Details about IFRS Certification Career Opportunities, Advantages, Career Options has been provided here. 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!
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 SuperProfs.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.
IFRS Opportunities for CA, CPA and CFA Experts
Professionals who have already done or are doing courses like Chartered Financial Analyst (CFA), Cost and Works Accountant, Chartered Accountancy (CA), Company Secretary (CS), Certified Financial Planner (CFP) and MBA in Finance or Accounting should opt for IFRS certification to become at par with global finance professionals.
The IFRS training happens with international paradigms and therefore, it equips them to work not only in India but abroad.
The introduction of IFRS in the Indian markets created a lot of employment opportunities. There are a lot of career opportunities for people with additional IFRS expertise because of the following reasons:
- Implementation of IFRS guidelines begins in India from 1 April 2011 for companies other than insurance sector, banks and non-banking financial companies. Companies who began implementing in this first phase need to hire IFRS professionals for smooth operational transitioning.
- Advisory companies involved with offering advisory services to accounting and finance firms need to hire IFRS professionals as consultants. Similarly, audit firms require the same to offer excellent IFRS implementation to their client companies.
- There is a high demand of IFRS professionals in the banking and insurance sector since they received guidelines to implement IFRS from 1 April 2013 and 1 April 2012 respectively.
- Skilled and experienced IFRS experts can begin their private consultancy for firms and enhance their income potential. Firms often hire financial consultants on retainer basis.
- If nothing else, the need for IFRS experts will rise in the finance education industry because institutes offering certification and diploma need to upgrade their education module with IFRS and therefore, they need experts to teach students.
In short, if you are in the field of accountancy, IFRS reporting skills become mandatory to find employment because every company needs people skilled in IFRS and the employment demand will increase in the next 5 years.
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!