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Scope of IFRS: Is It an Excellent Career Option?

Avadhut
|
Updated on: April 4, 2020

The disintegration of international boundaries necessitated the establishment of common business practices that 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, the scope of IFRS 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 presentations. The idea is to maintain account books that are reliable, relevant and globally comparable, and accessible by both internal and external users.

It’s a singular accounting language.

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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.

Scope of IFRS

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 their 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 for 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 financial 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 organizations 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 the 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 phases 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 growth 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 accepted 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.

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Khushboo
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Khushboo

I have completed B Com and pursuing cs and was looking for this IFRS course kindly give an advice than it would be beneficial for me.

acsharma
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acsharma

hi,
I am a bcom graduate. Before graduate i have a 3 years of experience in accounts from 2006 to 2009 and after graduate i have a 2 years of experience in accounts from 2017 to 2019 and reamining i have a different experience. Please suggest me what is the scope of ifrs after bcom like bcom + ifrs can i get the job in big 4 or mnc company.

Prakanshu
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Prakanshu

I have completed my MBA in finance stream and currently I am working in ICICI bank and I have 9 month experience in this organisation so can I Looking for IFRS ?

Safoora nahid
Guest
Safoora nahid

Hi sir I have completed my CA and looking for opportunities in abroad so which course will be better Certificate/Diploma in Ifrs?

VYANKATESH RAMESH KULKARNI
Guest
VYANKATESH RAMESH KULKARNI

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.

DEBOTTAM GHOSH
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DEBOTTAM GHOSH

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.

Prasant Kumar Sahu
Guest
Prasant Kumar Sahu

Dear Sir,

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

Thank you.

bharti zala
Guest
bharti zala

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.?

Chetna
Guest
Chetna

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

Manoj Mahadevan
Guest
Manoj Mahadevan

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,.?

Vikas kumar jat
Guest
Vikas kumar jat

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

Ashok Reddy
Guest
Ashok Reddy

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.

Jyoti
Guest
Jyoti

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 ?

Kasi
Guest
Kasi

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

Rahul Sharma
Guest
Rahul Sharma

Hello Sir

What is the professional scope after ifrs course..

Abraham
Guest
Abraham

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.

Jaee
Guest
Jaee

Hi

I am company secretary and done my LLB

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

Ashish Kumar Anthony
Guest
Ashish Kumar Anthony

Hello Sir

I m Ashish, I hold B.com & MBA Degree (Finance) currently working as Financial Analyst in Back end - process of KPO Firm.

I seeking a good career growth, but don't have any past Accounting Exp in my career field.

So Tell me is this course will be beneficial for me or not ?

PS: I have searched EY IFRS Certificate course details too. Is doing course from EY is good or not? should i search for different institute because some pvt institute providing same course but in less course fee in compare to EY

Advice on that, await for your reply

Thanks, Have a nice day

Subbu Sharma
Guest
Subbu Sharma

Hello Avadhut,
I have 14+ years of experience in Financial Planning & Analysis profile and completed Post Graduation in Finance & Accounting. Kindly suggest should I pursue with DipIFRS or CertIFRS. What is the course duration for both. I live in Canada right now and can WhatsApp you the details too.

Keerti gupta
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Keerti gupta

Hello Sir,
I am CA final student and my training of 2 Year has been completed, Whether i am eligible for this diploma.

Sai Nagesh
Guest
Sai Nagesh

Hi Sir,
Greetings!
Thanks for the useful and simpler information πŸ™‚
1) Can we pursue this course on our own without any training by any institution?
2) May I get the details regarding registration and later steps?
3) EY also providing training for IFRS. Could you please authenticate it?

Thanks & Regards,
Sai Nagesh

Nishad
Guest
Nishad

Hi Sir,

I have done b.com and have 2 years of experience in Accounts Payable profile. So, is it profitable to do IFRS?? If yes, from where shall I do this course? And also I am the only helping in family so can not leave my job too. Please advise.

Sandeep
Guest
Sandeep

HI,

I am a B.com graduate now I have 6 years of exp in BPO industry how does this course helps me.

