Intercultural differences reflect in various industry fields. For instance, conventions for legal texts are somewhat unique in every country. What about accounting? International Financial Reporting Standards (IFRS) were introduced to make cross-cultural relationships and communication between companies easier. In this IFRS course, you will learn about the meaning of this standard, the global economy, the differences between IFRS and GAAP, and you will be introduced to several use cases.
Additionally, this course is beginner-friendly, meaning that you will be introduced to the basics of International Financial Reporting Standards. Therefore, you do not need to do any pre-research to be able to follow this course smoothly.
IFRS refers to a collection of conventions and rules that govern the way accountants work. For instance, IFRS indicates the internationally-accepted ways of writing financial statements and performing other transactions. This IFRS course goes over these rule-sets in a beginner-friendly way and improves the learning experience with the introduction of use cases.
Therefore, accountants should go through IFRS training to be able to execute tasks in a manner that would be understood by companies from various countries. In fact, more than 100 countries have accepted IFRS as the standard for guaranteeing a smoother intercultural communication.
Generally accepted accounting principles (GAAP) refers to the accounting conventions that are followed in the United States. Similarly to IFRS, GAAP contains rules for organizing and executing financial reports and statements. From a very basic perspective, IFRS is an international stated that many countries have adopted, while GAAP is a standard for the financial information of the United States.
From the first glance, GAAP and IFRS seem similar since they both provide guidelines for accountants. However, the flexibility of these models differs. Specialists suggest that GAAP rules are stricter and require less interpretation by the accountant. It is similar to saying what you see is what you need to do. This IFRS course aims to explain the differences between these systems in a clear-cut way.
In this IFRS course, I will go through the main principles of IFRS. For instance, I will introduce accrued expenses, inventory accounting, income taxes, impairment of long-lived assets, depreciation, and leases. One of the most significant topics during the GAAP vs. IFRS discussion is the inventory. I will explain both of these systems’ approaches towards the last-in, first-out, and first-in, first-out.
Furthermore, this IFRS course introduces an action plan for your company and the overall influence of IFRS. As I mentioned, IFRS is a global phenomenon that is adopted by the European Union as well. This accepted standard is an excellent way of making financial information clearer and easily distributed across the globe. However, after completing this brief IFRS training, you will notice that this model leaves room for interpretation. This feature is different from GAAP that follows a more strictly imposed standardization of financial documents.
Course consist of total 32min of content, in total.
Chris Benjamin is a passionate instructor and management consultant. As a consulting Chief Financial Officer, he helps growth-stage companies to work with investors, do financial modeling, reporting, and analysis and put all the best accounts payable practices. Throughout his over 10 years of experience, Chris has already helped more than 100 startups to succeed.
Chris Benjamin has a passion for sharing his experience with students and teaching online. His focus is on teaching business-related topics like finance, accounting, Excel, and entrepreneurship. Chris is a creator of more than 85 courses and has over 30k students who enrolled in his courses.
Chris holds a Bachelor’s degree in accounting from the University College of the Fraser Valley and an MBA in business from the University of Washington.
On BitDegree, you can find some of the best Chris Benjamin’s courses and expand your knowledge. You can learn such things as economics, finance, public speaking, business management, and others. Choose the best course for yourself and take your skills to the next level in no time!