IFRS: Knowledge or Certificate?

Watching the trend of publicity that is being given to International Financial Reporting Standards (IFRS) and the rate at which people (especially professionals) are expending funds on courses with pursuit of attaining certificates and/or certifications on same, I wonder if it is the certification that matters or the practical knowledge of the standards.

Having read books and other materials on IFRS, I realised that it is nothing but a Standard (i.e. Rule, Law, Guidelines etc) like International Accounting Standards (IAS), Statement of Accounting Standards (SAS) and so on that guides the way and manner accounts are prepared.

Nevertheless, I am not undermining the importance of training or sophistication of IFRS but the quesion is "Do we need certificates and diplomas in IFRS as organised by ICAN, ACCA before the Accounting Standards can be enshrined in us as professionals?" I pray we won't have Institute of IFRS Accountants someday soon.

Maybe all we need is vibrant reading culture that is backed by availability of materials couple with networking of professional minds.

It's in YOU

If you are thinking and contemplating on how to fulfill your purpose in life. The solution lies in you. The trick is to start with what is already inside of you, use it as a foundation to build from, then find others who are getting the results that you desire and model their actions, beliefs and methods. By doing this, you will build a powerful and automatic confidence demeanor within your own nervous system. This will in turn result in better actions and more effective behaviors. Tap into that wealth of power that you already own and model what you have already done.

Mind you, a purposeful personality engenders good leadership.

Life and Changes

I believe there are overriding principles that we should follow and be led by. That life is about constant, predictable patterns of change. And that as we approach the future; for all of us, the only constant factor will be our feelings and attitudes toward life. Secondly, we as human beings have the power of attitude and that attitude determines choice, and choice determines results. All that we are and all that we can become has indeed been left unto us to decide and interpret through our attitude and choices.

Life and business are like the changing seasons. That's one of the best ways to illustrate life: it's like the seasons that change. Also, you cannot change the seasons, but you can change yourself. You must learn how to handle difficulty; it always comes after opportunity.

When things were difficult, I used to wish they were easy. I didn't know any better. Then Mr. Shoaff gave me the answer from a part of his very unique philosophy when he said, “Don't wish it were easier, wish you were better. Don't wish for fewer problems, wish for more skills. Don't wish for less challenge, wish for more wisdom.”

Who Is Responsible?

Who is responsible for what happens in your life? Do you believe you should take personal responsibility? Or do you feel as if that is outside of your control and there's little or nothing you can do about it?

Psychologists say that some people possess an internal locus of control, where they rely primarily on themselves for the gains and losses in their lives. Others possess an external locus of control, where they blame others when something goes wrong. Which group is more successful? The group that takes personal responsibility. Which people are more content? The ones who take personal responsibility. Which people learn from their mistakes and keep growing and improving? The people who take responsibility.

Taking responsibility for your life is a choice. That doesn't mean you believe you are in control of everything in your life. That's not humanly possible. But you can take responsibility for yourself and every choice you have.

Failure: Our Handiwork

Over the years I have come to the understanding that failure only manifest itself by the way and manner you handle it. Some people fail forward. Others fail and quickly spiral downward. These two types of people are very different, but how?

The difference is on the inside. It's the spirit of the individual. Those who profit from adversity possess a spirit of humility and are therefore inclined to make the necessary changes needed to learn from their mistakes, failures, and losses. They stand in stark contrast to prideful people who are unwilling to allow adversity to be their teacher and as a result fail to learn.

But failure to learn isn't the only way pride impacts a leader. Prideful people blame others, deny the obvious truth, and are closed-minded, rigid, insecure, and isolated from others. All of these can be detrimental to a leader, especially one who is interested in growing.

However, if leaders can move past arrogance and work toward humility, they can become the very best. According to John C. Maxwell "Great talent is good, but great talent with a spirit of learning is better." As leaders, we need more than just talent to be successful. In fact, humble leaders must not boast in their talent, but instead, must be confident in the ways they can build others and build organizations regardless of failure.

Fear Factor

Are your fears holding you back or are you using them to move you forward?

Your fears can actually lead you to success. Fear is an intense emotion. But that doesn’t mean it has to control you, or even stop you. Fear can prepare you and push you forward just as strongly as it can hold you back. Fear heightens your awareness and increases your physical strength. Fear brings your mind to sharp focus. With all that going for you, does it make sense to just run and hide? Of course not. Fear gets you in shape to take action!

Are you waiting for things to get better before moving ahead? If you’re serious about success, you need to start taking action today. If you’re waiting for things to be perfect, you’ll wait forever and nothing will ever get done.

The way to achieve is to bloom where you’re planted, to do what you can, where you are, with what you have. It’s easy to think up excuses for not taking action. “If only I had more hours in the day. If only I had a better job. If only I could meet the right person.” But excuses won’t bring you anything of value. You’ve got to change your “if only” into an “I will.” “I will make better use of my time. I will work on improving my career. I will create and nurture my relationships.”

Take a chance. Have faith in yourself. Your circumstances will improve when you make the effort to improve them. Start where you are right now. You have everything it takes to reach for whatever you desire. Stop wishing. Use your time, your energy, your thoughts and efforts to make it happen!

You’ll be glad you did!

Respect is Reciprocal

Respect is a word that means different thing to different people. Some may see respect as a plague of seniority while others see it as an epitome of maturity. In respect itself I found answers to action steps that can enable you to earn respect from those you lead.

-Respect yourself and those you work with
-Exceed the expectations of others
-Stand firm on your convictions and principles
-Possess maturity beyond your years
-Experience success in your family life and career
-Contribute to the success of others
-Think ahead of others

Self-respect comes with understanding who you are - your personality and purpose. You may not always win, but when you routinely give outstanding effort and you will experience success. Do not take failure or criticism personally. After failing, never give yourself permission to self-identify as a failure.