Since IFRS compliances are becoming mandatory in India, it is stressing the importance for one to know about IFRS. At the same time, this increases the scope of a career as an IFRS professional and the need for professionals having the skill set that is, at present, a rare resource.
Scope of IFRS Reporting in India
The IFRS course witnessed an enhanced scope in India because of its global recognition. This has created a learning segment for finance and accounting professionals to learn more about and enhance their career prospects.
A trend that has been noticed in Indian companies is to recruit candidates with knowledge and work experience in the IFRS apart from those having regular accounting and finance degrees. IFRS experts are expected to offer consultancy services to companies that need assistance with migrating their older accounts to new accounting structures. IFRS professionals can expect a career in corporate and public traded companies that are interested or engaged to expand their business on a global scale through joint ventures, international stock exchanges, or other modes since they are supposed to compulsorily follow IFRS standards.
People who are currently taking up the roles of financial analysts, financial controllers, chief accountants, chief financial officers, bank managers, finance managers, portfolio managers, or auditors are required to be IFRS proficient, which makes it not only a wise career choice but also an important one.
How CA professionals can go for IFRS
People, who work hard to crack CA are sometimes left with the question- “what to do after CA?”CA professionals can opt for IFRS certification to stand at power with global finance professionals. Because this equips them to work not only in India but abroad and in better roles where there is a lack of up. Eligible candidates.
Ever since the implementation of IRS guidelines began in India on 1st April 2011, companies have actively started hiring professionals. IFRS experts can also start their own private consultancy firms and enhance their income potential at the same time. Audit firms are also hiring professionals with relevant skill sets. To put it simply, IFRS reporting skills are mandatory to find employment if you are in the field of accountancy because every company that now needs IFRS compliance and the employment demand is sure to increase in the next five years.
IFRS vs. Diploma in IFRS
A diploma in IFRS, as compared to IFRS certification, requires greater effort and is ideal for those who are requiring a radical shift in their career or those who wish to kick start their career in finance and accounts from scratch. Eligibility in the case of a diploma is also a bit more stringent. Candidates should have completed graduation and possess relevant work experience in the financial sector of at least three years. One supplemental advantage of an IFRS Diploma is that it holds greater recognition and value among recruiters hiring in the finance sector.
IFRS Course Details Those willing to learn IFRS protocols can take up check IFRS course details of some online and offline courses. IFRS course duration for a diploma is three months, so you can choose what fits your preferences and needs.