IFRS Reporting: Is It an Excellent Career Option? (Updated 2019)

The disintegration of international boundaries necessitated the establishment of common business practices which are globally understandable, verifiable and accessible. Among business practices, accountancy is a dominant subject.

In this article, FinanceWalk introduces you to the concept of IFRS reporting, its career scope in India and how to pursue IFRS.

What Is IFRS?

International Financial Reporting Standard (IFRS) is a globally accepted language for business accountancy presentation which makes it comparable and understandable globally.

In simpler words, generalized parameters were established for publicly-traded company accounts presentation. The idea is to maintain account books which are reliable, relevant and globally comparable, and accessible by both internal and external users.

It’s a singular accounting language.

The Scope of IFRS Reporting in India

The global recognition accredited to IFRS prompted Indian companies to follow suit. This also created another learning segment for accounting and finance professionals to learn about IFRS and improve their career prospects.

Increasingly, companies in India are adopting and choosing to recruit candidates with experience and knowledge in IFRS, apart from usual accounting and finance degrees.

As such, IFRS professionals enjoy high demand in India. The demand is higher because there is a lesser number of IFRS professionals in India and moreover, experts can offer consultancy services to companies adopting IFRS standards and need assistance with migrating older accounts to newer accounting structures.

IFRS Careers

Youngsters entering the finance industry should consider getting IFRS certification to improve career prospects.

Ever since IFRS inception, the accounting reforms influenced changes in all business avenues dealing with accounting and finance.

Corporate and publicly-traded companies engaged or interested to function on a global scale through international stock exchanges, joint ventures and other modes has to obligatorily follow IFRS standards.

Indian companies are facilitating the learning of IFRS standards for its existing employees and hiring new candidates with IFRS skills. It is mandatory for people who are Financial Controllers, Financial Analysts, Accountants, Chief Financial Officers, Chief Accountants, Finance Managers, Bank Managers, Auditors and Portfolio Managers to be IFRS proficient.

The convergence of IFRS within the Indian industrial context led to the development of Indian Accounting Standards (IND-AS).

IFRS Opportunities for CA, CPA and CFA Experts

Professionals who have already done or are doing courses like Chartered Financial Analyst (CFA), Cost and Works Accountant, Chartered Accountancy (CA), Company Secretary (CS), Certified Financial Planner (CFP) and MBA in Finance or Accounting should opt for IFRS certification to become at par with global finance professionals.

The IFRS training happens with international paradigms and therefore, it equips them to work not only in India but abroad.

The introduction of IFRS in the Indian markets created a lot of employment opportunities. There are a lot of career opportunities for people with additional IFRS expertise because of the following reasons:

  • Implementation of IFRS guidelines begins in India from 1 April 2011 for companies other than the insurance sector, banks and non-banking financial companies. Companies who began implementing in this first phase need to hire IFRS professionals for smooth operational transitioning.
  • Advisory companies involved with offering advisory services to accounting and finance firms need to hire IFRS professionals as consultants. Similarly, audit firms require the same to offer excellent IFRS implementation to their client companies.
  • There is a high demand of IFRS professionals in the banking and insurance sector since they received guidelines to implement IFRS from 1 April 2013 and 1 April 2012 respectively.
  • Skilled and experienced IFRS experts can begin their private consultancy for firms and enhance their income potential. Firms often hire financial consultants on a retainer basis.
  • If nothing else, the need for IFRS experts will rise in the finance education industry because institutes offering certification and diploma need to upgrade their education module with IFRS and therefore, they need experts to teach students.

In short, if you are in the field of accountancy, IFRS reporting skills become mandatory to find employment because every company needs people skilled in IFRS and the employment demand will increase in the next 5 years.

IFRS Courses

If you want to learn IFRS protocols, here are some recommended courses.

