Table of Contents
First of all, what is IFRS?
IFRS or International Financial Reporting Standards is a fixed and standardized set of rules, issued by the International Accounting Standards Board (IASB). These rules ensure that financial statements of business entities around the world follow the same format and are consistent, transparent, and comparable.
What is IFRS?
The list of International Financial Reporting Standards (IFRS) specifies how companies are supposed to maintain as well as report their accounts. Types of transactions are specifically defined, as also various operational events that affect the financial status of a company.
Top 10 IFRS Certification courses in Kochi
1. Henry Harvin – IFRS Course in Kochi
Contact No: +91 9891953953 | Chat on WhatsApp with Henry Harvin
Course Name: IFRS Certification Course
Duration of the course: 60 hours
Teaching mode: Online sessions, with backup recordings, and free monthly brush-up lessons
Approximate cost: Rs.15,500/-
The IFRS Certification course from Henry Harvin seems to be the best value for money due to extensive course material and methodology used to impart all the practical skills required by the candidate in their role as accounting or financial analysts.
Henry Harvin additionally provides Internships, Project Support and 100% placements for their successful candidates in this course. You can refer to the course details here.
Henry Harvin® IFRS Course Ranks #1 in India by The Tribune
Henry Harvin IFRS course fees:
https://www.henryharvin.com/schedule/ifrs-course
Cities in India Where Henry Harvin Course in Provided:
Bangalore, Chennai, Gurgaon, Kolkata, Mumbai, Jaipur, Hyderabad, Lucknow, Chennai, Gurgaon, Kolkata, Pune
Other Henry Harvin Courses:
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2. Elegant training centre – IFRS Course in Kochi
Contact No: +971 54 749 5664
Course Name: Diploma in IFRS (DipIFRS)
Duration of the course: Up to 30 hours
Teaching Mode: Live Virtual Classroom
Approximate cost: Rs. 56,000/-
3. eduCBA – IFRS Course in Kochi
Contact No: 077386 66252
Course Name: Become an IFRS Expert / Prepare for IFRS
Duration of the course: 31 hours
Teaching Mode: Online video format
Approximate cost: Rs.1400/- (discounted price)
4. Beacon FinTrain – IFRS Course in Kochi
Contact No:+20 127 704 4024
Course Name: IFRS9 Financial Instruments
Duration of the course : 15 hours
Teaching Mode: Online classroom
Approximate cost: Rs.1,10,470/-
5. Delphi Star Learning centre – IFRS Course in Kochi
Contact No: +971 43963634
Course Name: IFRS (International Financial Reporting Standards)
Duration of the course: 3-4 days
Teaching Mode: Online classroom
Approximate cost: Rs.50,155/-
6. IMS Proschool
Course Name: Dip IFRS, Cert IFRS
Duration of the course: 60+ hours
Teaching mode: Online classroom
Approximate cost: Rs.25-32,000/-
7. 88LEARN (Grant Thornton Academy)
Course Name: International Financial Reporting Standards (IFRS)
Duration of the course: Upto 80 hours
Teaching Mode: Online videos)
Approximate cost: Rs.31,815/- (discounted price)
8. Vskills
Course name: Certified IFRS Professional
Duration of the course: 1-2 months
Teaching mode: Online, part-time , flexible
Approximate cost: Rs.5,010/-
9. UDEMY
Course Name: IFRS Conceptual Framework for Financial Reporting
Duration of the course: NA
Teaching Mode: Online tutorials, videos and notes
Approximate cost: Rs.735/
10.Ernst & Young (EY) India
Course Name: IFRS Training Course Online
Duration of the course: 10 Live online sessions, 11 hours of recorded videos
Teaching Mode: Online
Approximate cost: Rs.10,000/-
Scope of IFRS
The list of IFRS standards ( International Financial Reporting Standards) encompasses all important accounting activities and sets down mandatory rules for reporting the same. Companies are directed to report their financial situation (or that of their subsidiaries) in specific types of reports. Some aspects are listed below
The Balance Sheet : This is the document which clarifies the financial position of a company. IFRS specifies the structure, components, and format of this document.
The Profit and Loss Statement : Detailing, as the name suggests the profit or loss made by the business, this statement can also include income from property or equipment.
Cash flow statement : Provides the details of the financial transactions of a business in the areas of Operations, Investing and Financing
The Statement of Changes in Equity : Details the changes in earnings (profits) within a given financial period.
Along with these basic reports, companies are mandated to provide a summary of it’s accounting policies under the list of IFRS standards .
