International Accounting

International accounting can be categorized into three levels: 

• Fundamental Level: This level involves understanding the basic principles and concepts of international accounting standards, such as the International Financial Reporting Standards (IFRS) or Generally Accepted Accounting Principles (GAAP) of various countries. 
• Intermediate Level: At this level, accounting professionals delve deeper into the complexities of international financial reporting. This includes more detailed applications of IFRS or GAAP, handling issues like foreign currency translation, consolidation of financial statements for multinational entities, and accounting for cross-border transactions.
• Advanced Level: The advanced level of international accounting focuses on specialized areas such as international taxation, global financial strategy, and compliance with complex regulatory environments across multiple jurisdictions. 

BCom in International Accounting typically refers to a Bachelor of Commerce degree with a focus on international accounting practices. BCom in International Accounting equips students with a comprehensive understanding of global accounting standards, financial management, and economic principles. 

BCom in International Accounting covers areas such as International Financial Reporting Standards (IFRS), global taxation laws, and cross-border financial regulations. Students learn to analyze and interpret financial data from an international perspective, preparing them for careers in multinational corporations, financial institutions, and global consulting firms. 

The BCom (Hons.) in International Accounting and Finance at KR Mangalam University includes a range of subjects designed to provide students with a comprehensive understanding of accounting, finance, and related fields with an international perspective. The curriculum covers the following subjects:

Core Subjects

1. Financial Accounting
2. Cost Accounting
3. Management Accounting
4. Corporate Accounting
5. International Financial Reporting Standards (IFRS)
6. Financial Management
7. Business Law
8. Taxation
9. Economics
10. Business Statistics
11. Information Technology for Business
12. Research Methodology

Elective/Optional Subjects

1. International Finance
2. Investment Management
3. Financial Markets and Institutions, and others.

Fundamentally, the difference between Indian accounting and International Accounting lies in the accounting standards and regulatory frameworks considered by them.
Traditionally, Indian Accounting has followed Indian Accounting Standards that are mainly adopted from but not the same as International Financial Reporting Standards.
While Ind AS is converged with international standards, some transactions and financial elements are accounted for differently or have different disclosure requirements. International accounting, however, makes use of globally accepted standards like IFRS, therefore ensuring uniformity and comparability of financial statements across geographies.

International Accounting has a wide scope and necessity in the world economy. International accounting deals with the financial reporting financial and regulatory issues of companies across different countries, ensuring uniformity, transparency, comparability of financial statements globally.
Further, international accounting gives way to global market interconnections. Because of this, a single language for financial reporting becomes indispensable across markets for making effective decisions at the level of investors, regulators, and stakeholders. International Accounting reduces financial risks through the ability to provide a reliable, consistent framework of financial reporting that improves corporate governance and promotes international trade and investment.