1. Certificate Course on International Financial Reporting Standards in 100 hours by ICAI for CA members.
2. Certificate Course on International Financial Reporting Standards Convergence in 2 months by ICWAI for university faculties, students, cost accountants, chartered accountants, company secretaries, senior and middle-level executives in various organisations like statutory bodies and multinationals.
3. Advanced Certificate Program on IFRS in 6 weeks by KPMG for 2+ years working professionals. However, the experience requirement is not necessary for MBA (Finance), CA, CWA and CS.
4. Diploma in International Financial Reporting in 3-6 months by ACCA for graduates holding 3+ years of experience in finance, commerce post-graduates holding 2+ years of experience in finance, auditors and practicing accountancy.
5. IFRS / IND AS Certification Programs in 40 hours for students and professionals attempting ACCA exam.

If you find any other course other than these, verify their authenticity and accreditation before signing up. Also, if you have doubts, check out the IFRS FAQ section visible on the AICPA website; it will clear any other doubts.

Scope of Growth for IFRS Professionals

There is a huge scope of growth for IFRS professionals, especially for those who are beginning their career in finance than those with mid-level or senior-level accounting experience. The reason why IFRS is going to be the next big thing in India is because of the below given reasons.

(1) High IFRS Reporting Professionals Demand

The first phase of IFRS implementation in India targeted companies listed in the stock exchange and with assets worth Rs. 1000 crores. The numbers of companies in this category are hardly 300 in total. However, in the second and subsequent phase of IFRS implementation, mid-level and small-level companies will be roped in and as such, the need for IFRS professionals will rise steeply.

(2) International Skills

Finance professionals entering the field at this time will have an advantage over others because there are not many accounting professionals with practical and expert knowledge of international accounting standards. Having IFRS reporting skills will elevate your status in the high growing and demanding world of IFRS professionals.

(3) India & Abroad

Apart from India, 100+ countries have received permission to implement IFRS standards. Therefore, by being IFRS qualified, you are eligible to apply and work in these 100+ countries.

(4) Operational Hazards

IFRS is not simply about learning to transfer old accounts into the newly acceptable international accounting standards. IFRS is complex and difficult for any accounting professional without IFRS expertise. Moreover, the IFRS guidelines are continuously amended and companies have to follow the amendments. Therefore, the demand for IFRS experts rises significantly.

These four reasons are why you should purpose IFRS learning now.

Endnote

Finance is a complex field, bringing forth endless learning and earning opportunities. Learning IFRS reporting will elevate you to the globally acceptable standard of accounting professionals. You can use the IFRS skills to work in India and/or abroad in employment, become a consultant and/or start your own consultancy firm.

If you have any questions on IFRS reporting, do not hesitate to ask below.

IFRS Reporting: Is It an Excellent Career Option? (Updated [year]) 1
IFRS Reporting: Is It an Excellent Career Option? (Updated [year]) 2
Next Classroom Batches in India
- Classroom Course with Placement Assistance: Our Full-Time Financial Modeling Investment Banking Course (6 Weeks) starts on 11th November, 2019 and 2.5 Months Weekend Workshop starts on 27th September in New Delhi, India and on 14th December, 2019 in Gurgaon, India.

- Online Course with Placement Assistance: Join our Online Financial Modeling Investment Banking course with Placement Assistance from anywhere in the world.

- CFA Level - I: 16th November, 2019

- Big Data: 14th December, 2019

- Financial Modeling Investment Banking Weekend in Gurgaon: 14th December, 2019

- See Testimonials.

Only a few seats remain. Interested candidates can contact me.

75 thoughts on “IFRS Reporting: Is It an Excellent Career Option? (Updated 2019)”

  1. Hi sir,

    I have 6 yeras of experience in accounts & finance, i want to do the short term course like ifrs or acca or cima, for better prospect or job with big mnc,
    can please suggest,
    also suggest for GST regarding any course.

    • Hi Vyankatesh,

      First of all, it seems you need to decide which career you want to go for, based on that I can suggest you a course.

      I suggest attitudinal and behavior tips ($97-Value) to my readers for career success (FREE for Limited time only).

      If you want this service (which I highly recommend), kindly WhatsApp me:+91-9422038561 and I will give you tips unique to your career discovery and success.

      Best regards,
      Avadhut

  2. I am an ACMA (India) working in a Govt. of West Bengal PSU for the last 7 years. I am now 32. I want to pursue Dip IFRS from ACCA. I plan to join Pvt. Sector and expand my knowledge and boost my career. So, what are my career prospects at this age after pursuing this course? Kindly suggest.