Financial reports have to be made separately for parent companies, as well as each of their subsidiaries, if any exist.
How is the IFRS significant?
It can be said that the list of IFRS standards (International Financial Reporting Standards) were set up in order to create a uniform accounting language to be used by businesses all around the world to report their financial statements in a consistent and reliable way across companies and across countries.
The IFRS has been able to bring about consistency in accounting language, methodologies and reports. This has helped businesses to make well informed decisions and analyses. The transparency brought about in accounting systems of companies across the world, has also helped investors in deciding whether to put money in a company.
Last but not the least, global adoption of the list of IFRS standards has the added advantage of saving costs on account of duplicative accounting procedures, and at the same time, provides a common framework to analyze and compare financial performance of companies internationally.
Basic Syllabus of IFRS Certification Course
Courses are available to provide in-depth knowledge about the background, methodologies and application of IFRS. Students can avail of the courses, get thorough with the subject and then apply to take the IFRS examination in order to get certified.
The IFRS certification course offered by various institutes can be in the form of scheduled classroom sessions, or online live or recorded tutorials, with all the requisite reading materials related to the course syllabus provided to the students. Most courses generally cover the following aspects of the subject.
- They explain the functions of the International Financial Reporting Standards Foundation (IFRSF) as well as of the International Accounting Standards Board (IASB); and how these bodies impact financial reporting across the world.
- They help the candidate to understand exactly how the list of IFRS standards are used for financial analysis and reporting
- They throw light on applications of IFRS on a standard-by-standard or case-to-case basis
- They lay down a framework of best practices for use of IFRS
Given here below is a snapshot of the basic syllabus of a typical IFRS certification course. The syllabus – ranging from basic to advanced level would generally contain the following modules or topics :
- The origin, growth of the International Accounting Standards Board (IASB) and it’s role, functions, and operations
- What are the International Accounting Standards
- What is in the list of IFRS standards( International Financial Reporting Standards); the current status of their application in different jurisdictions around the world
- Principal differences in approaches used across countries ; Current issues in IFRS
- A conceptual framework of Financial Reporting
- The purpose and format of Financial Statements like Balance Sheet, Profit and Loss Account, Cash Flow statements and the Changes in Equity Statement
- Presentation and Profit
- Review of revenue and policies
- Accounting for Assests and Liabilities
- Accounting for Investment related liabilities
- Group Accounting – Separate as well as combined financial statements
- Norms and best practices for Disclosure standards
- Reporting and measurement of inventories
- Reporting and measurement of financial assets like Equity securities and debt securities
- Current trends in harmonization of principles of accounting between IFRS and GAAP (US)
What are the types of IFRS courses that one can take up?
Online IFRS Course
There are two main sub categories of the IFSR certification course
1. Certificate Course
- This course is usually taken by people in the accounting field who need to understand the basics of the list of IFRS standards, why it was developed by IASB, and how it is getting implemented in more than 100 countries around the world. The course explains the basic requirements to adopt the IFRS on a standard to standard basis. It also provides guidance on how to put the standards into practice, usually with the help of case studies or real life examples.
Who is it for?
Ans- The Certificate course offered within the purview of IFRS Certification Course targets professional accountants and auditors who have obtained their qualifications under their respective national accounting systems. It is not necessary for these professionals to have any formal qualification or experience in auditing or accounting in order to apply for this course.
Course Objectives
- Provides an understanding how the list of IFRS standards (International Financial Reporting Standards) are implemented across the world
- Explains the role of the International Financial Reporting Standards Foundation (IFRSF) and International Accounting Standards Board (IASB) and how these are being modified
- Examines what the fundamental requirements of the list of IFRS standards are, on a standard-by-standard basis
- Provides guidance on how to implement IFRS on the job.
Course Details
The certified course covers the following topics:
- The role and operational activities of the IASB
- The current status and implementation of the list of IFRS standards around the world
- Presentation and profit
- Accounting for assets and liabilities – 1
- Accounting for assets and liabilities – 2
- Group accounting
- Disclosure standards
- Principal differences between UK/US GAAP and IFRS
- Proposals for change
2. Diploma Course
This is a more advanced course, targeting middle to senior-level finance professionals who need in-depth knowledge and understanding about the list of IFRS standards. Upon completion of the diploma course, candidates have a deep insight into IASB’s Conceptual Framework for Financial Reporting. They are usually able to identify disclosure requirements, prepare group financial statements, and apply the relevant financial reporting standards to key sections of a company’s financial reports.
Who is it for?
