for required disclosure |
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4. The limitations of financial disclosure |
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Part II: The Sustainability Information Ecosystem |
5. Introduction to the sustainability information value chain and the role of data providers |
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6. The role of standards and frameworks: from fragmentation to cohesion in sustainability disclosure |
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7. Materiality: going beyond investors |
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8. Sustainability disclosure across jurisdictions |
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Part III: Understanding IFRS Sustainability Disclosure Standards |
9. What is useful sustainability-related financial information? |
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10. The IFRS Sustainability Disclosure Standards |
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11. Setting IFRS Sustainability Disclosure Standards |
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12. How companies disclose sustainability-related financial information |
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Part IV: Corporate and Investor Use: Going Beyond Disclosure |
13. A closer look: investor demand for sustainability information |
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14. Considerations for corporate use |
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15. Considerations for investor use |
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2. FSA Credential Level II Exam
The level II FSA credential examination which is 2 hours long and consists of 55 MCQs related to 13 miniature case studies. Those who are sitting for the level II exam need to understand that the exam test the candidate's ability to analyse the sustainability performance of the company using quantitative and qualitative financial and sustainability data. The following table provides the complete syllabus of the exam:
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Part |
Topic |
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Part I: Identifying the Sustainability Issues Relevant to Financial Performance |
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How a Company’s Circumstances Influence Material Sustainability Issues |
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Understanding Sustainability Issues |
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Evaluating Sustainability Issues |
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Part II: Evaluating the Comparability of Sustainability Information |
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Normalizing Data for More Effective Comparisons |
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Analyzing the Spread of Industry Performance |
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Considering Company-Specific Context |
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Part III: The Connection Between Sustainability Performance and Valuation |
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Characterizing Financial Impact |
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Using Sustainability Data in Financial Valuation |
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Integrating ESG Beyond DCF |
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Q: How many IFRS standards are there?
A:
Currently, there are 17 IFRS standards in application. By 1st January 2027, IFRS 18 and 19 will also be in application.
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Online Courses To Learn IFRS Standards in Detail
The following online courses are relevant for those who want to learn about IFRS standards in detail:
| Course | About the Course |
| IFRS - International Financial Reporting Standards | In this course, the set of accounting standards IFRS are discussed that govern how different types of transactions and events should be reported in the financial statements. |
| Certificate in IFRS | This course is suitable for finance professionals who want to understand the structure of the IFRS framework. Through this course, the students will learn to apply relevant financial reporting standards to important elements of financial reports. They will also learn to identify and apply disclosure requirement for companies in the financial reports. |
| Diploma in International Financial Reporting (DipIFR) | Professionals who have enrolled in this course will understand the conceptual framework of financial reporting and learn to apply them. They will also learn to prepare group financial statements including subsidiaries, associates and joint arrangements. Group cash flow statements are not included. |
Popular IFRS Colleges in India
Following are the most popular IFRS Colleges in India. Learn more about these IFRS colleges (Courses, Reviews, Answers & more) by downloading the Brochure.
₹54 K - 11.07 L
₹4.8 - 6.14 LPA
#11 Outlook
Popular Private IFRS Colleges in India
Accounting & Commerce Applications open. Apply Now
₹2 L - 7.2 L
₹4 LPA
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Accounting & Commerce Applications open. Apply Now
Popular IFRS Specializations
Following are the most popular IFRS Specializations . You can explore the top Colleges offering these Specializations by clicking the links below.
Popular Specializations
- IFRS
1 College
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Shalinigowda
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St. Aloysius provide scholarships based on your marks and also provide mid day meal and merit cum scholarship for certain set of students.
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Ayesha Najah
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Yes, candidates who gain admissions in the BCom curriculum at Jai Hind College are required to undergo internships for final degree.
However, candidates can expect to complete at least three internships when trying to complete their BCom course at Jai Hind College. Candidates are advised to do more
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Saurabh Khanduri
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No, the BCom course curriculum and duration remains the same between the self financed and aided groups at Jai Hind College. As long as the BCom specialisation is the same, there is no difference between the BCom courses until the end of Jai Hind College.
