Overwhelming technological advancements, diminishing cross country trade barriers, political realignments, changing demographics and corporate alliances have impacted the way businesses operate across the globe. Long gone are the days when the boundaries in the business world were known to be rigid and unbreachable, all of this is changing under the face of change.

The continued reduction in barriers to global business have actually transcended beyond international deliveries and lowering tariffs. Accountants in firms from London to Tokyo are accosted by a number of different documentation standards as they try to maintain their books. Like the internet, there was a push by diplomats across the world to use one accounting standard for every country in order to simplify trade.

In 1973, International Accounting Standards Committee (IASC) was created to establish simplified accounting rules for economies irrespective of their size. In the years that followed IASC was replaced by International Accounting Standards Board (IASB), which established standards observed by a number of countries. International Financial Reporting Standard (IFRS), which was introduced by IASB and IASC, has been reportedly adopted by over 120 countries since 1970.

A common refrain as cited by critics regarding a single global standard is that the firm bears the cost of changing the internal processes. In fact, if the one-off cost is kept aside, companies can save a lot of money in loss aversion than up front administrative costs. According to the Financial Accounting Standards Board based in the USA, a common accounting standards offers savings to customers and companies by reducing variables in each transaction.

As an accounting professional, an individual is required to have skills and knowledge to stay agile in an evolving economy. London School of Business’ Accounting and Business course lays down solid foundation of business finance, and meticulously train you in international accounting standards to help you manoeuvre your way in establishing your future firm’s book relevancy irrespective of the country it is based in.