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Objective of IFRS

Learn the key objective of IFRS—ensuring global transparency and consistency in financial reporting. Join Zell Education for the best IFRS coaching and boost your global accounting career today!

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CPA Certification Earn your CPA Certification and unlock global opportunities in accounting and finance. Get expert guidance with Zell Education’s top-rated CPA coaching. Enroll now and accelerate your career!

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7 Objectives of IFRS

In today’s connected world, transparency, comparability, and accountability only get ensured with consistency in financial reporting. International Financial Reporting Standards are global accounting standards developed to promote consistency, transparency, and comparability in financial reporting. This article looks into the objectives of IFRS, its concept and history, and the important role it plays in financial reporting. By understanding these aspects, businesses can better appreciate how IFRS generally impacts global financial practices.

What is the Meaning of IFRS?

International Financial Reporting Standards (IFRS) are accounting standards established by the International Accounting Standards Board (IASB) to ensure consistency and transparency in financial reporting. They established a robust framework for preparing and presenting financial statements, fostering consistency and enabling seamless comparability across borders.

Key Features of IFRS

Uniformity: IFRS ensures uniform presentation of financial statements across different nations.

Transparency: It enhances the quality and veracity of the financial statements.

Adaptability: IFRS allows for different economic and legal systems. In that respect, it is suitable for international use.

The objectives of IFRS are focused on developing one single accounting terminology that would inspire confidence and efficiency in financial markets at large.

What is the Concept of IFRS?

The concept behind the establishment of IFRS deals with the harmonisation of financial reporting practices in different countries around the world. This shows that its principal aim is to reduce differences in national accounting standards.

Key Principles Underpinning IFRS

Relevance: Financial information is relevant to decision-making.

Faithful representation: Financial data should accurately reflect an organisation’s financial position.

Comparability: Financial statements enable comparability between firms and across time.

Timeliness: Information should be provided to the stakeholders in time.

The IFRS Foundation oversees such standards to keep it relevant and flexible enough for any dynamism occurring in financial landscapes.

What is the History of IFRS?

Understanding IFRS’s history helps us appreciate how it has evolved to such widespread acceptance.

Key Milestones in IFRS History

1973: The International Accounting Standards Committee (IASC) was founded with its focus on developing one set of international accounting standards.

2001: IASC was succeeded by IASB. It introduced IFRS in place of International Accounting Standards.

2005: International Financial Reporting Standards (IFRS) are made mandatory for that group of publicly traded European Union companies, an important step towards global adoption.

Current scenario: Over 140 countries currently have converged or adopted IFRS, including India, Australia, and Canada.

In order to ensure that these standards will meet the requirements in modern financial ecosystems, the IFRS Foundation continues to update them.

What Are the Objectives of IFRS?

The objectives of IFRS are contained in its adoption and wide application within the global community of financiers.

Key Objectives of IFRS

Enhancing Comparability: As a result, comparability is improved since IFRS offers some financial reporting uniformity, which makes it possible for stakeholders and investors to evaluate the financial statements of businesses and organizations in various nations.

Improving Transparency: IFRS ensures that the financial data presented is complete and transparent.

Facilitating Global Investment: Consistent reporting standards reduce barriers to cross-border investments.

Supporting Economic Growth: Credible financial reporting through IFRS inspires more market confidence in its contribution to economic stability.

These objectives are also in line with the extended objectives of IASB, the body responsible for the methodology and maintenance of IFRS.

What is the IFRS Objectives Overview?

An overview of the aims of IFRS indicates how it has facilitated the harmonisation of financial reporting standards across the world.

Core Objectives at a Glance

Standardisation: Ensures standard accounting practices around the world.

Accountability: It boils down to enhancing corporate governance and accountability.

Efficiency: The process of preparing consolidated financial statements of multinational corporations becomes easy.

The scope of IFRS cuts across industries and sectors, making it the cornerstone of international accounting practices.

What is the Role of IFRS?

The role of IFRS is important in global financial reporting; it is a powerful tool for attaining consistency and reliability in financial statements.

Key Roles of IFRS

Ensures that financial reports represent true economic performance—fair representation.

Investor confidence is attracted by genuine, open financial disclosures.

