Benefits of IFRS Course: Career Scope and Reasons
There are 195 countries in the world, It’s no surprise you’ve felt like you simply can’t keep up with the ever-changing nature of accounting standards. With each country having its own legalities, rules, and basis of financial reporting it can get overwhelming! But the IFRS is a unique accounting standard that creates a unified basis of accountancy that all countries are required to abide by. One of the benefits of IFRS is that it organises the international marketplace. The demand for qualified IFRS Diploma holders has only grown over time because it not only makes you more occupationally mobile but also adds significant value to your resume and automatically globalises your national degree to suit international market standards.
International Financial Reporting Standards, also known as IFRS, were earlier introduced in the form of International Accounting Standards (IAS). These standards came into existence in the year 1973 and 2001, to ensure a globally acceptable language for business accountancy that can be followed and understood by individuals throughout the globe. In other words, IFRS is nothing but the global parameters in the field of accountancy for data presentations. The core idea is to maintain documentation, books, and other accounting-related data in a relevant format for internal and external users to comprehend.
Since IFRS, as a global accounting standard, has become mandatory for accountants in different parts of the world, several local, international and government organisations require an IFRS expert who can keep the accounting activities and data as per these global standards. If you are considering a career in IFRS, here are some of the IFRS benefits and the career scope after the certification.
IFRS Course Details Guide
Benefits of IFRS Course and Why you Should Consider
IFRS is a short term three-month course offered by the ACCA body. This course provides essential international financial reporting knowledge and principles that will equip candidates to operate in an increasingly competitive global marketplace. Here are some of the other benefits of IFRS that will make you consider this short term course.
1. Adds More Value to Your Accounting Career
Whether you have a CPA, CA, ACCA, Company Secretary (CS), or a Certified Financial Planner(CFP) degree, the benefit of IFRS course is that it will add more value to your existing degree with added knowledge and responsibilities. Since there are very few professionals who’ve received IFRS training along with their professional accounting courses, the demand for these professionals is quite high. One of the major IFRS benefits is gaining a global accounting perspective, which eventually adds more value to your career.
2. Makes You a Global Professional
As mentioned earlier, IFRS is a singular language that needs to be used and implemented by all financial sectors and other companies throughout the world. Large firms that implemented IFRS at an earlier stage discovered smooth financial functioning, transparency, accountability and increased efficiency. IFRS benefits include the removal of information gaps and the international comparability advantage, which further enable investors and other participants to make informed decisions. Having knowledge of IFRS helps you learn and work as per global accounting standards.
3. Opens Doors to Global Career Opportunities
With a Diploma in IFRS you can work in any part of the world, based on your preference. A Diploma in IFRS not only makes you eligible for the best accounting opportunities in India but also abroad. About more than 120 countries have adopted IFRS standards, and are hiring experts on a large scale. With this accounting certification, you can improve your global career prospects within no time.
What is the Career Scope After Completing a Diploma in IFRS
A diploma in IFRS is usually pursued in association with another accounting degree such as CA or ACCA. Since it is a short term course, it can easily be done during your long term accounting courses. After completing the three-month Diploma in IFRS course, there are many career opportunities that one can explore in the field of finance and accounting. Some of the most popular professions after completing the IFRS Certification.
- Financial Consulting
- IFRS Trainer
- Financial Analyst
- Chartered Accountant
Indian firms that hire IFRS Experts
International firms that hire IFRS Experts
The Average Salary of an IFRS Expert
One of the major benefits of IFRS course is the high salary package that the innovative SMEs and MNCs have to offer. Not only does the IFRS open massive career pathways around the world but it also allows you to earn up to 25% higher than other financial professionals. Here’s an average salary presentation of an IFRS expert in India to give you better clarity on what lies ahead for you if you happen to choose this as your profession.
The International Financial Reporting Standards (IFRS) are important benchmarks in the field of accounting. If you are looking to enhance your knowledge about the IFRS, check out our Diploma in International Financial Reporting Standards (IFRS). This certification is issued by the Association of Chartered Certified Accountants (ACCA).
How long is the IFRS course?
The IFRS course is a short term, 3-month course that provides qualified accountants or graduates, possessing relevant country-specific qualifications or work experience with an up to date and relevant conversion course. It offers practical and detailed knowledge of the key international financial reporting standards (IFRS® Standards) and how they are interpreted and applied.
Is IFRS better than GAAP?
While IFRS is the international accounting standard and GAAP is the Indian accounting standard. The major IFRS benefit is that it focuses on accurate, timely and comprehensive financial statements, GAAP focuses on the investors. Depending on the country and job requirements, they both are quite effective in their own ways.
What are the four basic principles of IFRS?
The four principles of IFRS on which the financial statements are prepared are clarity, relevance, readability and comparability.
Is IFRS a good career?
IFRS (International Financial Reporting Standards) is a good career choice for those who are interested in accounting and finance. It can lead to a rewarding career with opportunities for growth and advancement in a variety of industries.It is a specialized field that involves the application and interpretation of complex accounting principles and standards. Career opportunities in IFRS include roles such as financial analysts, auditors, consultants, and accountants, among others. The demand for IFRS professionals is expected to increase with the growing need for international financial reporting standards.