    • Hi Debottam,

      I see you have a lot of questions to ask regarding career and courses.

      I give attitudinal and behavior tips ($97-Value) to my readers for career success (FREE for Limited time only).

      If you want this service (which I highly recommend), kindly WhatsApp me:+91-9422038561 and I will give you tips unique to your career discovery and success.

      Best regards,
      Avadhut

  3. Dear Sir,

    I am in ICWA Final. Should I do IFRS course after or before the ICWA Final. Please advise me.

    Thank you.

  4. Hi I am bharti, i have completed my Bcom and i am working since from last 10 years as accountant, i have worked in various field of account.currrenty i am working as restaurant accountant.
    can you please guide me that IFRS is good for me, is it have scope for me.?

    • Hi Bharti,

      Yes, IFRS Diploma is good for people who have 5+ years experience in Accounts. Go for it.

  5. Hi,
    I have completed mcom and have 3 years experience in accountancy. Can i do IFRS diploma???

    • Hi Chetna,

      I suggest you complete 5 years’ experience in Accounts and then go for Diploma in IFRS.

  6. Dear Sir,

    I am B.Com Graduate (2007) and had more than 12Yrs of Experience in Hospital/Healthcare Accounts considering both India and Abroad.

    Shall I join this IFRS Course. Will it be beneficial for me,.?

  7. Hlo sir
    I am CA Intermediate student and I want to do ifrs then which one is better from icai or ACCA

    • Hi Vikas,

      I suggest you complete your CA, gain some experience and then go for Diploma in IFRS.

  8. Respected Sir,
    I am MBA finance having 10+ years of Exp in finance. I wanted to pursue online course like IFRS. It is difficult or easy for MBA graduates. Please suggest.

    • Hi Ashok,

      Do you have experience in Accounts? It’s advisable for EXPERIENCED Accounts people to go for IFRS Certification/Diploma.

  9. Hello Sir,

    I hope you are doing well!!

    I have done my graduation in B.Com.and have one year experience in accounting field.Wants to do some short term basis valuable course.
    Please suggest me,would IFRS be fruictify for me or not ?

    • Hi Jyoti,

      I suggest you first decide your career goal. Please contact me on WhatsApp Chat: +91-9422038561 for Career Guidance.

  10. I am working as financial controller in state psu in power sector. I am 50 years old and completed CWA. Is it advisable to do IFRS

  11. Hello Sir

    What is the professional scope after ifrs course..

    • Hi Rahul,

      Please read the article again word-by-word. All your questions are answered.

  12. Respected Sir, I’m having 6.8 years experience in accounts payables, receivables and collections. Wanted to know the best institute which provides online IFRS training as I am currently working.

    • Hi Abraham,

      Each institute is unique and hence different from the other institutes.

      I suggest you check each institute site, syllabus, faculty, alumni feedback, industry interface to check the same.

  13. Hi

    I am company secretary and done my LLB

    Is IFRS course good for me ? Will i get the job

    • Hi Jaee,

      First, gain experience in Accounts, and then go for the IFRS course, it will be beneficial then. 🙂

  14. Dear sir,
    I am carrying simple bachelor of commerce degree(B C.OM).so am I eligible for ifrs course .please suggest me .and also 6 months experience in manufacturing company as a accounts officers.

  15. I have completed m.com in finance and now working as a payroll executive having one year experience. Am i eligible for ifrs.?

  16. DEAR RESPECTED SIR,
    I AM RAJ CHOUDHARY, I AM DOING CA Final AND I AM ALSO GRADUATE UNDER B.COM..
    I WANT TO DO ALSO DIPLOMA IN IFRS. BUT I HAVE PROBLEM ABOUT, WHEN I START THIS.
    SO PLEASE TELL ME ABOUT WHEN I START THIS (AFTER COMLETION OF CA FINAL OR BEFORE THAT)

    THANKS,
    YOUR RAJ

  17. Hi Sir,
    I am Rajshekar, I have 8 years experience into Accounts Payable and Accounts Receivable. I’m a commerce graduate. I wanted to take the classroom training on IFRS. Will it gives me the good career and how. Please advise.

