International Accounting: Top 4 Books You Should Read

Friday, November 26, 2021

Accounting is an essential part of the function of industries and, as we live in a global economy, it is important to know about international accounting. In this article, we share with you some of the best books about this topic.

The International Accounting world is constantly changing, adapting to the international context and the effects it has on the global economy. But before getting involved in complicated and specific themes; it is necessary to know the basics of international accounting. That is why we are sharing with you some of the best books that will introduce you to this financial world

  • Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz

What if, rather than serving your business, your business served you? It’s possible, and the solution is simpler than you think. 

Mike Michalowicz has developed a counter-intuitive cash-management system that has helped tens of thousands of small businesses break out of the doom spiral and achieve instant profitability. Now, you can do it too. Treating profit like an afterthought, secondary to growth usually has the effect of running your business into the ground.

In this book, the point is to flip the formula: Sales – Profit = Expenses. This works just as one of the most effective weight-loss strategies is to limit portions by using smaller plates. We are shown how to take profit first and how to spend what remains on expenses only. With this small change, your business goes from a cash-eating monster to a profitable cash cow.

  • Fourth Industrial Revolution by Klaus Schwab

In this book, Schwab argues that we need to create new narratives to guide us through the fourth industrial revolution. The technologies that enable this revolution can - and will - completely change how we work, how we communicate, and how we live together. But their impact depends on how we design their development, and how a diverse set of individuals and communities are empowered to master these possibilities rather than fear them.

All of us have the responsibility to contribute to a comprehensive, positive and common narrative that shapes the opportunities and challenges ahead. This book is a useful toolbox to help us in this endeavor. The author describes how technological innovations are already shaking the fundaments of industry and society, and it includes a “deep dive” into 23 major shifts that are ahead. 

Beyond what it may seem, this writing is not about technology. Instead, it is about people and the qualities and It is a book about people, and about the qualities and the intelligence we need to master the fourth industrial revolution. It makes a very clear point about the importance of diversity as a fundamental resource for us all. It argues that emotions and feelings must be part of decision-making processes, together with contextual intelligence; and that well-being and personal health are the pillars of good leadership.

“The future enters into us… in order to transform itself in us long before it happens”.  - Klaus Schwab

  • IFRS For Dummies by Steven Collins

This book works as a complete introduction to IFRS and international accounting and balancing standards. In it, the author combines all the facts needed to understand this complex subject with useful examples.

In plain English, it helps the reader with its understanding of what the IFRS are and where they apply; how to adopt IFRS for the first time; how IFRS affects the key components of your financial statements; how to disclose information in financial statements; and much more.

This writing also covers what to do if you're applying IFRS for the first time.

  • Wiley IFRS 2017. Interpretation and Application of IFRS Standards by PKF International Ltd

This updated book is a resource for the interpretation and application of the latest International Financial Reporting Standards (IFRS) as outlined by the International Accounting Standards Board (IASB). 

The material presented in this writing will provide you with invaluable guidance on the expanding framework for unified financial reporting. 

It is organized for easy navigation, each chapter including a piece of general statement information followed by a topic-specific discussion to facilitate both quick-reference and in-depth study.

The relevance of this information is major because, every day, more and more countries around the globe either adopt IFRS as their national standards or adjust local standards in alignment. A working understanding of IFRS application is becoming essential, even as the rules continue to evolve. 

These books work as an introduction to this complex world but maybe it is not enough for you. The international accounting world has so much more to offer and if you are willing to learn all about it, then you should study the Bachelor of Commerce in International Accounting.

Why should you study a Bachelor of Commerce in International Accounting?

The Bachelor of Commerce in International Accounting provides the student with an international perspective on global principles of finance and accounting. 

While the alumni study this bachelor, they will develop their intellectual, practical, and critical-thinking skills so that they can apply subject-related knowledge and solve problems, which is expected of an entry-level accountant in any international practice.

The program that is studied in the Bachelor of Commerce in International Accounting provides the student with a comprehensive and fundamental knowledge base of the underlying core international principles of accounting, governance, risk management and control, auditing, financial management, and management accounting. 

International accounting is a vital component of the overall profession in the current economy. Improvements in digital technology and supply chains, as well as international trade agreements, have all made commerce across national borders more efficient and faster than in the past. No matter the industries in which businesses operate, their size, or operational goals, companies need accountants to help them manage the many complexes, vital concerns related to their finances. Accountants who have a strong background in international accounting can serve well in this role and potentially stand out from other candidates during the hiring process.

Where can you study for the Bachelor of Commerce in International Accounting? 

If you are currently living in South Africa, the University of Johannesburg offers you the opportunity to study with them the Bachelor of Commerce in International Accounting in the classroom settled modality or via distance learning

If you are interested in this bachelor's or are willing to know more about any other offer, you can receive more information once the form is filled with your personal information.

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