IFRS and IPSAS Interpretation and Adoption
The global acceptance of IFRS as a basis for financial reporting for both public and private entities and other entities of public interest, such as state owned entities, non profit entities, creates a demand for highly trained financial professionals to implement such standards and principles. Even those with basic knowledge of IFRS and not involved in preparation of financial reports need to stay abreast of the current developments in financial reporting, as changes may affect the drafting of sales contracts and lease agreements, to name a few specific hot topics.
Currently over 9,000 European companies have converted to IFRS for financial reporting, countries such as Brazil, Canada, China, India, Japan, Malaysia, Nigeria, Russia, and the USA, are adopting or converging their financial reporting standards to IFRS. For public organisations and publicly traded private entities, IPSAS (International Public Sector Accounting Standards) provides a sounds basis to demonstrate sound accrual accounting and budgeting techniques, and with its emphasis on performance-based management being a core competency, requires entities to adopt a fresh and innovative approach to developing new skill sets. This course is appropriate for both the novice in IFRS financial reporting who needs to be up to date quickly, and the veteran financial professional who is looking for a refresher course which will address current issues and projects.