Peter
Guest
Peter

Hello, i have done b.com and currently working with a CPA firm. I have never worked in Finance/Account field. It will be total change of career if i do ifrs. Can i go for Certificate in IFRS and after that Dip IFRS? Pl advise.

Kinjak Patel
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Kinjak Patel

Dear Sir,

I am Kinjal Patel, currently working with Ca firm and have working experience around 4 years, I am commerce graduate. I want to purse IFRS, can you suggest me, whether I should opt for Diploma or Certification in IFRS
Thanking you

Raghav jha
Guest
Raghav jha

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.

Aarathi
Guest
Aarathi

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

RAJ CHOUDHARY
Guest
RAJ CHOUDHARY

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

Rajshekar
Guest
Rajshekar

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.

karan
Guest
karan

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 ?

Prem
Guest
Prem

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

S
Guest
S

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

Manoj
Guest
Manoj

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

Ajinkya
Guest
Ajinkya

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

Vasavi
Guest
Vasavi

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

Charu Pahuja
Guest
Charu Pahuja

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 ?

Dhaval
Guest
Dhaval

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.

Jai
Guest
Jai

hello sir iam doing my B.COM final year and want to do my ACCA and my professor suggested to do IFRS so can i do my IFRS now and complete it and do my ACCA.
please suggest me what to do first.

swarupa ranjan panigrahi
Guest
swarupa ranjan panigrahi

respected Sir

i have done MBA (Finance ) after M.A( Economics).i have more than 9 years of teaching experience in different business schools.i want shift to corporate sector. my age is 36.does my age create any barrier for this profession? what is the difficulty level of the course ? which finance course is better for me IFRS or any other course . your suggestions are vital for my future course of action . kindly suggest me

Amit
Guest
Amit

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.

faisal
Guest
faisal

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

Vinit
Guest
Vinit

Hi Avadhut. I am an MBA(finance) graduate. I am planning to take up the diploma in IFRS by ACCA. Prior to MBA i worked for 15 months and post my MBA have been working for more than a year now. The work experience is related financial and accounting background. Will i be eligible for the diploma. Also suggest a few good tutors for the course

Ditesh
Guest
Ditesh

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

Nikhil
Guest
Nikhil

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

Dev
Guest
Dev

Dear Sir,

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

mehraj
Guest
mehraj

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

Varma
Guest
Varma

I heard that MBA are not eligible for Dip in IFRS they need to complete two years of post MBA experience for eligibility for Dip in IFRS.Sir please clarify me.

nitin
Guest
nitin

Hi Sir,

I am a B.Com Graduate with 2.5 yrs experience in BPO( UK Payrolls) and other 1 year experience in RWA Reporting. Just wanted to check if I am eligible to take the course with KPMG, EY or Deloitte?

Thanks in advance for your response.

Chehak Gupta
Guest
Chehak Gupta

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?

Shruti Shah
Guest
Shruti Shah

I have done MBA (Finance) and working for a finance company (S&P Capital IQ) since 3.5 years. Please suggest me any course which will suit me the best for the further career opportunities into the same stream.

Rakesh
Guest
Rakesh

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.

Ramesh
Guest
Ramesh

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....

Avadhut
Guest
Avadhut

Yes. Check KPMG, Deloitte and EY sites.

P krishnan
Guest
P krishnan

Hi

I am a senior CA with industry experience in Project Management etc. I would like to know as to how would IFRS certification help me in my career. I dont have any prior IFRS experience

thanks

priya
Guest
priya

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.?

Avadhut
Guest
Avadhut

Hi Priya,

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

Shruti
Guest
Shruti

Hello Sir,

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

Thank you

Shruti
Guest
Shruti

If I will pursue than it will be after completing CA. πŸ™‚

Avadhut
Guest
Avadhut

Hi Shruti,

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

Amjad Khan
Guest
Amjad Khan

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

Avadhut
Guest
Avadhut

Hi Amjad,

Please check other institutes like KPMG mentioned in this article.

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