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.

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.
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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.
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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.
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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.
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6. Opportunity
Accountants
I T Consulting
Software Firms
Valuers
Actuaries
Training Institutes
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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