How the IFRS course can help your accounting career

Calling all commerce students, here is a fantastic opportunity for you. If you see your future in the field of accounting, the IFRS course could be your ticket to getting your career on the fast track. 

The International Financial Reporting Standards (IFRS) organization is a reputed accounting body that sets the global standards in formatting financial statements. 

IFRS uses four basic principles when preparing financial records. They are — relevance, clarity, reliability and comparability.

The board has a strong presence in over 120 countries, including Singapore, Australia, Hong Kong, South Africa, India and the European Union. The IFRS has created a universal framework for accounting that allows uniformity in companies around the world. By providing a systematic standard of sharing financial details, companies can conduct their business on a global scale. They can compete for high-profile contracts in other countries. They can raise capital, acquire new companies or merge with others. The course offers immense professional potential for enhancing your career.

Want to know more about IFRS? Click here.

Benefits of implementing the IFRS regulations 

  • Creates one standard system of drafting quality financial information
  • Helps investors and financial professionals make responsible and enlightened business decisions
  • Enables transparency in all international transactions and corporate deals
  • Bridges communication gaps between countries by providing an efficient economic language to overcome barriers 
  • Improves opportunities and reduces risks for companies and investors looking to trade internationally

Why is this important for you? 

In 2011, India became one of the countries to adopt the IFRS standards for accounting. Before that, organizations across the nation used various formats for drafting financial statements. This caused issues when companies merged or got acquired. However, today the IFRS system is in place to ensure that all organizations follow a standardized procedure. Whether you work for a multi-national company or a local business, all corporations in India follow the globally recognised accounting practice. This, in turn, has led to an increased demand for professionals qualified in implementing the IFRS guidelines. 

The course helps students strengthen their accounting concepts and develop technical skills. Once you clear your exams, you are eligible for several job positions in the accounting and financial industry. Not just in India, but across the world. 

Booming career opportunities for IFRS specialists 

If you are aspiring to make a career in accounting, a certificate in IFRS can help you achieve that. It is an essential documentation as it helps you learn how to draft standardized financial statements. Once you’ve mastered the course, you are ready to join the financial world. 

Here are some of the reasons why the IFRS has tremendous scope in India today.

1. Huge demand in the financial and banking industry

As mentioned before, major companies around the world have moved to the IFRS standards for financial and accounting operations. Their branches and offices in India have followed suit. They need certified professionals who can help them transform their systems and adapt these complex processes. IFRS-trained executives are also required to maintain these practices as the standards undergo occasional updates. 

With an IFRS qualification on your resume, you have an advantage over other financial hopefuls who lack the same credentials. Your expertise in international accounting standards gives you an edge and increases your chances of getting hired by major companies where the competition is fierce.

2. You are qualified with an international skill set

Before IFRS, diverse accounting standards caused complex problems to arise. Countries used their specific financial statements to carry out calculations and regulations. This leads to confusion and misunderstandings during cross-country transactions. Accountants had to work extra hard to unravel discrepancies and understand new codes. That has now changed for the better. Thanks to IFRS, the global economy can conduct borderless business transactions to maintain profitability. Countries trading with each other have hassle-free and uniform financial systems in place. International investors can look for opportunities in nations that have adopted the IFRS code. MNCs who are looking to raise capital can look for financial possibilities around the globe. If you have a certificate in IFRS, you become a highly coveted hire for all of the above reasons. You can enable companies to conduct seamless business operations around the world. You don’t have to set your limits to India alone. You could work in countries such as Australia, China, Finland and Austria with your qualification.

3. IFRS experts receive rewarding salary packages 

A competent IFRS professional can command a highly lucrative salary in the industry. 

The national average annual income is around Rs 9.5 lakhs. Those working in top financial firms can earn up to Rs 15 lakhs. Once you have established yourself as an expert with several years of experience, your earning potential can skyrocket. Many seasoned specialists earn around Rs 20 lakhs to Rs 25 lakhs per annum.

4. An up skill for existing accounting professionals 

If you already have a CA, ACCA or CIMA certification, but are looking to update your resume with relevant skills, this is an excellent prospect for you. Many companies are switching to the IFRS standard. This means accounting professionals need to learn how to transfer old accounts into a new format. It is a complex procedure that requires intense training to accomplish. Also, as the guidelines are constantly being updated from time to time, you need to stay in the loop and apply the methods as they get revised. This makes you a valuable asset to your company. 

How to register for the IFRS course

Ready to be a part of this exciting venture? Here is how you can get started.

Eligibility criteria

  • Undergraduates, graduates or postgraduates in commerce can apply 
  • Candidates who have completed professional courses such as chartered accountants, MBAs, CFPs and CFAs, CFPs or any other finance-related program 
  • Working professionals with the above qualifications looking to update their skill set

The Proschool IFRS course details 

IMS Proschool is a highly renowned professional institute in India that helps students achieve their dream careers through hard work and quality teaching. The IFRS course trains each student through experiential learning methods and innovative facilities. 

Some of the course highlights are: 

  • You can opt for learning in a classroom or online
  • Faculty members who are industry experts
  • You get access to online resources, mock tests, in-depth study material, etc.
  • The IFRS course duration is three months 
  • The course offers help with preparing for exams 
  • Subjects include: 
    • The status and use of IFRS around the world
    • Accounting for assets and liabilities 
    • Group accounting 
    • Disclosure standards
  • Exams are conducted daily 
  • The exams are computer-based, last for 2 hours with a total mark out of 100

In conclusion

The IFRS course offers new, exciting possibilities in the world of finance. You can land a job in any global corporation, freelance as an IFRS expert or eventually form your own consultancy firm. Your expertise in International accounting standards makes you a coveted hire. The whole world is moving towards embracing IFRS as the benchmark in financial statements. You can be a part of this movement and establish yourself as an accounting specialist.

Click here to find out how you can get a certificate in IFRS