Ans- People who are professional accountants or auditors who work in practice or business, and who are qualified according to national accounting standards, are eligible to take this course.
People who are working in practice, but who are not yet qualified, may still be eligible to apply for the IFRS certification course. However, they will need to prove that they have one of the following:
- Two years relevant experience as an accountant, plus a relevant degree
- Two years‘ relevant accounting experience with an additional ACCA Certificate in the field of International Financial Reporting
- Three years’ relevant accounting experience
- ACCA affiliate status
Course Objectives
By the end of this course, candidates must be able to:
- Understand, explain and apply the structure of the international professional and conceptual accounting framework
- Apply the appropriate international financial reporting standards vis-a vis all the key elements of financial reports
- Identify and apply disclosure requirements as applicable to entities relating to financial reports and notes
- Be able to prepare group financial statements (not including group cash flow statements) pertaining to subsidiaries, associates, and joint arrangements.
Course Details
The Diploma course within the purview of the IFRS Certification Course covers topics such as:
- International sources of authority
- Elements of financial statements and their co-relation to the list of IFRS standards.
- Presentation and additional disclosures
- Drawing up of external financial reports for combined entities, associates and joint arrangements
What are the expected outcomes of doing the IFRS Certification Course?
Ans- Just having relevant local knowledge and experience in the financial sector is not enough. Nowadays, due to globalization, candidates need to have acute and in-depth knowledge of harmonization in reporting standards adopted across the world. Doing the IFRS certification course helps the candidate to learn new methods and tools of Financial Reporting, and how this is being done in companies across the world. This exposure helps the candidates and their organizations to streamline their work. The credibility of the candidate is greatly enhanced as well as that of his organization when these International Standards are incorporated into their accounting practices.
Conclusion
There are many advantages to clearing the IFRS certification course. Various sectors of the industry like Banking, Insurance, ITES, Software, Pharmaceuticals, Automotive industry, various professional advisory and consultancy services and many many more are looking for IFRS trained professionals to keep up with global accounting trends. The job availability in these industries for IFRS professionals is growing rapidly.
Professionals who have cleared the IFRS certification course are recognized all over the world and the scope of getting jobs abroad is also very high.
Apart from that, such trained personnel can also open their own consultancy firms to whom companies outsource their accounting and finance-related job work.
IFRS, as a professional credential, is fast gaining importance in the world of finance. The scope of this training course is immense, and successful candidates enjoy being part of a growing global trend.
In conclusion, it may be said that those of you who are keenly looking at advancing your financial careers or would like to be an important part of the finance team of reputed companies should certainly look at getting certified in IFRS.
Henry Harvin not only provides an excellent training platform built by industry experts but also provides an internationally recognized IFRS certification course.
Recommended Reads
- Top 9 IFRS Institutes in Bengaluru
- Top 9 IFRS Certification Course in Mysore
- Top 10 IFRS Courses In Ahmedabad with Scope, Eligibility & Duration
- Top 10 IFRS Course Institute in Indore with Syllabus & Fees
- Top 10 IFRS Certification Courses in Bangalore with Scope & Jobs
What is IFRS in Accounting | What are Accounting Standards
FAQ’s
Q-1. What is IFRS?
Ans- IFRS stands for International Financial Reporting Standards. It is a fixed and standardized set of rules, issued by the International Accounting Standards Board (IASB). These rules ensure that financial statements of business entities around the world follow the same format and are consistent, transparent, and comparable.
Q-2. What is the scope of IFRS?
Ans- The list of IFRS standards ( International Financial Reporting Standards) encompasses all-important accounting activities and sets down mandatory rules for reporting the same. Companies are directed to report their financial situation (or that of their subsidiaries) in specific types of reports.
Q-3. What courses are available for certification in IFRS?
Ans- There are two main subcategories of the IFSR certification course – Certificate course (CertIFRS) and Diploma course (DipIFRS).
Q-4. What are the advantages of getting IFRS certification?
Ans- There are many advantages to clearing the IFRS certification course. Various sectors of the industry like Banking, Insurance, ITES, Software, Pharmaceuticals, Automotive industry, various professional advisory and consultancy services and many many more are looking for IFRS trained professionals to keep up with global accounting trends. The job availability in these industries for IFRS professionals is growing rapidly.
Q-5. What is the list of IFRS standards?
Ans- The list of International Financial Reporting Standards (IFRS) specifies how companies are supposed to maintain as well as report their accounts. Types of transactions are specifically defined, as also, various operational events that affect the financial status of a company.
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