Report simplification, therefore, provides a simplified way of financial reporting by multinational corporations operating in diverse jurisdictions.

The importance of IFRS is to aid in levelling the playing field so that firms compete fairly on the global platform.

Why is IFRS Important?

This is because the importance of IFRS comes out of the challenges of globalization in financial reporting.

Why IFRS Matters

Global Acceptance: Being the globally accepted standard, IFRS reduces the need to have numerous reports on finances.

Simplified Group Consolidation: Companies within a multinational group benefit because there is one coherent and uniform reporting system with reduced clutter.

Improved credibility: When companies present results based on IFRS, it shows that they are keen on being transparent and accountable to the stakeholders.

The objective of accounting standards, such as IFRS, is to ensure that data is accurate, pertinent, and comparable.

Why Choose Zell Education for IFRS Training?

When it comes to mastering International Financial Reporting Standards course, choosing the right education partner surely makes all the difference. Zell Education is among the leaders in financial training and provides a tailor-made learning experience to the absolute beginner and the experienced professional. Here is why Zell Education is the first choice for IFRS preparation:

1. Expert Faculty

You will get a chance to learn from professionals at Zell Education who have in-depth knowledge and hands-on experience in IFRS.

Industry Experience: The faculty consists of those who have long been involved in the field of finance, accounting, and international reporting standards.

Practical Insights: Go beyond the theory to learn how IFRS is applied in global financial practices through examples taken from real situations, case studies, and practical insights.

Personalized advice: Faculty members consider each student’s specific question and challenge individually.

The knowledge of the faculty ensures that, besides mere comprehension of what IFRS is, even its real-world implications are understood.

2. Comprehensive Curriculum

Zell Education provides a tailor-made curriculum that gives students great insight into IFRS.

Conceptual Clarity: It starts with the basics and provides a conceptual view of IFRS, its history, and what are its objectives.

Practical Utility: The course will include practical use of the application of IFRS, the impact on the financial statements, and the compliance issues about the same.

Advanced Topics: Further discussion in great detail will be allowed concerning specific newer standards on revenue recognition, financial instruments, and leases, making those important in international accounting topics. 

Regular quizzes, assignments, and case studies foster interactive learning in the process. 

This comprehensive curriculum is designed in a way to provide adequate preparation in knowledge and skills that will not only allow students to act professionally in their respective roles with excellence but also stay updated regarding the latest challenges faced by the accounting profession throughout the globe.

3. Flexible Learning Options

With an understanding that different students and professionals have different needs, Zell Education offers flexible learning formats to suit everyone.

Online Classes: Avail the best virtual sessions from any part of the world at convenience to the working professionals and students without compromise.

Offline Classes: Zell offers classes offline, too, for those who prefer the traditional classroom setup. The focus is on hands-on learning.

Hybrid: Combine online and offline learning to develop the appropriate and relevant learning experience.

Self-Paced Learning: Sessions can be recorded, and resources are allowed to be downloaded for learning at one’s own comfort.

Conclusion

International Financial Reporting Standards are a key example, in which the laid standards play major roles in international financial operations or activities, starting from giving increased transparency to developing comparability. Therefore, it is possible to see the objectives of IFRS as being integrated with the more general goals of creating a common accounting framework.

Businesses and professionals alike can implement compliance through its principles and spur growth by taking into account the scope of IFRS, history, and importance of IFRS. As the face of finance is constantly changing due to globalization, IFRS is likewise left behind as the foundation for accurate and consistent financial reporting.

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CPA Salary in India & USA: Average to Highest (2025)

The US Certified Public Accountant is gradually but consistently becoming more popular as a worldwide accounting profession. Although many students may know about this course, only a small number truly grasp the job duties, range, and salary they could expect after successfully finishing it. In that scenario, we guarantee that once you have this information, you won’t revert to considering any standard accounting course.

Obtaining a US CPA license is quite challenging, but take comfort in knowing it is certainly the most esteemed credential that enables you to be a Chartered Public Accountant in the US. Nonetheless, prior to starting this demanding venture, you might want to understand the compensation and benefits this career could offer you, whether you plan to work in India or the US. Considering various factors like location, experience, job role, industry, and the nation you aim to work in, here is the salary variation you can anticipate.

