IFRS certification can benefit your career if you belong to the field of accounts and are eager to make a lucrative career in finance and accounts. Many countries including India, are moving to IFRS accounting standards. This is why knowledge of IFRS is very important.
IFRS stands for International Financial Reporting Standard and is an internationally accepted language for business accountancy presentations. In other words, IFRS is a singular accounting language. You can learn about IFRS online certifications course. In this blog, we will discuss what IFRS is and how can it benefit you in India.
Scope of IFRS Certification in India
As IFRS is globally recognized, Indian professionals need to be well versed in it. There is a growing demand for IFRS professionals as more and more companies are adapting to this international standard. To meet the increasing 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. As you do research, you will be amazed at the growing demand for IFRS-certified professionals in India. Let’s have a look at the various roles an IFRS-certified person can choose from:
- The banking and insurance sector has a massive 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 the transition towards IFRS standards.
- IFRS professionals can also take up the role of an IFRS trainer in the financial and education industry.
Why Should You Choose IFRS Certification?
Organizations prefer candidates who have an international level of qualification in financial & accounting operations or have completed an IFRS online course in India. The following reasons make an IFRS professional more significant:
- 120 countries have adopted the IFRS standards for financial and accounting operations.
- The implementation of these standards is a very complex and time taking process. This is why organizations require skilled and certified IFRS professionals.
- Consistent modifications in the IFRS standards by the regulators also lead to an increase in demand for experienced IFRS professionals.
- The IFRS guidelines were mandatorily implemented for companies in India only on the 1st of April 2011. Before April 2011, most companies had their own methodologies of reporting, which made cross-divisional and cross-company operations rather cumbersome.
- The audit firms also need IFRS professionals as these firms to support companies in the successful implementation of international standards.
- Professional advisory companies need professionals who are well versed with these standards to provide excellent consultancy services to other firms in finance and accounting.
- The banking industry in India which is most affected by the implementation of IFRSs also requires these professionals as this industry will have to prepare its financial statements as per the new standards from April 1, 2013.
- Likewise, the Insurance industry is also moving towards the adoption of international standards in 2012, so, IFRS professionals will also have demand in this sector.
- A self-employment is also a good option for IFRS professionals as they can start their own advisory and consultancy services.
- The persons with expertise in international accounting standards will also have the edge over others in educational institutes which are running certificate diplomas and training programs in this area.
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 online courses in India to improve their career prospects must contact AkPIS Professionals now!