If you are an accounts person eager to make a lucrative career in finance and accounts, knowledge of IFRS is very important for you as most countries, including India, are moving to IFRS accounting standards. You can learn about IFRS as well as get certified in this area easily with online courses now available in this domain. In this blog, we will discuss what IFRS is and how can it benefit you.
IFRS stands for International Financial Reporting Standard and is an internationally accepted language for business accountancy presentation. It makes the presentation comparable and understandable worldwide. In other words, IFRS is a singular accounting language.
Scope of IFRS in India
As IFRS is globally recognized, Indian companies and working professionals need to be well versed in it. There is a growing demand for IFRS professionals as more and more companies migrate to this international standard. To meet the growing demand, institutes like IACT Global have created an online IFRS course for accounting and financial professionals, which can be easily completed from the comfort of your home or office.
Indian companies are increasingly recruiting professionals with knowledge and experience of IFRS along with their accounts and finance degrees. Hence, finance professionals who wish to excel in their careers in finance should consider taking up IFRS certification to improve their career prospects.
The Ministry of Corporate Affairs, Government of India through notification dated 16 February 2015 issued the Companies (Indian Accounting Standards) Rules, 2015 (Rules) which lay down a roadmap for companies other than insurance companies, banking companies and non -banking finance companies (NBFC) for implementation of Ind AS converged with IFRS.
The changeover to Ind AS standards has set in motion the process of significantly improving the quality of and transparency in financial reporting by Indian companies. The future looks bright for accounting and finance professionals in India!
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IFRS certification as an excellent opportunity for accounting and finance professionals
Professionals with Commerce, CA, CPA and CFA qualifications can acquire an edge over others with IFRS certification. They can become at par with finance professional worldwide by acquiring IFRS certification through online courses available on naukri.com eLearning platform.
As you do research, you will be amazed at the growing demand of IFRS certified professionals in India. Let’s have a look at the various roles an IFRS certified person can choose from:
- Banking and insurance sector have a huge demand for IFRS professionals
- Apart from banks, insurance sectors, non-banking financial companies and listed companies are also following IFRS guidelines since 2011.
- Advisory companies who offer their services to accounting and finance firms require consultants with IFRS certification.
- IFRS experts can also start their own private consultancy firms advising clients in transition towards IFRS standards.
- IFRS professionals can also take up the role of an IFRS trainer in the finance education industry.
Growth Prospects for IFRS Professionals
If you acquire IFRS certification, you will have a growth spurt in your career. This is because of the following reasons:
- IFRS professionals are in huge demand in India
- Finance professionals equipped with IFRS certification have advantage over others as they have knowledge of international accounting standards
- IFRS qualification will make you eligible to work in 100+ countries
- As IFRS guidelines are constantly updated, demand for IFRS experts will continue to be on the rise.
Finance is an exciting sector with changes happening at a rapid pace across the world. With recent demonetization initiative taken by Government of India, the importance of understanding finance and staying abreast with the latest updates cannot be overstated!
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