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An Explanation On Various Issues About IFRS Training Services

By Doris Rivas

Organizations need to be professionally managed to stimulate growth and ensure stability. Since management and ownership is separated, the managers should prepare regular reports to the owners and other stakeholders showing financial performance, position, cash flows and changes in equity. Growth of firms into different countries which have different reporting guidelines makes it difficult to integrate performance in foreign branches. This difficult has necessitated the introduction of international financial reporting standards which organizations can opt to implement. Through these standards, comparing performance is easy and is fair since statements are prepared using the same criteria. In addition integration of foreign operations is also made easy. The standard setting body regularly makes modifications on standards thus the need to seek IFRS training services to always be on the loop of such developments.

Accounting practitioners are able to understand the relevance of various standards in their day to day activities since real life examples are shared in those forums. This ensures they are always on the loop in terms of their profession is concerned. It is therefore necessary to find ways of enhancing the financial reporting practices when accountants regularly attend these sessions.

The applicability of various standards differs in organizations since each firm is unique and may not necessarily have compatible practices with such standards. Through this feedback, the standard setting body can come up with a new set of standards aimed at meeting the needs of firms in that business segment. This therefore leads to harmonized financial reports.

The sessions are held at the convenience of many accountants thus making it easy to complete such programs. Other trainers provide material online making it even more convenient for those who might have tight schedules. In addition, this is also part of accounting CPE thus earns accountants CPE points for attending.

Accountants are expected to come up with solutions on various reporting matters at their organizations. Since there should be some harmony on such matters with the practice in the world, attending such forums equips them with skills on how to apply accounting standards in their firms. The issues that are commonly disputed include; recognition, presentation and disclosure of each the elements of financial reports.

Accountants are also able to understand the basic financial reporting standards that affect their business. Since every business has a certain sector in which it belongs, standard setters strive to ensure that any sector which has unique operations has a standard to cater for their operations. In addition these professionals can easily shift from using GAAP to IFRS to make it easy to prepare financial statements.

It is a good leaning opportunity on the world of accounting since capabilities of different accounting software can only be supported by presence of a good financial reporting framework. These professionals can therefore easily prepare appropriate financial reports that are according to these standards. They therefore first determine the requirements of various clauses and find ways of updating the existing accounting software to be in line with accounting standards.

Through IFRS training services, accountants can appreciate the need to migrate to these standards. Among these reasons include the need for uniformity in the statements prepared. It is also easy to compare performance in different organizations by comparing different line items in financial statements.

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Article Citation
MLA Style Citation:
Rivas, Doris "An Explanation On Various Issues About IFRS Training Services." An Explanation On Various Issues About IFRS Training Services. 18 Oct. 2012. uberarticles.com. 4 Aug 2014 <http://uberarticles.com/finance/credit-and-debit/an-explanation-on-various-issues-about-ifrs-training-services/>.

APA Style Citation:
Rivas, D (2012, October 18). An Explanation On Various Issues About IFRS Training Services. Retrieved August 4, 2014, from http://uberarticles.com/finance/credit-and-debit/an-explanation-on-various-issues-about-ifrs-training-services/

Chicago Style Citation:
Rivas, Doris "An Explanation On Various Issues About IFRS Training Services" uberarticles.com. http://uberarticles.com/finance/credit-and-debit/an-explanation-on-various-issues-about-ifrs-training-services/


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