5 Reasons to Run IFRS In-House Training
5 Reasons to Run IFRS In-House Training: International Financial Reporting Standards requires organizations to follow latest updates issued.
- The conceptual framework is a statement of generally accepted theoretical principles which form the frame of reference for financial reporting.
- The IASB’s Conceptual Framework for Financial Reporting provides the conceptual framework for the development of global accounting standards (IFRSs).
- The Conceptual Framework makes it clear that this information should be provided on an accruals basis.
- The underlying assumption is going concern.
- Going concern: the entity is viewed as continuing in operation for the foreseeable future.
These are the reasons to Run IFRS In-House Training:
- Learning from industry experts of your choice
- Stronger learning outcomes
- Cost effectiveness and convenience
- Customized training opportunities
- Team building
Qualitative characteristics of IFRS
- Qualitative characteristics are those that make financial statements useful to users.
- Relevance: capable of making a difference in the decisions made by users. Relevant information has predictive value, confirmatory value, or both.
- Faithful representation: information must represent the phenomena that it purports to represent. To be a faithful representation, information must be complete, neutral and free from error.
How to Interpret and Apply IFRS Principles to Your Business in an Interesting and Easy-to-Understand Way