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Current trends in international education and careers

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Mandar Godbole

The document discusses International Financial Reporting Standards (IFRS) and eXtensible Business Reporting Language (XBRL). IFRS is used by over 100 countries as their reporting standards and the US is gradually accepting IFRS. India is converging to IFRS in phases overseen by regulatory bodies. IFRS benefits include transparency and comparability. XBRL is an XML standard for exchanging business data efficiently and reducing errors. It allows flexible reporting across languages and standards and opportunities exist for accountants, consultants, and software firms in these areas.

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Current Trends in International Education and Careers International Financial reporting Standards (IFRS) eXtensible Business Reporting Language (XBRL) CA Mandar Godbole
International Financial reporting Standards (IFRS) 1. IFRS is used by more than 100 countries around the globe as there reporting standards for all domestic, listed companies. 2. USA is also slowly but progressively shifting from requiring only US GAAP to accepting IFRS. 3. India will be converging to IFRS in a phased manner. 4. International Accounting Standard Board (IASB)issues IFRS and which are further overseen by National Advisory Committee on Accounting Standard (NACAS), a government- appointed body in India. CA Mandar Godbole
Benefits of IFRS 1. A common language for accountants worldwide and a common reporting platform for corporate leading to enhanced transparency of companies through better reporting. 2. Investors would have better understanding of financial statements and making comparisons between companies worldwide. 3 Better access to capital, including from foreign sources and reduced cost of capital and access to the global capital markets. 4 Improved regulatory oversight and enforcement because of higher standard of financial disclosure. CA Mandar Godbole
eXtensible Business Reporting Language (XBRL) 1. XBRL is a XML based global standard for exchanging business information. 2. XBRL India is a Company incorporated for managing the affairs of Indian Jurisdiction of International XBRL 3. XBRL is being developed by an international non- profit consortium of companies, organizations and government agencies. 4. Effective financial reporting in the current scenario includes quality of accounting rules as well depends heavily on their technological implementation. CA Mandar Godbole
Benefits of XBRL 1. XBRL greatly increases the speed of handling of financial data, reduces the chance of error and permits. 2. Corporate can use XBRL to save costs and streamline their processes for collecting and reporting financial information 3. Users of financial data, including investors, analysts, regulators , etc can compare and analyze data efficiently if it is in XBRL format. 4. XBRL can be flexibly used for different languages and accounting standards and permits automatic checking of information. CA Mandar Godbole
Opportunity Accountants I T Consulting Software Firms Valuers Actuaries Training Institutes CA Mandar Godbole
Related websites www.xbrl.org www.rbi.org www.icai.org www.iasb.org www.w3.org/XML/ www.ifrs.org www.xbrl.org/in CA Mandar Godbole
Thank You Compiled by C A MANDAR GODBOLE mandardisa@gmail.com

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Current trends in international education and careers

  • 1. Current Trends in International Education and Careers International Financial reporting Standards (IFRS) eXtensible Business Reporting Language (XBRL) CA Mandar Godbole
  • 2. International Financial reporting Standards (IFRS) 1. IFRS is used by more than 100 countries around the globe as there reporting standards for all domestic, listed companies. 2. USA is also slowly but progressively shifting from requiring only US GAAP to accepting IFRS. 3. India will be converging to IFRS in a phased manner. 4. International Accounting Standard Board (IASB)issues IFRS and which are further overseen by National Advisory Committee on Accounting Standard (NACAS), a government- appointed body in India. CA Mandar Godbole
  • 3. Benefits of IFRS 1. A common language for accountants worldwide and a common reporting platform for corporate leading to enhanced transparency of companies through better reporting. 2. Investors would have better understanding of financial statements and making comparisons between companies worldwide. 3 Better access to capital, including from foreign sources and reduced cost of capital and access to the global capital markets. 4 Improved regulatory oversight and enforcement because of higher standard of financial disclosure. CA Mandar Godbole
  • 4. eXtensible Business Reporting Language (XBRL) 1. XBRL is a XML based global standard for exchanging business information. 2. XBRL India is a Company incorporated for managing the affairs of Indian Jurisdiction of International XBRL 3. XBRL is being developed by an international non- profit consortium of companies, organizations and government agencies. 4. Effective financial reporting in the current scenario includes quality of accounting rules as well depends heavily on their technological implementation. CA Mandar Godbole
  • 5. Benefits of XBRL 1. XBRL greatly increases the speed of handling of financial data, reduces the chance of error and permits. 2. Corporate can use XBRL to save costs and streamline their processes for collecting and reporting financial information 3. Users of financial data, including investors, analysts, regulators , etc can compare and analyze data efficiently if it is in XBRL format. 4. XBRL can be flexibly used for different languages and accounting standards and permits automatic checking of information. CA Mandar Godbole
  • 6. Opportunity Accountants I T Consulting Software Firms Valuers Actuaries Training Institutes CA Mandar Godbole
  • 7. Related websites www.xbrl.org www.rbi.org www.icai.org www.iasb.org www.w3.org/XML/ www.ifrs.org www.xbrl.org/in CA Mandar Godbole
  • 8. Thank You Compiled by C A MANDAR GODBOLE mandardisa@gmail.com