Everything you need to know about international accounting standards (IFRS)

Is it your ambition to join a multi-national organisation?

Would you like to work with a global bank?

Or be a part of some of the top tech companies in the world?

How about an opportunity to work for all of the above?

There are no limits to where you can work as a specialist in IFRS accounting.

Your qualification puts you on par with global professionals. Companies with offices in multiple nations tend to choose employees trained in universal standards and regulations. They run the accounting and financial operations as per the IFRS code.

This means they need qualified employees. If you have an IFRS certificate, that could be you.

The right education can help open up a world of opportunities for your career. So when your resume hits the email inbox of the HR manager of a mega-corporation, it doesn’t get dragged to the trash icon. The ‘IFRS’ stamp can get you called in for an interview.

What is the IFRS?

The International Financial Reporting Standards, also known as the IFRS, is based on a set of accounting practices issued by the IASB or the International Accounting Standards Board. These guidelines ensure that organizations can conduct business seamlessly and efficiently around the world. Public companies create financial statements compliant with the IFRS rules to create corporate transparency and compatibility. The IFRS does away with inconsistencies and discrepancies. The board offer detailed specifications on how to maintain financial records and accounts. They ensure all business transactions run smoothly.

It ensures that even when crossing borders, all companies speak the same accounting language.

The IFRS regulations for statements 

The board offers a standardized system for the following:

• The inclusion of specific elements and their placement on a balance sheet
• The option to use one cohesive income statement or two separate ones listed as profit and loss statements
• The cash flow statements are uniformly organized to list the various operations

 
Why India is slowing changing from Ind AS to IFRS 

Since 1977, India has followed the Ind AS regulations set by the Accounting Standards Board. The Ind AS have created the principles for financial statements, used by companies across the country.

However, since then, a large number of MNCs have set up multiple offices in India. Since they require all their branches worldwide to follow a standardized code, the Ind AS may not be suitable for them.

Also, as more Indian firms merge with global companies, they too see a rise in the demand for international accounting standards.

Major league players like NIIT, Mahindra & Mahindra, Wipro, Tata Motors and Infosys have already made the transition to IFRS within the accounting departments. They are actively hiring professionals who are qualified by international standards. It is only a matter of time before other organizations do the same.

Career opportunities for an IFRS accounting professional 

There is a growing demand for accountants who follow the international financial reporting standard. The IFRS course syllabus complies with the ACCA program. Both courses use international regulations that many companies insist on following. Right now, over 120 countries have adopted IFRS standards. Another 90, including India, are in the process of switching over. If you are an IFRS-trained accountant, that puts you in a very unique position of being in the right place at the right time. You get an advantage over your peers. You are proficient in a department that not many others are. It gives a significant boost to your career. There are many increased job options, not just in India but worldwide.

Advantages of the IFRS course

• You can work in diverse industries such as IT, retail banking, auditing firms, pharmaceutical, etc.
• Companies around the world are looking for IFRS accounting professionals. It increases your chances of securing an international job.
• You can become a consultant who helps Indian companies make the transition from Ind AS to IFRS
• There will always be a demand for accountants who are well-versed in the IFRS standards list. You won’t become redundant anytime soon
• The earning potential is high. Once you finish your course, you can start earning between Rs 6 to 8 lakhs a year

 
IFRS is a suitable course for the following:

• Commerce graduates or post-graduates
• Students from professional courses like ACCA, MBA, CFP, CFA, etc.
• Accountants who are looking to upskill
• Any finance student who is looking for a job in financial reporting

 
Job profiles after IFRS

External auditor

Your IFRS qualification can supplement your job as an external auditor. Your job will be to spot inconsistencies or disparities in company operations. When you go through financial statements, you will critically examine the documents to find any irregularities.

Finance controller

Your IFRS expertise will come in handy when you work on the company balance sheets and income statements. You will ensure that the business is running per the regulations.

Financial consultant

As a consultant, you can help companies switch to IFRS standards in their day-to-day operations. You can set up your own practice or freelance with clients.

Accountant with global corporations 

MNCs are looking for accountants with IFRS expertise as they follow the international accounting standards. Candidates who have done their ACCA, CIMA or CA have an edge when they do the IFRS course.

The IFRS program with IMS Proschool

Proschool has become synonymous with quality professional learning. After setting up courses in financial, accounting and digital fields, the education experts have created a highly acclaimed IFRS course in association with the NSE academy. This program is perfect for financial aspirants looking to make their mark in the global arena. The institute offers an immersive curriculum where students grasp the concepts of international accounting standards in an engaging and innovative manner. They are taught by industry experts and have access to a wide range of intelligent study resources.

The course highlights include:

• The course duration is three months
• Classroom-based learning is available in cities like Mumbai, Thane, Navi Mumbai, Delhi, Gurgaon, Chennai, Hyderabad, Bangalore, Pune, and Kochi.
• Students from other cities can attend interactive online sessions
• There are mock tests, interview grooming sessions and comprehensive study material as part of the course
• You also get help preparing for the NSE exams and diploma in IFRS
• The faculty is well trained and experienced in teaching students by simplifying concepts and enhancing learning

 
In conclusion 

To enjoy a long, successful career in accounting, you must stay on top of the latest developments. The international financial reporting standards are now the benchmark in creating financial statements. They are used by businesses the world over and are now fast becoming the universal code for Indian companies as well. As an IFRS expert, you are in a position to carve a niche for yourself in the industry. You have the skills and knowledge to work as a global accountant. It’s an opportunity that can take your career to greater heights.

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FACTS ABOUT IFRS

• IFRS is used by more than 25,000 from around 48,000 domestic listed organisations from 85 securities exchanges

• More than 1,000 companies from over 2,500 foreign listed companies use IFRS

• Indian companies using IFRS
  1. Dr Reddys Laboratories
  2. Bombay Dyeing
  3. Wipro
  4. NIIT
  5. Tata Motors
  6. Infosys

Ready for a global career? Sign up for the IFRS course here