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Saurabh Khanduri
Contributor-Level 10
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Yes, the BCom fees at Jai Hind College is different between courses. However, the BCom fees only differs between the self financed and aided category BCom courses only. The BCom courses offered in the same category have the same fees as each other at Jai Hind College.
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Saurabh Khanduri
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The Pondicherry University CUET UG cutoff 2024 was released for all categories under the All India category for admission to various UG and PG level courses. The cutoff was released in the form of opening and closing scores.
For the OBC AI quota, the last round cutoff range was between 3 and 257, wh
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Neerja Rohatgi
Contributor-Level 10
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There is only a minor difference in the admission process between BCom courses in the self financed and aided categories. For the aided category admissions, candidates need to prove that they are eligible under the criteria for aided programme admissions at Jai Hind College. This is done by providin
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Saurabh Khanduri
Contributor-Level 10
Answered Yesterday
The current application fees for Jai Hind College BCom admissions is unknown. The Jai Hind College BCom application fees stood at INR 250 last year.
Candidates can expect the Jai Hind College BCom application fees to cost the same or slightly higher during the 2026 BCom admissions at Jai Hind Colleg
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Saurabh Khanduri
Contributor-Level 10
Answered Yesterday
The 2026 deadline for BCom admissions are yet to be revealed. Generally, the candidates get one month after the Class 12 board exam results have been declared to apply for BCom courses. In 2025, the BCom admission deadline was scheduled on 10th June 2025.
Thus, candidates can expect the 2026 deadlin
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Saurabh Khanduri
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No, the Jai Hind College BCom admissions are still not open for the academic year 2026. Generally, the BCom admissions at Jai Hind College are opened during the month of May. The exact date will vary depending on the date of the Class 12 board exam result declaration which is also done in the same m
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Saurabh Khanduri
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There are no mandatory entrance exams for BCom admissions at Jai Hind College. Candidates are selected by Jai Hind College for BCom admissions on the basis of the Class 12 board exam results. A minimum aggregate of 35% is required by candidates to be able to apply for the Jai Hind College BCom cours
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Saurabh Khanduri
Contributor-Level 10
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No, candidats are not required to clear Class 12 in Commerce stream to qualify for BCom admissions at Jai Hind College. Candidates of all streams are eligible to apply for BCom at Jai Hind College as long as clear Class 12 board exams from a recognised board.
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Saurabh Khanduri
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Not really, completing the Class 12 from the specifically Commerce stream is not important for admissions in the BCom course at Institute of Commerce, Nirma University. However, students must have studied one of the commerce-related subjects in their Class 12. For example, students must have studied
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Krishnendu Kumar
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Yes, Institute of Commerce, Nirma University does offer internships to BCom students. During the course, three compulsory internships are important one of social and two corporate Internships.
Social Internship 3 weeks (Internship with NGO, Civil Society, and Social Organisation: aimed to enhance th
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Atul Pruthi
Contributor-Level 9
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There are no. of factors that one can taken into account, while comparing the Institute of Commerce, Nirma University BCom course. These factors can not be predecided, because it can change according to the students' preferences. Some of the important considered factors are, seats, placements, fees,
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Vishakha
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The highest placement package for the BCom course at the Institute of Commerce, Nirma University, along with the average package has been released. We have the 2025 data that you can check from the following columns:
| Particulars | Statistics (2025) |
|---|---|
| Highest Salary | ₹ 5.63 L |
| Average Salary | ₹ 3.8 L |
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Piyush Jain
Contributor-Level 10
Answered Yesterday
Yes, Institute of Commerce, Nirma University does offer scholarships to BCom students. The institute claims that the University extends financial support up to 100% of the tution fee to meritorious students in the form of scholarships based on merit, and merit-cum-means.
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Indrani Tyagi
Contributor-Level 10
Answered Yesterday
For the 2026 academic session, the Institute of Commerce at Nirma University does not offer seat reservation or quota for SC, ST, OBC, etc., categories. However, the decided 15% of total seats are allocated for admission to NRI/NRI Sponsored category.
