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International Financial Reporting Standards (IFRS) - key to professional excellence and organizational development

21 January 2024

For the uninitiated, we will reveal that International Financial Reporting Standards (IFRS) are a global set of accounting rules used around the world. By standardising the rules, they contribute to the international standardisation of financial reporting. A full understanding of IFRS should be in the New Year plans of finance and accounting professionals as part of a journey to professional excellence and effective organisational financial management.

"Why should International Financial Reporting Standards be crucial for self-respecting companies? Because they confirm their transparency, fairness and comparability on the subject of financial statements. Financial statements are a measurable value for investors, analysts, and other stakeholders who want to better understand a company's financial position." - reminds Kamila Izdebska, Head of BPP Poland.

You can ask what is the practical application of IFRS knowledge in daily work?

Above all, it is the ability to prepare financial statements that comply with international standards. The knowledge gained helps to avoid errors and ensure that the reports comply with global regulatory requirements.

Finance professionals who regularly deepen their knowledge of IFRS are able to perform precise financial analyses that enable them to better understand the financial health of the organisation and identify areas for optimisation.

Last but not least, risk management – a key competency in today's challenging and dynamically changing market conditions. It is a full understanding of IFRS that helps to identify and manage accounting and financial reporting risks within an organisation.

"Understanding the needs of today's business and the challenges brought by changing circumstances, we want to help organisations maintain their leadership role in the market. The most important key to their success is their employees," - Kamila Izdebska adds, "so for those employees and professionals who already have experience with IFRS reporting and reporting, we have developed an advanced training course that will help them build practical skills that they can implement in their work right away."

The IFRS Refresher training course developed by BPP is an ideal combination of theoretical knowledge and extended case studies. Participants will have the opportunity to refresh and deepen their knowledge in the IFRS area, taking into account the latest changes. The training programme has been constructed by practitioners with many years of experience in business. The training is delivered in an online live format divided into 4 days.

"The most important of these are increased investor confidence, easier access to various sources of funding in Poland and abroad, greater operational stability of the organisation and thus elimination of the risk of conflict with international regulators." - concludes Kamila Izdebska and reminds us that "in a world where the globalisation of business is the norm, the ability to apply IFRS is becoming an indispensable element for effective financial management and market success."

Article also published on focusonbusiness.eu/en/.