In addition to the position's reputation and morals, the pay stands out as the most significant factor of a CPA job. Multiple reports indicate that individuals holding a CPA certificate earn, on average, 10-15% more than their fellow accountants. In India, the average annual salary for a CPA is INR 6,93,985, according to Payscale.com. In several cities such as Mumbai, the salary can reach up to 20.5 LPA. According to Glassdoor, the average salary for a CPA ranges from $69,000 to $100,000 annually (USD), based on 360 reported salaries, updated on February 10, 2025. These typical salaries, nonetheless, are influenced by various factors

CPA Salary Based on Job Profile

As the Certified Public Accountant is a sophisticated accounting field, various career paths are available depending on your skill level. After obtaining a US CPA, some of the top career choices include Tax Advisory and Planning, Auditing Services, Management and Consulting Services, Forensic Accounting, and Financial Reporting. Below is an overview of the salaries available to US CPAs depending on their selected profession

US CPA Salary in India Based on Job Profile 

Source 

US CPA Salaries in The US Based on Job Profile

CPA Salaries for Freshers in India

A beginner or a Fresh CPA in India makes approximately 6 Lakhs annually, which translates to around 50,000 rupees each month. In metropolitan cities such as Mumbai, Bangalore, and Delhi, the typical salary can reach up to 13.8 Lakhs annually. This also differs from one company to another. By joining a big four multinational corporation, a certified CPA's salary can range from 12.5 Lakhs to 23 Lakhs annually.

CPA Salary based on Location:

An improved location guarantees enhanced accessibility for the company and the employee. Therefore, residing and working in an excellent area provides financial advantages. This underscores the notion that larger cities tend to offer higher median salaries for CPAs. An ideal location also provides improved access to opportunities and enhanced living conditions, contributing to job satisfaction.

Salaries determined by location are largely influenced by the performance of the country's economy. Economically robust countries often have a significant demand for financial experts and are eager to attract them with appealing compensation packages. Nonetheless, prior to selecting the country you desire to work in, take into account the quality of life as well.

CPA Salary Based on Experience:

As you acquire experience, the salary rises significantly. Often, your knowledge and skills are the primary elements in deciding the compensation. Consequently, the greater the responsibilities you manage, the larger the salary that is extracted. To ascend the corporate hierarchy, many candidates, in addition to work experience, also choose to enroll in short courses to achieve a salary increase

US CPA Salary in India Based on Experience

Source

Salary Package Achieved in the US Based on Experience

CPA Salary Based on Industry

Factually, Certified Public Accountants earn more than non-certified ones. As specified above, they can work in auditing, taxation, assurance, and advisory fields in the Big Fours, accredited international firms, and other local firms. The more in-trend an industry is, the more pay you receive. After the pandemic, there are certain industries that are gaining more popularity than the others such as food, healthcare, and EdTech. Here are some of the top industries hiring US CPAs.

US CPA Salary in India based on industry 

Industry

Average Annual Salary

PetroChemicals Companies

12 lpa

FMCG Companies

10 lpa

Engineering & Construction

9 lpa

Pharmaceutical & Life Sciences

7 lpa

Education / Training Companies

6 lpa

US CPA Salary in the US based on industry 

Industry

Average Annual Salary

Real Estate

$16 /hr

Education / Training Companies

$38T -$2L

Finance & Insurance Companies

$78,600

Government Accounting Services

$72,260

Database Management 

$53T – $86T

Source

CPA Salary based on Company Size

The company size also plays an important role in deciding the opportunities you ight gain to better your salary. An MNC or any other large company might have multiple growth options depending on the hierarchy, departments and responsibilities available. On the other hand, working for a small or medium sized company would ensure that you’d be a part of the major financial decisions taken by the company and would receive more exposure and learning opportunities.

Company-wise differentiation of US CPA salary in India

Company-wise differentiation of US CPA salary in the US

Getting ready for the CPA exam will require extensive preparation. The American Institute of Certified Public Accountants (AICPA) is a leading regulatory organization for CPAs that offers excellent preparatory courses to assist students in effectively preparing for the exams. The CAs in India may also enroll in the certification program to enhance their qualifications.

