The profession of finance is emerging as a growing industry all over the world. The General Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) are gaining momentum across many countries. Apart from normal specialization in accounting and finance, companies prefer to recruit those who have expertise in IFRS. There’s a huge demand for IFRS professionals.
Accounting standards are a common set of principles and procedures that define the basis of financial accounting policies and practices. These standards improve the transparency of financial reporting in all countries. Proficiency in IFRS standards is highly recommended for Chief Financial Officer, Chief Accountant, Bank Managers, Finance Managers, Financial Analysts, Financial Controllers, Portfolio Managers, and Auditors.
Significance of IFRS professionals:
- In India, there’s an insufficiency of accounting professionals with practical knowledge and expertise of international standards.
- In the coming years, having a phased implementation approach will multiply the demand for IFRS professionals.
- The first phase will cover all organizations which are part of BSE-SENSEX 50 and NSE-NIFTY 50 whose shares are listed on stock exchanges outside India. Insurance companies, Banking, and NBFC will fall under the second and third phases.
- The application of these standards is time-consuming and very complex, which underlines the significance of IFRS professionals.
- The practical knowledge of IFRS standards will open many doors across many companies.
Who can be an IFRS professional?
All those who have passed courses like Chartered Accountancy (CA), MBA with specialization in accounting & finance, Chartered Financial Analyst (CFA), Certified Financial Planner (CFP), and any other course in the area of accounting and finance can become IFRS professionals.
Job Prospects and Career Opportunities:
IFRS professionals have diverse opportunities.
- In India, the companies which have mushroomed in the first phase require many IFRS professionals.
- The audit firms also need IFRS professionals in the successful implementation of international standards.
- Many professional advisory companies require IFRS experts to provide excellent consultancy services in finance and accounting.
- The IFRS professionals will also have an edge over other educational institutes.
Hope this blog provided all the information about IFRS and its importance. However, if you still have any more queries or doubts, please feel free to comment below.