4 Important Skills You Need To Be IFRS Professional | IMS Proschool

Do you know one of the biggest paradoxes of living in the 21st century?

The world is shrinking yet expanding at the same time. 

On one hand, globalization made the planet seem smaller by shrinking borders and connecting global economies. On the other, it increased job opportunities and broadened professional horizons in the corporate world. Let’s not forget the internet and its valuable contribution. The world wide web has single-handedly enhanced international communication to the point where it’s literally at your fingertips.

So what does that mean for the next generation of young, eager and ambitious accounting professionals? As the planet has transformed into a global village, the corporate landscape has shifted as well. Today, organizations find it easier to extend their offices to various countries, including India. Mergers and acquisitions are no longer limited to geographical borders. And as the recent pandemic showed us, you can work for any company in the world from the comfort of your home office.

However, as multinational corporations continue to expand, it can create a bit of confusion. Different countries conduct business diversely. The need of the hour is to build a uniform system of accounting that can eliminate discrepancies and irregularities.

A common accounting language helps cross-border businesses to thrive better.

That is how the IFRS framework came into existence. Companies hire professionals with IFRS skills to draft their financial statements. By incorporating this system, they find they can work efficiently and coherently anywhere in the world.

Why Are IFRS Capabilities So Incredibly Essential Today 

The International Financial Reporting Standards (IFRS) are a collective of globally accepted accounting standards and practices. These rules have been created by the International Accounting Standards Board (IASB) as a clean, transparent and consistent system for all accounting functions. Companies and MNCs around the world have switched to the IFRS system. It becomes easier to conduct business on a global scale. At the last count, over 120 countries are practicing the IFRS code. There are plans in the pipeline for more nations to do the same. It is especially critical for companies that want to raise capital overseas or have clients anywhere in the world.

When you are an IFRS-trained accountant, you have a high chance of getting hired by MNCs within India or even migrating abroad. Although many Indian companies haven’t converted to the IFRS format, the wheels are in motion. In fact, the RBI has encouraged banks to start making the transition. Other industries are following suit. This will open up a plethora of job opportunities across the country, which spells good news for you.

About The IFRS Course 

The knowledge of IFRS skills can enhance your career prospects. As an accountant, you learn how to create financial statements using a universally approved format. You also understand how to analyze various transactions and developments. You are in a position to compare company performances, evaluate businesses and help organizations pursue international business opportunities.

Benefits of the IFRS course

• You are a future-compliant accountant, employable in various industries across the world
• The opportunities are huge as you can work in over 120 countries (and counting)
• There are job openings in several industries such as auditing firms, real estate, IT and banking, to name a few
• You can help Indian companies make the transition from IND-AS to the IFRS format
• Many IFRS professionals have become consultants for various organizations
• There is a huge demand right now for IFRS-compliant accountants
• Your resume is preferred over other candidates who do not have similar training
• The salary packages are quite enticing. Most freshers start at Rs 6 lakhs a year. The average salary of an IFRS expert is Rs 9 lakhs per annum.
• Companies who have switched to the IFRS practice include Randstad India, Tata Motors, Wipro, Infosys and ICICI bank

 
Read This To Know How IFRS Course Help’s Your Accounting Career

Who can do the course?

• Students who have a commerce degree
• Post-graduates
• Professionals who hold certifications such as CIMA, ACCA, CFA, CFP
• Working accountants who want to enhance their career

 
IFRS Skills That Every Accounting Professional Needs 

1. Advanced accounting knowledge 

As a qualified accountant, you will be expected to be an expert in the various standards and rules of international financial reporting. You should be proficient in creating financial statements as well as reading statements written by other professionals around the world.

Remember, rules are often modified or updated, you are required to be aware of all such changes and implement them in your profession.

2. Ability to retain information 

The IFRS framework contains a vast body of rules and practices. You need to know them like the back of your hand. Students who go through a reputed coaching class before getting their IFRS certification can thoroughly grasp the syllabus and follow the codes to the letter. The quicker you pick up the regulations, the better you’ll be at your job.

3. Clarity of concepts 

When working with companies and clients from other countries, key points may get lost in translation. However, an IFRS-approved financial statement ensures that there is no confusion or misunderstanding. You must be clear about the finer points, and confident about the IFRS guidelines. Clients, supervisions and team members may come to you for clarification and recommendations.

4. Willingness to adapt and learn

The IFRS is not set in stone. As things change and new adaptations occur, you have to be on top of your game. Just because you received an IFRS certification, doesn’t mean you are done with learning. Professionals who stay updated on the latest news, read up on industry knowledge and are always aware of modified accounting standards, will go far in this industry.

How Proschool’s IFRS Course Helps You 

You need to pass the IFRS exam if you want the certification. A coaching institute like Proschool can give you the training, assistance and skill development you need to qualify for this coveted designation. In association with the NSE academy, Proschool has helped many finance students achieve their dreams of a successful career. The institution teaches international accounting standards in an easy and engaging way.

Here are the course details:

• It is a 3-month course
• They have an experienced faculty team who train students in acquiring IFRS capabilities 
• They also help with mentoring students, clearing doubts and strengthening their grasp of concepts
• You can physically attend classes in a number of cities such as Mumbai, Navi Mumbai, Pune, Delhi, Gurgaon, Hyderabad, Kochi, Bangalore and Chennai
• In case you don’t live in these cities, or you don’t have the time to attend classes, you can opt for the online sessions
• Proschool includes extensive study resources to help you learn better
• The staff also prepares students with interview grooming and resume writing
• The course includes adequate prep work for an IFRS diploma and NSE exams

 
In conclusion 

Right now, there are not that many IFRS professionals in India. Which makes you in high demand in the corporate world. Even worldwide, as more countries adapt to the new international accounting system, the need for qualified accountants is higher than ever.

IFRS is the wave of the future. It is best to get on board now and gain from the first-mover advantage. Remember, you need IFRS skills to be in this line of work. A trustworthy coaching institute can help you develop the abilities you need to succeed.

Ready to qualify as an IFRS expert? Click here to get started.