Aside from that, Zell Education offers specialized programs to ensure excellent preparation and support via their top-selling courses across various batches and test series. In addition, numerous free online resources exist that can guide students in directing their planning appropriately.

Passing the CPA exam and obtaining the credential is challenging, yet the rewards and financial return make it worthwhile. Zell Education is dedicated to enhancing the effectiveness of US CPA preparation, enabling individuals to achieve their ideal salary from their chosen profession. The path may be challenging, but with proper guidance and suitable consistency, it will soon turn into an easy task, leading to a stable, respected, and prosperous life for anyone who seeks the honorable role.

The US CPA credential is acknowledged globally and can create avenues for opportunities in Europe, Asia, and North America. If you are an accounting expert aiming to advance your career or simply interested in the course, we recommend exploring our Certified Public Accountant (CPA) course for further information.

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CFA Level 1 Learn about CFA Level 1 subjects, exam format, and preparation tips. Enroll with Zell Education for the best CFA course in India and start your finance career.

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ACCA Subjects Discover all about ACCA subjects and their scope in finance and accounting. Join Zell Education for the best ACCA course in India and boost your global career.

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Learn from Industry Experts & ACCA Rankholders – Start Your Journey!

Pursuing ACCA in India can open doors to global career opportunities in finance and accounting. With top MNCs and Big 4 firms actively hiring ACCA professionals, now is the perfect time to start. Zell Education offers the best ACCA coaching in India, with expert faculty, a structured study plan, and 100% placement support. Whether you're a student or a working professional, Zell makes clearing ACCA easier.

Join now and take your first step toward a successful international career!

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CFA Course Details

The CFA (Chartered Financial Analyst) course is one of the most respected certifications for finance and investment professionals. It has three levels covering investment management, financial analysis, ethics, and portfolio management. To earn the CFA charter, you need to clear all three levels and meet the required work experience. Zell Education offers top-notch online CFA coaching in India, with expert-led training, detailed study materials, and personalized mentorship to help you succeed.

Join Zell Education today and take your finance career to the next level!

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CMA Course Details

The CMA (Certified Management Accountant) course is a globally recognized certification for those looking to build a career in management accounting and financial management. It has two exam parts, covering financial planning, cost management, performance management, and decision analysis. To get certified, you need to clear both exams and fulfill the required work experience.

Zell Education provides the best online CMA coaching in India, offering expert guidance, comprehensive study materials, and one-on-one mentorship to help you succeed.

Join Zell Education today and take your career to new heights!

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Fast-Track Your ACCA Journey – Claim Your Exemptions Today!

The ACCA duration varies based on your education and exam pace. On average, it takes 2 to 3 years to complete all levels. Zell Education offers the best ACCA coaching in India.

Start your ACCA journey Today!

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ACCA Eligibility

ACCA eligibility requires you to have completed 10+2 with a minimum of 65% in Math/Accounts and English, and 50% in other subjects. Graduates in commerce or related fields can also apply. Zell Education offers the best ACCA coaching in India.

Join Now!

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Transform Your Future in Finance: ACCA Opens Doors to Roles in Financial Accounting, UK Taxation, and More!

Kick-start your ACCA career with exciting opportunities in finance, audit, taxation, and consulting. At Zell Education, you get the best ACCA coaching in India.

Join Zell

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Explore Our ACCA Course Roadmap – Get Certified Today!ACCA Course is a globally recognized qualification that helps you build a career in accounting and finance. It covers topics like taxation, auditing ETC. Zell Education provides the best ACCA coaching in India.Join Zell Now

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Learn the key differences between FCCA and ACCA, their benefits, and find the right resources to choose the best path for your accounting career | Zell

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Learn about ACCA exam difficulty, key factors, and tips to pass. Master syllabus, manage time, and boost your success in clearing ACCA exams easily

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Explore investment banking internships! Learn goals, preparation tips, types, and how to land your dream role in this ultimate guide for future bankers.

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 ESG frameworks and standards are implemented, business organizations will be held accountable and their expectations will be met, all while meeting regulatory requirements.