  18. I’m a pursuing c.s and a b.com graduate but finance is also what interests me. So is it advisable to study IFRS ?

  19. hello sir,
    i am final year baf student ,
    i have 2 years work exp in chartered accountancy firm.in taxation,is acca is good for career building and
    is der any demand for acca qualified in india

  20. Hi.. im qualified cost accountant..but having 3 years experience in Accounts receivable and not in costing…is IFRS useful for me?

  21. Doing ifrs course/diploma from icai/acca/big 4 ? Which one has more recognition ? Which one gives better knowledge ?

    • Dear Manoj,

      All are good. Please do your own due diligence.

  22. Hie Sir,

    I have completed Company Secretary course and present persuing LLB and having working experience of 1 year and vary interested in finance sector now want to go for IFRS course is these course helpful for me? Can you provide contact details

    • Dear Ajinkya,

      Please go for it. Please check the institutes mentioned in the guide.

  23. Now I am pursuing my bachelor of commerce ,do I take the ifrs now whether it will be beneficial for my career building

    Please give the suggestion

    Thank u

  24. Hi,

    I have 3+ years of experience and I am Mathematics(H) graduate.
    I am working as Financial Analyst. And I want to enroll for IFRS 3 months course.
    Is that gonna help me in building my career in this field ?

    • Dear Charu,

      Yes go for Diploma in IFRS. This will help you.

  25. Hi Sir,

    I am a CA + holder of Diploma in IFRS from ACCA London, i am currently looking for job opportunities in India in BIG 4 or overseas.

    Kindly guide.

  26. Hello,

    I have more than 4 year of experience in investment banking and currently i hold BBA degree could, you please suggest some short course for me. so that i can boost my carrier.

  27. Hello sir, I have completed my m.com in finance this years! Can I DO certification course in IFRS??

  28. Hi,

    I have 3 years of work experience in finance and accounts. And I am Mba ( Finance) Graduate.

    Is it helpful for me and give me better opportunities.

    If yes, please suggest me some better institutes or a person contact number who gives better shape to my carrer.

    Thanks
    Ditesh

  29. Hi
    I am a CFA Charter holder looking for a suitable course on IFRS. I am keen on a career in Financial reporting and analysis. Would the 6 week course from KPMG be suitable?
    Regards
    Nikhil

  30. Dear Sir,

    I am Engineering Graduate with 11 Yrs of Experience ,want to do IFRS Diploma, is it suggestible?

  31. Respected sir
    I have cleard my CA- cpt and I completed my graduation now my MBA is going on so suggest me related ifrs what to do???

    Thank you

  32. Sir,

    I have just completed my CA Exams in first attempt. I am 22 Years old.
    Can u plz suggest from where should i opt for this course and what is the difficulty level and difference in pursuing the said course from various institution ?
    Can i do this with my job?

    • Dear Chetak,

      You can directly contact the institutes mentioned in this post and do your homework. If they are offering the course on weekends, you may as well do this program with your job.

  33. Hi Sir,
    I have attended 80 hours training for Diploma Certification of ACCA, please can you advise any institute where we can undergo through IFRS implementation.

    Thanks You.

    • Dear Rakesh,

      Please read the post again, you will find names of the institutes.

  34. Respected Sir,
    I am MBA finance having 9+ years of Exp in finance. I wanted to pursue online course like IFRS.. Is there any online course available… Pl guide….

  35. Hello sir,
    I’m a second year BAF student…i wanted to know some short term finance courses of 3-6 months..n from where can i pursue them.?

    • Hi Priya,

      What’s the purpose to join the program? What’s your career goal?

  36. Hello Sir,

    I am doing CA which IFRS course would you suggest to opt?

    Thank you

    • If I will pursue than it will be after completing CA. 🙂

    • Hi Shruti,

      Check the courses mentioned in this article. ICAI runs a program on IFRS.

      • Hello Sir, If not ICAI, then pls suggest any other good institute for IFRS course.

        • Hi Amjad,

          Please check other institutes like KPMG mentioned in this article.

Leave a Comment