International Financial Reporting Standards (IFRS)

Course details

Financial disclosure has become a critical function for businesses. Today, firms are under pressure from various stakeholders (financial markets, the State, clients, employees, etc.) and are therefore engaged in information policies, in order to meet changing requirements. Thus, we can see that annual reports are providing a growing supply of information. It covers not only the needs of corporate governance, through the establishment of a management report and description of the principal organs of corporate control e.g. structure of the Board and capital, firm's Audit committee, salaries, etc… but also those related to the firm's environmental responsibility. Other documents and summary tables - the financial statements also provide various business partners with a wide range of information about the nature and performance of the firm's activity. On the one hand, they can serve as evidence or control tools for monitoring the performance of contracts between the firm and its partners. Also, they provide investors and other users with relevant information for economic decision making. Financial statements are therefore supposed to better reflect the economic situation of the company so that investors can properly evaluate the performance. In order to produce useful and relevant information, the preparation of financial statements is based on a number of principles, uses its own mechanisms of information processing and allows a rigorous synthesis. The growing global acceptance of IFRS as a basis for the preparation of financial statements of large and medium sized entities creates a need for an increasing group of professionals to gain knowledge and experience of these standards. Even those with a basic understanding of IFRS are required to constantly update their knowledge because of the fast evolution of these standards and the growing experience that practitioners require.