Achieving IFRS Certification with Professional Training & Support

 

The Financial Reporting Quality Standards (FRQS) program is one of the International Standards Organization’s (ISO) standards programs that set a baseline of expectations for financial reporting by helping companies to measure their performance against international and national norms. This article discusses what certification means, how it can help you in your career, and the various certification paths available to prepare you for FRQS.

 

What is Accreditation?

Accreditation is an internationally recognized seal of quality recognizing the competence and quality of audit firms. The International Federation of Accountants (IFAC) governs the accreditation process. Accreditations are granted by audit bodies that are authorized by the IFAC. An audit firm will be accredited if its audit procedures meet the required standards of relevant international bodies, such as IFAC, which accredit the audit body. Accreditation is important for auditors because it assures the financial community that the auditing process has been reviewed and approved by a recognized audit body. The audit body provides this assurance by issuing a seal of approval.

Why is Accreditation Important?

Accreditation is important because it gives assurance to the financial community that the auditing process has been reviewed and approved by a recognized audit body. The audit body provides this assurance by issuing a seal of approval. This seal of approval is important because it definitively proves that the underlying audits were done by recognized auditing standards. Furthermore, it shows that the auditors are qualified and experienced to conduct audits and that their reports are reliable. Additionally, the seal of approval is valuable for audit firms because it confirms accreditation is a fundamental part of their business model and helps build their reputation.

Three Types of Accreditation for Accountants

There are three types of accreditation for accountants: full, limited, and restricted. Full accreditation means that the regulated accountancy body has met the requirements and standards, including ethics and skills requirements, to conduct audits in all specific areas that are relevant to that body’s role and activities. A limited accreditation means that a regulated accountancy body has met the requirements and standards to conduct audits in some specific areas. However, it has not met the standards required to conduct audits in other specific areas. A restricted accreditation means that a regulated accountancy body has not met the requirements and standards to conduct audits at all.

 

How to Achieve IFRS Certification

There are three paths available to professionals who are interested in IFRS certification: APAC, IASBA, and CMA. An accounting professional who is interested in pursuing IFRS certification can pursue one of the three paths listed below. However, it is important to note that these paths are not mutually exclusive and that a professional may choose to pursue more than one path to IFRS certification.

 Path 1: APAC Association for Professional Accountants (APAC) is the international, non-governmental and non-profit organization (NGO) that manages the accreditation process for the professional accountancy bodies (PABs) and the IFAC. APAC’s certification program for IFRS is a three-step journey. Professionals must first become a member of an approved APAC, and then complete the Foundation Program, followed by the Post-Graduate Program. Foundation Program - The foundation program is a one-year mandatory course that is designed to educate professionals in the foundations of accounting and the IFRS. This course covers foundational topics such as accounting principles, the financial statements, and IFRS. Post-Graduate Program - The post-graduate program is an entirely online course that covers the topics that are relevant to IFRS. The program is led by industry experts and certified APAC experts.

 Path 2: IASBA IASBA is an international professional accounting organization that develops standards and best practices for the accounting profession. IASBA develops and administers several professional and academic programs, including the International Federation of Accountants (IFAC) International Student Program. IASBA offers two certification paths for professionals seeking to obtain IFRS certification. Path 1 is designed for those who have already completed the Certified Public Accountant (CPAC) exam and Path 2 is designed for general accountants who wish to pursue IFRS certification. CPAC Path 1 - This certification path is for CPAC professionals who wish to obtain IFRS certification. CPAC professionals must first complete an approved CPAC course, followed by a three-year certification program. CPAC Path 2 - This certification path is for CPAC professionals who wish to obtain IFRS certification. CPAC professionals do not need to complete an approved CPAC course but must instead complete a one-year certification program. Path 3: CMA The Chartered Management Institute (CMI) is an international, non-profit professional association that provides management education and development. The CMI also has several certification programs, including the Chartered Management Accountant (CMA) program. CMA certification is available to professionals who have completed an approved CMA course. CMA professionals must first complete the Foundation Program for CMA certification, followed by the Post-Graduate Program for CMA certification. The Post-Graduate Program for CMA certification is a one-year program that is entirely online and requires 4,000 hours of study. Following successful completion of the program, professionals are awarded the CMA designation.

Conclusion

The certification path depends on your accounting focus and whether you are interested in pursuing IFRS certification. The three certification paths are: APAC, IASBA, and CMA. The three paths are not mutually exclusive and a professional may choose to pursue more than one path to IFRS certification. Each path offers different benefits, and depending on your career goals, one path may be better for you than another. The certification path is important because it helps you to determine which path is most suitable for you. Once you have chosen a path, it is important to keep up with your studies to stay on track and ensure you are ready for certification exams. Finally, achieving certification is a personal journey that requires dedication, dedication, and a little bit of luck.

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