Accounting

Introduction to Australian Accounting Standards training

Published: November 06, 2023
Accounting

What are Australian Accounting Standards?

Australian Accounting Standards (AAS) are largely an adoption of the International Financial Reporting Standards (IFRS) developed by the International Accounting Standards Board (IASB) to ensure a common global language for business affairs. Australian Accounting Standards aim to maintain consistency with IFRS to ensure that Australian financial reporting standards are globally relevant. There may be some differences between the two in areas where Australian statutory requirements differ from other countries, however, both provide a common set of accounting standards to promote transparency and consistency in financial reporting across the globe. 

Each standard defines how specific transactions should be recognised, measured and disclosed in the financial statements. 

Why do I need Australian Accounting Standards training?

Within the ever-evolving landscapes of the International Accounting Standards Board and International Financial Reporting Standards (IFRS), a thorough grasp of AAS is becoming increasingly indispensable. Keeping up-to-date can play a vital role in ensuring your knowledge of the standards stays current and your organisation conforms to the latest standard guidelines. Non-compliance with AAS may have severe repercussions, as it may lead to inaccuracies in financial statements and, subsequently, a loss of stakeholder trust.

Who is this training suitable for?

Our AAS eLearns are suitable for a wide range of accounting professionals. For graduates and entry-level professionals, it serves as a foundational pillar that aids in building a thorough understanding of each accounting standard. It is equally beneficial for mid-level accounting and finance professionals who are aiming to refine their skills and deepen their understanding of the Australian Accounting Standards, or update themselves with recent changes or additions to the Standards. Doing this can empower mid-level accountants to handle more complex tasks and take on greater responsibilities within their organisation.

For senior and executive-level professionals, the value of our training is in refining and updating pre-existing knowledge, and ensuring that current processes align with the latest industry standards. 

How Australian Accounting Standards training adds value to professionals

Our AAS eLearns are eligible for Continuing Professional Development points from Certified Practising Accountants (CPA) and Chartered Accountants Australia and New Zealand (CA ANZ).  

By keeping up-to-date with changes to AAS, you may gain a competitive edge, aligning your skills and knowledge with industry best practices. This may allow you to evolve in tandem with the industry and stay ahead of the curve, which could mean all the difference when applying for highly sought-after positions in the job market.

Our comprehensive training modules, coupled with real-world applications, ensure you are well-equipped to navigate the challenges of the financial world.  

Get started on your Australian Accounting Standards journey today

Australian Accounting Standards Training is more than just a learning experience; it’s a journey towards professional excellence. The role we play is to be your guide, providing the insights, knowledge, and practical skills necessary to understand the accounting standards set by the Australian Accounting Standards Board.

Ensuring your knowledge of the AAS is kept up-to-date  can assist you in developing a successful and fulfilling career. It demonstrates your ability to remain adaptable and continuously contribute to your professional development and your organisation’s success.

Harness the power of PwC’s global knowledge base and enrol in our AAS eLearns today.

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Frequently asked questions

What is the duration of the Australian Accounting Standards Training?
  • The duration of our AAS training is typically around 60 to 90 minutes per module. Our eLearning modules allow you to set your own pace and you have access to the training materials for 12 months from enrolment, allowing you to refer back to the material when you need to. 
Are there any prerequisites to enrol in the Australian Accounting Standards Training?
  • This training is suitable for current or aspiring accounting professionals – from new graduates to senior executives. With our training, each participant can build a strong foundation of knowledge of AAS, irrespective of their seniority. 
Is the training delivered online or in person?
  • Our training is delivered in eLearning modules allowing participants to learn at their own pace and convenience.
How do Australian Accounting Standards compare to International Financial Reporting Standards (IFRS) ?
  • Although AAS and IFRS are both rigorous and comprehensive, AAS are tailored to align specifically within an Australian context. This reflects the unique economic and regulatory landscape of our country. The training you will receive in our AAS courses still emphasises the global applicability of accounting standards. This helps facilitate an understanding of not just national, but international accounting requirements.
Will your Australian Accounting Standards Training be updated regularly to reflect changes in standards?
  •  Absolutely. We understand the dynamic nature of accounting standards and the importance of staying current. Our training modules are regularly updated to incorporate any changes or updates to the AAS, ensuring our participants receive only the most accurate and up-to-date information.
Is there a certification awarded upon completion of the training?
  • Participants who complete the training will receive a certificate of completion from the Training Academy, attesting to their enhanced knowledge and understanding of AAS.
How does Australian Accounting Standards Training aid in career advancement?
  • Our AAS training modules are eligible for continuing professional development points with CPA and CA ANZ. Our training helps you to elevate your knowledge of these accounting standards, enhancing your proficiency in financial reporting and analysis. This heightened knowledge can make you a valuable asset to your organisation and may open doors to new career opportunities and advancements.

 

How do I enrol in the Australian Accounting Standards Training offered by the Training Academy?

Enrolment is a straightforward process. Browse our range of courses or contact us for more information. 

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