International Financial Reporting Standards (IFRS) was introduced with the increasing need to have brought uniformity in the accounting standards while preparing the financial statements on a global level. Moreover, many countries including India have started implementing IFRS on a global level. If you’re interested in taking up a course in IFRS, and need to know why it worth it, here’s why –
- To keep in times with the Shifting Standards: All listed firms in Europe mandatorily follow IFRS while reporting their financials. Now, IFRS is being adopted by several other countries as well, including India. Consequently, it makes a lot of sense for any finance professional/student of finance to keep abreast of this standard.
- To aid day-to-day work: If you are involved in Corporate Finance function or are a financial analyst, then IFRS knowledge will benefit you tremendously and help you stand out amongst your peers who may not be familiar with this standard.
- For ACCA credits: Additionally, if you are already an ACCA member, doing the DipIFR will count as continuing education that is required as part of the ACCA membership.
- In order to be eligible to apply for the DipIFR program you need to have to be one of the following:
- A professionally qualified auditor/accountant (CA)
- Commerce graduate with at least 2 years of relevant work experience (Finance and Accounts)
- Non-commerce graduate with at least 3 years of relevant work experience (Finance and Accounts)
- Have cleared ACCA’s certificate course in IFR along with 2 years of work experience
In fact, the DipIFR is a wonderful option for Chartered Accountants, Certified Financial Analysts, MBA Finance, etc., since they can help in successful implementation. More and more companies are coming under the ambit of IFRS in India. Hence, they need specialists to implement the converged accounting standards. Moreover, it is necessary that finance professionals be abreast of the latest accounting trends, hence, undergoing this course will be beneficial to improve their CV.