International Financial Reporting Practice Exam

International Financial Reporting is the activity of preparing financial statements for global businesses by using globally accepted accounting principles, standards, and procedure. It validates that financial statements are consistent, comparable, and transparent across countries and industries. The International Financial Reporting Standards (IFRS) are the guidelines accepted globally. It brings uniformity to financial reporting practices for companies, investors, and regulators.

Certification in International Financial Reporting validates your skills and knowledge  in IFRS standards and principles. The certification assess your knowledge on how to prepare, interpret, and audit financial statements as per international guidelines.
Why is International Financial Reporting Certification important?

• Boosts your career prospects in global accounting, finance, and auditing roles.
• Shows your skills in using IFRS.
• Provides you a competitive advantage amongst finance professionals.
• Increases your credibility on international financial reporting.
• Validates your understanding of cross-border financial reporting, tax implications, and compliance.
• Expands your job opportunities in multinational companies.

Who should take the International Financial Reporting Exam?

• Accountants
• Auditors
• Financial Analysts
• Financial Controllers
• Chief Financial Officers (CFOs)
• Tax Advisors
• Compliance Managers
• Financial Reporting Managers
• International Finance Managers
• Corporate Treasurers
• Finance Directors
• Risk Management Professionals
• External and Internal Auditors
• Forensic Accountants
• Investment Analysts
• Financial Consultants
• Public Accountants
• Chartered Accountants
• International Business Consultants
• Management Accountants

Skills Evaluated

Candidates taking the certification exam on the International Financial Reporting is evaluated for the following skills:

• International Financial Reporting Standards (IFRS)
  
• Prepare and analyze financial statements as per IFRS.
• Financial reporting concepts
  
• Accounting treatment of foreign currency transactions
• Consolidating financial statements.
• Apply IFRS to specific industries
  
• Ensuring compliance with IFRS
  
• Financial reporting requirements for multinational corporations and cross-border transactions.
• Interpret complex financial statements
  
• IFRS adoption and corporate governance.

International Financial Reporting Certification Course Outline
The course outline for International Financial Reporting certification is as below -

• Overview of IFRS and its role in global finance
• History and development of IFRS
• Differences between IFRS and local GAAP (Generally Accepted Accounting Principles)

• Objective of financial reporting
• Qualitative characteristics of financial information
• The concepts of capital maintenance and the going concern assumption

• Presentation of financial statements under IFRS
• Statement of financial position (balance sheet), income statement, and cash flow statement
• Notes to financial statements

• IFRS 15: Revenue from contracts with customers
• Recognition of revenue in different industries
• Measurement of revenue

• IFRS 9: Financial instruments
• Classification and measurement of financial assets and liabilities
• Impairment of financial instruments
• Hedge accounting

• IFRS 16: Leases
• Accounting for lessees and lessors
• Leases in financial statements

• IFRS 10: Consolidated financial statements
• Accounting for subsidiaries, associates, and joint ventures
• Foreign subsidiaries and translation of foreign operations

• IFRS 12: Income taxes
• Current tax and deferred tax
• Recognition and measurement of income tax expense

• IFRS 21: The effects of changes in foreign exchange rates
• Translation of financial statements from foreign subsidiaries
• Currency exchange risk and hedging

• IFRS 19: Employee benefits
• Pension plans and retirement benefits accounting
• Short-term vs long-term employee benefits

• IFRS 37: Provisions, contingent liabilities, and contingent assets
• Recognition, measurement, and disclosure of provisions

• Requirements for disclosures under IFRS
• Segment reporting
• Related party transactions and other disclosures

• IFRS 8: Accounting changes
• Effects of changes in accounting estimates
• Handling and disclosing changes