This course takes delegates through financial reporting. The delegates will be familiar with the financial reporting issues in the international context. International Financial Reporting Standards (IFRS) is a set of international accounting standards that states how certain transactions and events should be reported in financial statements.
It is based upon principles rather than hard set rules, which is in contrast to U.S. GAAP, a rules-based accounting standard. As a result of this fundamental difference, IFRS allows management to use greater discretion and flexibility when preparing organizations financials.
It is believed that IFRS, when adopted worldwide, will benefit governments and other users of financial statements by reducing the cost of investments and increasing the quality of the information provided. Additionally, governments will be more willing to provide financing with greater transparency among different firms’ financial statements. IFRS offers major benefit; it is used in over 120 different countries, while U.S. GAAP is used only in one country.