Why is it important to have a standard in Accounting?

Every department adheres by the set of standards and laws which is essential for them to comply by. These standards are set for the attaining of objectives of the company easily and smoothly. Similarly, there are certain rules and standards set for the Accounting department which is significant for every organization to follow and report on. An accounting standard set by an independent, non for profit organization, named as IFRS International Financial Reporting Standards. The name of the organization is IASB International Accounting standard Board which also assists the companies in establishing the cohesive view of finances. It is important for all the organization to work on the same standards of accounting to make it more understandable, feasible, enforceable and globally accepted.

The uniform standards of accounting help the auditors to check the liability of the organizations in a better way without any doubt or error. IFRS Standards are used to promote and facilitate adoption of the standards. It describes the standard of the company’s financial position in terms of the financial statements, record keepings, balance sheets etc. This provides a standardized way of presenting the financial status of the company. IFRS course in Dubai provide multiple benefits to the organizations in various ways which eventually result in the progress of the company.

The three main benefits of IFRS standards to the organization are:

  1. The increase in the accountability of the organization and businesses by reducing the information gaps between the capital provider and the people. The trust between the both parties is strengthened with the help of IFRS. IFRS Standards are also of vital importance to regulators around the world.
  2. The betterment in the financial information of the companies help in bringing the transparency of work and business activities. IFRS standards also enhance the international comparability and quality of financial information.  Enabling investors and other market participants to make informed economic decisions.
  3. IFRS standards provide economic efficiency to the investors by providing multiple investing opportunities around the world.  For businesses, the use of a single, trusted accounting language lowers the cost of capital and reduces international reporting costs.

There are many aspects covered in the IFRS which assist in the professional decision making of the Finance related person. The main points that are covered in the IFRS course in Dubai are:

  1. First-time Adoption of International Financial Reporting Standards
  2. Share-based Payment
  3. Business Combinations
  4. Insurance Contracts
  5. Non-current Assets Held for Sale and Discontinued Operations
  6. Exploration for and Evaluation of Mineral Resources
  7. Financial Instruments: Disclosures
  8. Operating Segments
  9. Financial Instruments
  10. Consolidated Financial Statements
  11. Joint Arrangements
  12. Disclosure of Interests in Other Entities
  13. Fair Value Measurement
  14. Regulatory Deferral Accounts
  15. Revenue from Contracts with Customers
  16. Accounting and Reporting by Retirement Benefit Plans
  17. Separate Financial Statements
  18. Investments in Associates and Joint Ventures
  19. Financial Reporting in Hyperinflationary Economies
  20. Financial Instruments: Presentation

These are the core topics of accounting which are required to be covered in IFRS course in Dubai for the proficient training of the candidate.

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