About IFRS

IFRS is the shorter form for International Financial Reporting Standards. It is a set of accounting standards within which to properly organize and report the financial information of any business. It is a set of guidelines that every firm has to follow to ensure their financial statements are in accordance with other firms worldwide.

IFRS is developed by the London-based independent organization called the International Accounting Standards Board (IASB). At present, it is the required accounting framework in more than 120 countries.

Here is the list of Top 10 IFRS Certification Courses in Bangalore:

1. Henry Harvin IFRS Course

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Henry Harvin IFRS certification course is one of the best training institutes to develop and advance your knowledge about International Financial Reporting Standards. The institute provides 60- hrs of live virtual training with a one-year free brush-up session and E-learning access. Trainers have experienced industry mentors with 10+ years of experience. E-Learning Access can be done through recorded videos, games, projects, case studies, etc. The course is created for business scholars and working professionals in the accounting field.

This IFRS certification course is intended to develop and enhance your knowledge about International Financial Reporting Standard. Training will be given on how to apply them, training and theories to support them as well as about their application in India and the foreign marketplace. Live projects are carried out during the training session for a better understanding of the concept.

There is 100% placement, internship and project support exclusively entitled for IFRS professionals. The practical knowledge and actionable skillset gain after working on projects, case studies will set you ahead of the competition.

Cities in India Where Henry Harvin Course in Provided:  

BangaloreChennai,  GurgaonKolkataMumbaiJaipurHyderabadLucknowChennaiGurgaonKolkata, Pune

Other Henry Harvin Courses:

ACCA CourseFinancial Analytics CourseFinancial Modeling CourseRPA Certification Course

Henry Harvin® IFRS Course Ranks #1 in India by The Tribune

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2. PwC’s Academy in India

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PwC’s academy in Bangalore certifies finance and accounting professionals to become IFRS certified. This IFRS certification course provides diverse training which depends on the course conduction of PwC’s global network of firms. And it brings real-life business experience into the classroom.

The course aims to provide a unique learning experience that is interesting, engaging, and valuable. And which continue to have an impact also after the completion of the course. Also, subject matter experts help to make learning more effective and practical. Apart from Bengaluru, PwC’s IFRS program is also conducted in some other cities as Mumbai, Pune, and Chennai. PwC’s Academy makes you ready for qualifying the exam of Diploma in International Financial Reporting (ACCA DipIFR).

The course is specifically designed to develop the deep knowledge and understanding of IFRS. The diploma course will prepare you for a challenging and often demanding career as a professional accountant. However, a major component of this IFRS certification course is gaining relevant practical experience. Upon completion of the course, participants will receive an internationally recognized ACCA DipIFR certificate. 

3. Ernst And Young- IFRS Training

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Ernst and Young is one of the big four accounting firms in the world. And is one of the best places for IFRS certification course providers to get certified for accounting programs.

The IFRS certification course from Ernst and Young is a 16- Sunday program after the completion of which certificate of participation is issued to participants having at least 80% attendance in the course.

The course covers 75 hours of training, 10 live interactive sessions each of 6 hours, recorded video of 15 hours. Instructor and trainer are people who have worked in the top management of companies as managers and directors. The course is designed to increase your knowledge and understanding the concept of IFRS.

The course aims to help candidates in understanding the structure of the framework of IFRS. The course provides a comprehensive study material and question bank with solution from Becker Professional Education, an ACCA approved content provider, one year access to LMS, prints of the EY presentations.

4. KPMG Training on ACCA’s IFRS Certification Course

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The training program from KPMG helps accounts professionals to understand, adapt and even benefit from global accounting changes. ACCA has authorized KPMG as a gold learning provider for this program in Bangalore as well as in other locations also.

For the last 10 years, they are providing learning solutions to participants through the program. The course covers 75 hours of intensive and interactive online as well as classroom training with the sessions being held on the weekends.

The faculties are a dedicated team of professionals with first-hand industry experience in accounting, international reporting, learning solutions, and audit projects in India and abroad. The content is industry-specific and they support core concepts with a practical approach.

