Accounting is a technical skill that one may best learn through a formal education or other personal instruction. International financial reporting standards (IFRS) represent the accounting standards used for international companies; individuals need to know about these principles in order to properly prepare a company’s accounting ledger. IFRS education options include a formal degree, classes with a licensed accounting firm, or the use of a consultant who knows IFRS. Choosing the best IFRS education can include factors such as cost, length of time to complete the education, and the individual teaching the material. In most cases, these options are widely available for individuals needing to learn IFRS.
The need for an IFRS education does not often arise quickly; it may always be present, with higher needs arising as a company enters into more business activities. With this in mind, it also takes time to find a reputable source for learning IFRS and completing the education. A formal college degree can take several years to complete in order to learn IFRS and related accounting principles. Even a course offered by a licensed accountant can take weeks or months, depending on the program. The frequency and availability of these options may also be a consideration here.
Not all educators or instructors are the same in terms of IFRS education. Colleges and universities may have formally educated professors who instruct students in IFRS. At issue here, however, is the individuals may not have any lengthy work experience, meaning they only have book knowledge. Other times, an individual with practical work experience can present IFRS education in a manner that gives a street approach to IFRS education. The individual can teach individuals how IFRS works in the business environment, resulting in a more practical learning experience.
Different classes or materials may also be available for individuals who need an IFRS education. This is especially true for companies in the United States, who do not currently use IFRS in order to prepare financial statements. Working with both generally accepted accounting principles (GAAP) — which is the national accounting standard in the United States — and IFRS is a common need for IFRS education. A large council of accountants and accounting organizations is attempting to make a common set of accounting principles that includes both of these sets. There is a great need for this education, making classes that discuss the convergence an important option for IFRS education.