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 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.
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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Candidates must Bachelor's degree in Commerce or Business Administration with at least 45% aggregate or, BCom (Hons) with at least 45% aggregate or, graduation with Honours in Economics or Mathematics/ Statistics/ Commerce with at least 45% aggregate to apply for MCom at Sri Aurobindo College of C
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Aspirants must pass Class 12 from a recognised board to apply for BCom programme at Sri Aurobindo College of Commerce and Management. Candidates are selected for BCom programme based on their scores in the qualifying exam.
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The total tuition fees for BCom is INR 2.6 lakh at Sri Aurobindo College of Commerce and Management. Selected candidates need to pay the course fees to confirm their seat. The fees can be paid via any of the online payment modes.
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Candidates are offered admission in MCom based on their merit. Aspirants do not have to pass any entrance exam for admission at Sri Aurobindo College of Commerce and Management. Candidates need to meet the eligibility for admission.
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Sri Aurobindo College of Commerce and Management has 40 seats in MCom programme. Aspirants are offered seat in MCom based on their merit. The college considers qualifying exam scores of the candidats for admission.
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| Top Colleges | Tuition Fee |
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| Narsee Monjee College of Commerce & Economics | INR 3.16 lakh |
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Source: Official site and may vary.
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As per the popularity basis by the top BCom colleges in Mumbai (All), listed below are some of the top colleges with tuition fees -
| Top BCom Colleges | Tuition Fee |
|---|---|
| Narsee Monjee College of Commerce & Economics | INR 43,410 - INR 3.82 lakh |
| Mithibai College of Arts | INR 39,000 - INR 3.5 lakh |
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| Kishinchand Chellaram College | INR 1.51 lakh |
Source: Official site and may vary.
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Application for BCom course can be made online at the college website. The students who wish to apply for the BCom course at MML College of Commerce, must follow these steps:
1. Students must visit the MMK College website and select the BCom course
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Before making the course payment at MMK College of Commerce, student must fulfil the minimum eligibility criteria for admissions. If they are not able to meet the minimum eligibility, the college can withhold the admission. In case of any doubts, students must reach to admissions team for support.
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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.