5. Manipal PROLearn

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This online IFRS course is in conjunction with the syllabus of ACCA’s Diploma in IFRS, which will make you ready for the examination. On completion of the IFRS certification course, a joint certification from EY and Manipal ProLearn will be issued.

The certificate program in IFRS from Manipal ProLearn will help you learn the structure of the framework of IFRS. Using the right financial reporting standards, understanding accounting standards in the IFRS, preparing the group financial statement, applying disclosure requirements. Hands-on training is delivered via webinars, video tutorials, practice exercises, assessments, etc.

There are online sessions for clarifying your doubts and queries with an industry expert. The IFRS certification course program will equip you with the knowledge of assets, investment, inventories, accounting policies, etc. The course content is designed under the guidance of industry experts.

6. IMS Proschool

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IMS from 1977 has worked towards building a successful career for its students. This IFRS certification course institute is ranked 4th among the top 10 analytics/ Data Science training institute in India.  There are 14 training centers across India.

They run the program in Delhi, Bangalore, Hyderabad, Chennai, and many other places in India. There are three modes of studying option. Both online, classroom training, and self-study are provided by the institute. The classroom program is 3 monthly training program held over weekends.

Books and other learning resources on IFRS. Online training involves 55 hours of live interactive training. Study material and recorded sessions are available. In the Self Study method, high-quality video resources are available. The IFRS course offered by Proschool has a well-researched and industry-related curriculum. The trainers are experienced and industry expert professionals.

The program prepares you for Diploma in IFRS and Certification in IFRS. The study material is prepared by experts. The course offers 60+ hours training program.

7. iBAS Global

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This is a global educational institution devoted to excellence in teaching, learning and for business professionals who work on accomplishing sustainable and visionary goals for all stakeholders including society at large.

The institute’s vision is to provide the requisite skill –sets, and confidence to the students to deliver results in an increasingly global society. The coaching and training team comprises expert instructors with the skill and qualities required to successfully present complex technical material to students.

The course consists of 48 hours of training, conducted on weekends. Extra six-hour of support is also provided in the week to assist the students to obtain clarification of the topics. The course provides participants with a complete overview leading to the proficiency requirements in IFRS, issues relating to accounting and reporting of financial statements.

This IFRS certification course is for the finance professional who is not much familiar with the details of IFRS, this qualification is a fast and effective solution. For working knowledge of the area, the DipIFR is the right course.

8. CFO NeXt

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CFO NeXt, is a Banglore-based accounting agency. This IFRS certification course provider is the approved learning and training provider for ACCA exams and many more international accounting certifications. Training is provided to a large number of professionals and students every year. CFO NeXt provides a range of ACCA courses. Training is offered by a qualified trainer with industry experience. The certification course in IFRS is a complete e-learning course on financial reporting. The course is designed to provide the best training, practical knowledge, and guidance on the best ways you can put IFRS into practice and achieve success. For a professional accountant, this is the qualification to opt for. To understand how IFRS is used around the world. To examine the fundamental requirements of IFRS on a standard basis.   

9. GlobalFTI

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This Financial Training Institute(FTI) was established in Bangalore to provide high-quality training in the finance-related course.This proves GlobalFTI has met ACCA’s set of challenging performance targets. And with this status, it is assured for the students that they are learning from the best. The course aims to understand how IFRS is used around the world, examining the fundamental requirement of IFRS on a standard-by-standard basis, also guides how to use IFRS in practice. The training team comprises instructors having extensive industry experience within India and abroad. This IFRS certification course is one of the suitable course for students and professionals who wants to build a career in finance.

10. DCA Technologies Pvt. Ltd

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DCA Technologies is a leading education service provider in India with the best certification program it offers in Accounting & Finance. The institute has been recognized as the best training institute for IFRS and other courses. This IFRS certification course offers a broad introduction in the field of IFRS. The course content is structured in an accessible and user-friendly way that extracts key information and provides useful summaries. The Nationally qualified accountant and auditors can update their knowledge and skills to face the challenges that are involved in adopting and implementing IFRS in their workplace. The online course includes all the study material and learning resources. As the course has a validity of six months, so students who joined the course will have to complete the course within the period for the certification. DCA provides 20+ hours of “Live & Interactive” training program on IFRS.

