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

  1. 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.

  2. 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.

  3. 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.

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

  5. 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

  6. 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.

  7. 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 ?

  8. 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

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

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

  11. 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

  12. 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

  13. 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 ?

  14. 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.

  15. 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.

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

  17. 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

  18. 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

  19. Dear Sir,

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

  20. 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

  21. 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.

  22. 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.

  23. 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….

  24. 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.?

  25. 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. πŸ™‚

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

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