3 BIGGEST MYTHS ON IFRS & WHAT YOU CAN DO ABOUT THEM

I always hear that all the time! Many of my readers and subscribers have written to me about their frustration with IFRS because they find it boring, boring and difficult.

There are 3 biggest myths about IFRS that people believe.

And they hold them back and sometimes they make them fail.

Do you believe them too?

And if you are, don’t worry. It is Easy to hit once you know what it is.

Myth 1: IFRS is very boring, boring and difficult

I understand – I experienced the same thing. When I prepared for an  IFRS Exam , I was worried for hours before I sat down with the book on how dull and terrible it will be.

Even worse, I didn’t know where to start. The IFRS rules are not easy and I had no structure or procedure to follow – as a result, I was simply overwhelmed and lost in a bunch of different and contradictory theories.

However, after a while, I realized that IFRS is not a problem – this is the WAY to tackle it… and that brings me to Myth 2:

Myth 2: “I just have to try harder”

This is very unfortunate, but very common.

When I started to learn IFRS, I tried everything: I took courses, then I read books, then courses, then articles, browsing the web and others.

I got results, it’s true. But when I came across a particular IFRS challenge, whether it was a new client or a new client question, I was lost! Just not knowing where to start.

And then I thought – OK, maybe I have to try harder. So I did it – reading books in my spare time, signing up for new classes, etc.

I spent 2 to 3 hours a day in addition to my work day improving my own knowledge – and you can imagine the cost of it. I was just broke, exhausted and depressed. something like this:

Once I realized that “working harder” didn’t work (and would NEVER work), I broke through and found a solution that didn’t just get short-term results. More on that soon.

Myth 3: “Books, pen and paper will do the trick”

What about all those courses and courses that encourage you to review notes, pick up pen and paper, and solve the questions in the course?

When I prepared for my ACCA exams, I did the exact same thing. Revise the notes, re did the examples with my pen and paper. It worked relatively well for the exams – I did it.

But when it came to putting new knowledge into practice, again – I was lost. I understood that most IFRS Course or conferences do not prepare people to be the best on the market. They prepare people enough to pass the test (sometimes not even).

Years after finding my own path and becoming an IFRS expert, I saw many unhappy accountants or CFOs who were very intelligent and educated, but they had to pay me or other consultants to resolve some issues related to  International Financial Reporting Standards.

Most people believe that they need to read a lot of IFRS books, memorize all the rules, take expensive courses, and spend tons of time mastering IFRS and getting the best job they can.

Do these mistakes seems familiar to you? Do you make them yourself?

Well, I did them too!

Instead, from my own experience, I have found out what works best:

1. Learn IFRS in small portions,
2. Translate IFRS into very simple language (you can use visual aids for this, such as clear and fun examples, images or films),
3. Instantly apply IFRS rules to real examples using real work tools (Excel, not a pen and paper),

And then take one more step towards more demanding concepts.

This approach is much more effective if you want to master IFRS and accelerate your career.

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