GAAP

For reporting of financial statement of businesses primarily IFRS is used almost anywhere in the world except in the United States. Generally Accepted Accounting Principles, also known as GAAP is the accounting framework used in the United States. In the United States Public companies follow GAAP when their accountants organize their financial statements. GAAP is the combination of standards and the commonly accepted ways of reporting accounting information. GAAP follows the standards and common set of accounting principles, issued by the FASB (Financial Accounting Standards Board)

Difference between IFRS and GAAP

IFRS focuses more on general principles than GAAP. On the contrary, GAAP is based on rules. Principle-based structures are flexible while rule-based frameworks are more rigid.

The second point of difference is the accounting of inventory. As there are two popular methods to trace and evaluate the cost of inventory as first in first out (FIFO) and last in first out (LIFO). The method of FIFO is required by IFRS to follow by the companies, while by GAAP either of the two methods is followed.

In IFRS firms are required to report the gross sale early. In comparison to GAAP, it could mean higher revenue.

The IFRS has different criteria for the treatment of expenses. As in IFRS e.g. company may not consider it as an expense, which is spent for the development of the business and its future. Capitalization of such expenses is possible under certain situations. As per GAAP standard, it is an expense

The effort of reducing the difference

Several working groups are gradually reducing the difference between GAAP and IFRS accounting framework. As then eventually, there should be minor differences in the financial reports of a business, if the two framework switches. Then it will also result in substantial cost savings and avoidance of duplicate efforts for all that companies that do businesses in the US and other countries. Then those companies won’t have to pay to get their financial statement to transform into other frameworks. 

Need of IFRS

IFRS provides considerable uniformity in the financial reporting of all businesses. Due to which it becomes easier to compare and contrast their financial result. The use of IFRS helps to get a clear and reliable picture of the accounting statement. This will be of great help to other financial parties to make any decision by checking through these financial records. Having an international standard is important and necessary for large companies that have branches in different countries. Following a single set of the worldwide standard will simplify the accounting procedures if one reporting language is allowed by the company.

Topics covered by IFRS

IFRS covers a wide range of topics. These topics are 1.Presentation of financial statement 2.Income taxes 3.Employee benefit 4.Revenue recognition5. Inventories 6. Retirement benefit plans 7. Foreign exchange rates 8. Operating segments 9. Fixed assets 10. Intangible assets 11. Business combinations 12. Subsequent events  13. Operating segments 14. Investment in associates  15. Industry-specific accounting such as agriculture.

The objective of IFRS

For preparing the accounting statement establish a universal language for the company, making the accounting statement reliable and clear, establishing the financial rules due to which it will be easier for the stakeholders to clarify the financial statement, wherever be the business location, Appropriately categorizing and reporting financial data, Making the easy calculation of international comparison and analysis.

Advantages of IFRS

  IFRS provides high quality, international set of accounting standards that brings clarity, efficiency, accountability to the financial market all over the world.

An IFRS standard brings transparency which helps investors and other market participants to make an informed economic decision.

IFRS standards also reduce the gap between the provider of capital and the people to whom they have invested their money. It strengthens accountability as a source of globally comparable information.

IFRS standard helps investors to identify opportunities and risks which improve capital allocation. Since the use of a single trusted accounting language lowers the cost of capital and international reporting costs is also reduced.  

List of IFRS standards

Following is the list of IFRS standards that are issued by the International Accounting Standard Board (IASB) in 2019. There are 16 IFRS and 29 IAS In total. IAS will replace IFRS in the future once it is finalized and issued by IASB.

