Accounting & Commerce

Currently, there are 17 IFRS standards in application. By 1st January 2027, IFRS 18 and 19 will also be in application.

'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.

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. 

Knowledge of IFRS is particularly valuable for investment analysts, accountants, and business consultants who need to evaluate companies across different jurisdictions.

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.

Candidates who have graduated from a recognised university or institute in relevant subjects (commerce stream) are eligible for the MCom programme offered by Dr MGR Educational and Research Institute. Additionally, the core subjects in the Commerce stream include Accounting, Business Studies, and Economics. Generally, admission into the courses of this institute is merit-based and satisfies the institute's preset course-specific eligibility criteria. Interested students are, therefore, advised to read the guidelines carefully before applying for the MCom programme.