What is IFRS: All About International Financial Reporting Standards
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:
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.
- 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
What are The Benefits of Learning IFRS Standards?
The following benefits explain the benefits of IFRS standards:
- Financial professionals who understand IFRS can work across international borders, as these standards are used in over 140 countries globally. This international mobility can significantly enhance career prospects and open doors to opportunities with multinational corporations.
- Those who have the knowledge of IFRS can compare and analyze financial statements from companies worldwide, as these standards create a common financial language.
- More countries are adopting these standards or converge their local standards with IFRS. Even in countries that primarily use different standards (like US GAAP), professionals benefit from understanding IFRS due to increasing global business interactions and potential future convergence.
- Professionals who have expertise in IFRS standards can assist companies apply IFRS, a complex process that many organizations undergo when expanding internationally or listing on foreign stock exchanges.
- Understanding IFRS helps professionals understand the principles-based approach to accounting. Unlike more rules-based systems, IFRS needs professionals to apply principles to complex situations.
- IFRS knowledge enables better risk management and decision-making in international business contexts, as professionals can better understand the financial implications of cross-border transactions and identify potential accounting issues before they become problems.
- Professionals who master IFRS standards often command higher salaries and have access to more senior positions, particularly in multinational companies and international accounting firms where IFRS expertise is highly valued and increasingly necessary.
Knowledge of IFRS is particularly valuable for investment analysts, accountants, and business consultants who need to evaluate companies across different jurisdictions.
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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'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.
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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Currently, there are 17 IFRS standards in application. By 1st January 2027, IFRS 18 and 19 will also be in application.
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. |
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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.