Improve your career
Specialization in certain areas or segment is key for your personal success.
Although IFRS is broadly known for being a set of standards based on principles, the more you understand local markets, specific transactions and detailed accounting rules for you industry/segment, the more you will add value to your carreer in a competitive environment.
International Financial Reporting Standards have been introduced in more than 120 countries around the world and had brought a great challenge for accountants, internal and external auditors, tax authorities and users of financial statements of listed entities, financial institutions and insurance companies in the world.
The challenge is to precisely understand the key differences in accounting treatment of the various elements of financial statements compared with the local accounting standards, the exemptions and accounting policy choices that entities that adopt IFRS can enjoy. Additionally, IFRS brought a lot of prospective financial information, financial risk disclosures and other significant elements that were not considered in accounting practices prior to their adoption. IFRS certainly brought more transparency about these important elements of risk.
Consequently, all accounting professionals and students who are directly involved in the analysis of balance sheets of companies adopting IFRS should be updated and prove that they have knowledge about the basic elements of these standards. The large number of professionals, academics, accountants and financial analysts indicates that professionals must keep up with this new market trend and evolution of IFRS.