A
Abhishek Hazarika
Contributor-Level 10
Answered Yesterday
The total no. of seats given by Institute of Commerce, Nirma University is distrubuted to the different categories of the students. The categories are, General Category, NRI (Self)/ NRI Sponsored Category, N/ PIO/ Gulf & South East Asia (CIWGC-SEA) Category. The seats sanctioned to all these categor
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Indrani Kumar
Contributor-Level 10
Answered Yesterday
The BCom programme at Institute of Commerce, Nirma University consists of foundation courses, core commerce courses, core commerce specialisation courses and minor specialisation courses. The minor specialisations will be in the areas of BFSI, Economics, Data Analytics, Marketing, etc.
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Tanisha Pandey
Contributor-Level 10
Answered Yesterday
The abundant info. about the structure of Institute of Commerce, Nirma University BCom course is mentioned in the following pointers:
- The course is of 4 years (eight semesters)
- The classes for BCom will held in English language
- Total 160 credits are sanctioned for whole course.
- 3 to 4 credits (one cre
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Rachit Kumar
Contributor-Level 10
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For the 2026 academic session, the total one-time fee for the BCom (Hons.) programme at the Institute of Commerce, Nirma University, is Rs. 7,000. This charge mainly covers the refundable security deposit. Also, the Non-Gujarat Board students need to pay eligibility criteria certificate fee i, e., I
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Chanchal Gaurav
Contributor-Level 10
Answered Yesterday
No, students are not allowed to get direct admissions into BCom course at Insitute of Commerce, Nirma University. They need to complete the full-length admission process of BCom course. The process starts with online registration and ends on the fee payment of the course.
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Atul Pruthi
Contributor-Level 9
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The application fee for the BCom course at Inst. of Comm., Nimra University is need to be paid after sucessful registration for the Bachelor of Commerce (Hons). The fee charge is Rs. 1,000. Students can pay this application fee digitally.
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Kartik Sharma
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Institute of Commerce BCom deadlines are released in the month of May. Mostly on the last date of May, it is decided to close the applications. Not only the institute's application windows, students should track the crucial Class 12 dates too.
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Vishakha
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Candidates can apply for the BCom course at Institute of Commerce, Nirma University now. The admission portal is open currently. Candidates can apply for the course through the university's website. At the time of applying for the course, applicants must ensure that they complete the min. eligibilit
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Piyush Jain
Contributor-Level 10
Answered 2 days ago
The general earning potential of Master of Business Administration graduates at the very start of their professional careers is much greater than that of Master of Commerce postgraduates. The delivery of management and leadership skills as part of the MBA programme accelerates the path to higher rem
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ABHINAV SRIVASTAVA
Contributor-Level 9
Answered 3 days ago
The specialisations offered for the Bachelors' of Commerce (BCom) programme at Brihan Maharashtra College of Commerce, Pune is numbered at 3. Here are the BCom specialisations offered at BMCC Pune:
- General BCom
- BCom Honors
- BCom in Fintech
For this course students must pass Class 10 and 12 and pay any ap
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Chikat Marchang
Contributor-Level 10
Answered 3 days ago
To study BCom or MCom at Brihan Maharashtra College of Commerce students must complete the respective course eligibility of:
- BCom: Passing Class 10 and Class 12 from a recognised board.
- MCom: Graduating from a recognised university.
While the selection consists of merit or previous qualifying exam scor
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Chikat Marchang
Contributor-Level 10
Answered 3 days ago
The eligibility criteria for each Brihan Maharashtra College of Commerce (BMCC) BCom scholarship varies between scholarship schemes. Candidates are awarded scholarships for being recognised as SC/ST members, having disabilities, having an ecoomically weaker background and more.
Candidates can go to t
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IFRS is the widely accepted set of accounting standards that are implemented in over 140 countries. GAAP is the generally accepted accounting principles that are accepted in the United States for financial reporting.