How Do I Choose the Best IFRS Study Materials?

Osmand Vitez

IFRS study materials are documents, reports, and official releases from the International Accounting Standards Board (IASB) that help inform individuals on these regulations. Individuals may need study materials for gaining IFRS certification or simply for learning how to handle business transactions. Choosing the best IFRS study materials involves looking at the source of the materials, selecting documents that focus on needed accounting rules, and using official training documents when necessary. In most cases, many different types of IFRS training materials may be available. Public accounting firms are most likely common sources for this data.

The Association of Chartered Certified Accountants (ACCA) diploma for International Financial Reporting Standards (IFRS) is more like a certification process.
The Association of Chartered Certified Accountants (ACCA) diploma for International Financial Reporting Standards (IFRS) is more like a certification process.

When an individual selects IFRS study materials, he or she she should always consider the source from where it comes. For example, the IASB most often prepares and disburses training materials for its many different accounting standards and principles. One issue with these IFRS study materials, however, is the technical language and confusing jargon that may be used. Therefore, an individual may look for documents or training materials released from a public accounting firm on IFRS documents. Public accountants may be able to provide better summaries on the official information relating to these accounting standards.

Many different IFRS study materials exist for these wide-ranging documents that cover many different types of business activities. Not all accountants need to study all of the documents at one time, if at all. Therefore, an individual should select only the IFRS study materials that relate to a given topic. For example, a staff accountant that works mostly with a company’s fixed assets may need training or study materials that relate to these items. The IASB typically releases documents and standards for groups of items, so the associated study materials associated are somewhat easier to work through for accountants.

In order to avoid improper accounting practices, an individual should only use official IFRS study materials when available. Or, a public accounting firm licensed to complete a summary or create a training document can supply the best types of study material. Failure to do so can result in an accountant learning practices or rules that are not the actual intent of IFRS for a country’s national accounting standards. The study materials should indicate the relationship between the preparer and the IASB for users to best understand their legitimacy. Unofficial study documents may even need to be reported as improper or incorrect to an accounting organization, so these misleading documents do not remain on the market.

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