International Financial Reporting Standards (IFRS) are accounting standards and principles set by the International Accounting Standard Board (IASB) and are becoming global standards for preparation of financial statements. Most countries are converging their standards towards IFRS or adopting IFRS as they are, to enable uniform reporting. India, as a step closer to convergence with IFRS, has adopted Ind-AS.
The advantage of establishing global accounting standards is that a single format would be used for financial statements across all companies internationally. This would make it easier for companies to compete abroad, raise capital and to win global contracts by providing consistent and comparable financial details.
Benefits of Studying IFRS
- Various IFRS profiles are being offered in several sectors of the industry that include ITES, software, pharmaceutical, auto spare part, professional advisory companies, auditing firms, banking industry, Insurance industry, KPOs, etc.
- Skilled and experienced IFRS experts can establish their own consultancies to help companies migrate to IFRS
- Practical knowledge of these universal standards will open doors across the globe as more than 100 countries have given green signal in their accounting boundaries.
- Application of these standards is complex and time consuming which underlines the significance of IFRS professionals
- Continuous amendments in these standards by regulators is creating need for IFRS professionals with thorough understanding of these standards
Who should pursue this certification:
- Candidates pursuing graduation, post-graduation in commerce, or qualified professionals like MBAs, CAs, CMAs, CSs, CFAs, CFPs or any other relevant course in the field of finance can opt for this certification in IFRS.
- Accounting professional who wants to supplement his / her skill sets by learning the new accounting standards to perhaps make a job-shift or simply to be updated.
- A student who wants to begin a career in financial reporting.
On completion of this certificate program, candidates should be able to:
- Attempt Certificate/Diploma IFRS examinations (ACCA, UK whichever is applicable) without any further coaching
- Apply relevant financial reporting standards to key elements of financial reports
- Identify and apply disclosure requirements for companies in financial reports and notes to accounts
- Prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates and joint arrangements
After completing your Diploma you can easily get a job in one of the following industries or you can start your own advisory and consultancy company:
- Audit Firms
- Professional Advisory Companies
- Banking Companies
- Insurance Companies
- Any other company adopting IFR standards
- Seeking a break in a large global organization
- Seeking opportunities globally in places like EU, Middle East etc.
- Seeking to enhance your qualification and gain knowledge of IFRS