Professionals with experience or academic background in finance & accounts can pursue diploma in IFRS. People, who have qualified courses like MBA (Finance & Accounts), Chartered Accountancy, Cost & Works Accountant, Company Secretary, Chartered Financial Analyst, Chartered Financial Planner and all other finance & accounting related courses are potential IFRS professionals.
Accounting professionals with a diploma in IFRS are in demand these days. Organizations are hiring such professionals because they have the much-needed skills for financial management. IFRS has originated in the European Union and is adopted in 120 countries. IFRS is gaining popularity globally since it is one of the globally accepted standards in the accounting domain.
Table of Contents
- About Diploma in IFRS
- Why go for diploma in IFRS?
- Who can opt for diploma in IFRS?
- Career Opportunities
About Diploma in IFRS
International Financial Reporting Standards, or IFRS, is a set of accounting standards that were issued together by the IFRS Foundation and the International Accounting Standards Board. The motive behind offering a Diploma in IFRS was to allow a universal understanding and comparison between financial statements of organizations in any corner of the world.
Why Go For Diploma In IFRS?
Organizations prefer hiring candidates who have international level qualification to maintain a global standard for financial & accounting operations. Such professionals become resourceful assets for organizations since they can handle their financial operations by IFRS standards. They also have the skills to handle situations in times of resource scarcity. Few significant aspects that make IFRS professionals important are:
- 120 countries have adopted IFRS standards universally for financial and accounting operations.
- The implementation of these standards is very complex and takes substantial time. This complexity leads to the scarce availability of professionals who have experience and practical knowledge about IFRS global standards.
- Consistent additions & modifications in IFRS standards by the regulators also build up the requirement of IFRS professionals.
Who can Opt for the Diploma?
Professional accountants and auditors who are practising practice or are in business, and are qualified as per the national accounting standards, are eligible to take the IFRS diploma.
For others who want to do IFRS diploma should fulfil at least one of the following:
- Two years of accounting experience and a degree that complies with ACCA qualifications,
- Holding ACCA certificate in International Financial Reporting with two years of accounting experience,
- three years of accounting experience or
- ACCA affiliate status
Explore free ACCA courses
Career Opportunities after IFRS
- Professionals with a diploma in IFRS are required in auditing firms as they support organizations in the successful implementation of IFRS standards
- Such diploma holders are also in demand by professional advisory organizations to offer sound advisory consultancy to other organizations
- The banking industry has the requirement for IFRS professionals.
- Another promising industry in which such professionals are needed is the insurance industry as it works parallel to new financial & accounting standards.
- The education industry also recruits these professionals as teachers for coaching related to courses on IFRS standards.
IFRS standards are globally recognized & accepted. This is why professionals with diplomas in IFRS can work for most organizations with skills that ensure proficiency on an international level. Due to the complexity within the application of IFRS standards, the chances of becoming successful increase.
Opportunities in India and Abroad:
Over 100 countries acknowledge IFRS. This means that IFRS professionals can apply for jobs not only in India but also across the globe. Finance & Accounts is a difficult field to work in and along with it comes endless learning with handsome salary package earning opportunities. It offers a global elevation to professionals pursuing it. This allows job opportunities all across the world.
Which one should I choose; ACCA or IFRS?
IFRS is related to learning aspects related to accounts while ACCA includes accounts, finance, business studies. ACCA has a higher difficulty level in comparison with the IFRS diploma. If you are comparing in terms of the pay scale, ACCA certified professionals come into a higher salary bracket.
What is the career scope for an IFRS certified professional?
Many sectors are now actively recruiting IFRS certified professionals including banking, insurance, NBFCs, financial institutions and consultancy firms.
What is the difference between GAAP and IFRS?
GAAP is rules-based whereas IFRS is principles-based. One of the major differences lies in the treatment of inventory in both standards. GAAP allow the last-in, first-out inventory (LIFO) accounting method. On the contrary, IFRS does not allow LIFO.
What is GAAP?
GAAP or Generally Accepted Accounting Principles is the set of accounting standards that are adopted by the US Securities and Exchange Commission. These standards are also put into use by companies for preparing financial statements and accounting disclosures.
Which one should I go for: Diploma or Certification in IFRS?
In terms of duration, certification requires less time and devotion. However, a diploma is better if you are looking for an in-depth qualifying course. It is recruiter friendly and develops a strong knowledge base.
What is the EXAM structure of IFRS?
This is a 3 hour and 15 minutes long assessment and you would be required to achieve 50 per cent or more in the examination. There are 4 questions in total and each question carries 25 marks. The exam takes place twice a year; in June and December.
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