Competency Details ( Knowledge of International Financial Reporting Standards (IFRS) )

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Competencies

Jadarat Dictionary

Knowledge of International Financial Reporting Standards (IFRS)

Efficiency Technical Competency

Demonstrating a deep understanding of financial sector regulations, ensuring adherence to International Financial Reporting Standards (IFRS) compliance, and proactively mitigating risk to maintain a sound regulatory compliance framework.

Jadarat Code: T122

Level 1

Possesses a basic understanding of IFRS and key financial reporting requirements. Familiar with the general principles and objectives of IFRS, including concepts like fair value measurement and disclosure. Learns to identify basic compliance needs within financial reporting frameworks.

Level 2

Supports the application of IFRS in financial reporting processes by gathering data and reviewing financial statements for alignment with IFRS principles. Assists in identifying areas for improvement in reporting practices and ensures the incorporation of standard disclosures in financial statements.

Level 3

Applies IFRS principles independently to prepare accurate and compliant financial statements. Understands complex IFRS concepts such as revenue recognition, lease accounting, and impairment of assets. Ensures organizational policies align with IFRS and resolves reporting discrepancies effectively.

Level 4

Leads IFRS compliance efforts across the organization, ensuring alignment with international standards and regulatory frameworks. Advises on the impact of IFRS changes and oversees their implementation. Provides guidance on integrating IFRS into financial systems and processes, fostering compliance across departments.

Level 5

Shapes the organization’s IFRS strategy by developing innovative frameworks for compliance and financial reporting. Anticipates changes in IFRS and proactively adjusts policies to maintain adherence. Drives strategic initiatives to enhance the quality and transparency of financial reporting within the organization.