1. IFRS 1- First -time Adoption of International Financial Reporting Standards

2. IFRS 2- Share-based payment

3. IFRS 3- Business Combination

4. IFRS 4- Insurance Contracts

5. IFRS 5- Non-current Assets Held for Sale and Discontinued Operations.

6. IFRS 6- Exploration for and Evaluation of Mineral Resources

7. IFRS7- Financial Instruments: Disclosures

8. IFRS 8- Operating Segments

9. IFRS 9- Financial Instruments

10. IFRS 10- Consolidated Financial Statements

11. IFRS 11- Joint Arrangements

12. IFRS 12- Disclosure of Interests in Other Entities

13. IFRS 13- Fair Value Measurement

14. IFRS 14- Regulatory Deferral Accounts

15. IFRS 15- Revenue from Contract with Customers

16. IFRS 16- Lease Accounting

17. IFRS 17- Insurance Contract

Setting up of IFRS standards

IFRS standards from the list need to be set up properly and due process is followed in that. While issuing IFRS standard thorough and transparent process to be followed. That helps companies for better implementation of the objective of IFRS standard. For issuing an IFRS standard thorough, transparent, and participatory due process is followed. The standard-setting criteria for the list of IFRS standards that help companies better implement the listed standards are:

Live broadcast of public board meetings from the London office.

Information about the Board’s discussion through agenda papers.

Summaries of discussion and decisions that are made available after meeting.

A comment letter is received on the consultation documents.

Thus, it is a step-by-step process that is designed for smooth working in companies. For details of financial statement concept-based framework is used around the world.

Scope of IFRS Certification Courses in Bangalore

IFRS is widely accepted across the world, Indian finance experts should be familiar with it. As an increasing number of firms comply with this global standard, there is a growing demand for IFRS specialists.

As a result, finance professionals who want to excel in their money careers should consider obtaining IFRS certification to expand their career opportunities.

Jobs in IFRS Certification Courses in Bangalore

In auditing firms, experts with an IFRS certificate are required to assist associations in the successful implementation of IFRS requirements.

IFRS specialists are required in the financial industry.  The insurance industry, which works in accordance with new financial and accounting requirements, is another encouraging field in which such specialists are required.

About Bangalore

Bangalore is also known as Bengaluru. It was declared the official name of the city in 2006. The city is located in southern India. Bangalore is the capital city of Karnataka.

It is located in southern India. Bangalore city is famous for its pleasant climate throughout the year. It is also popularly known as “Silicon Valley of India” or “IT capital of India” because of the largest number of information technology companies located in the city and also because of its role as the nation’s leading information technology exporter. Bangalore is the center of many educational and research institutions.

Under the Ease of Living Index 2020, it was ranked as the best city with a population of over a million. In Bangalore usually, a more moderate climate is there throughout the year. The month January is coolest and the month April is hottest. The official language of Bangalore is Kannada. Also, other languages such as English, Telugu, Tamil, Hindi, Malayalam, and Urdu are spoken widely.

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Bangalore city has become a major hub for those who wish to pursue CA, IFRS, or other accounting certification. As there is a higher demand for those with these certifications in Bangalore comparable to anywhere else.

Conclusion

It is apparent IFRS is not just important but mandatory. For all those who want to work in Accounting. It opens an opportunity to work with MNCs, global accounting KPOs, or migrate abroad.

The IFRS training trains candidate with the international pattern, and therefore it equips them to work not only in India but abroad also. Due to the establishment of IFRS in the Indian markets it has created a lot of employment opportunities.

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FAQs

Q-1. What is IFRS?

Ans. IFRS was established to bring consistency to accounting standards and practices regardless of the company or the country.

Q-2. How many countries use IFRS?

Ans. IFRS is used in at least 120 countries, including European countries, also countries in Asia and South America excluding U.S. which uses GAAP.

Q-3. Why IFRS is needed?

Ans. IFRS is important to the economic efficiency of the country by helping financial investors to identify opportunities and risks across the world thus improving capital distribution.

Q-4. What is the career scope of IFRS professionals in Bangalore?

Ans. Increasing companies in India are preferring to recruit candidates who have experience and knowledge in IFRS. Bangalore is a centre for those wishing to pursue CA, IFRS, or other accounting certifications. From the job prospects and salary point of view, Bangalore is much better.

9 Comments

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