What's the scope of Diploma in IFRS?

What's the scope of Diploma in IFRS?

If you are an accounts person eager to make a lucrative career in finance and accounts, knowledge of IFRS is very important for you as most countries, including India, are moving to IFRS accounting standards. You can learn about IFRS as well as get certified in this area easily with online courses now available in this domain. In this blog, we will discuss what IFRS is and how can it benefit you.

Definition

IFRS stands for International Financial Reporting Standard and is an internationally accepted language for business accountancy presentation. It makes the presentation comparable and understandable worldwide. In other words, IFRS is a singular accounting language.

Scope of IFRS in India

As IFRS is globally recognized, Indian companies and working professionals need to be well versed in it. There is a growing demand for IFRS professionals as more and more companies migrate to this international standard. To meet the growing demand, institutes like IACT Global have created an online IFRS course for accounting and financial professionals, which can be easily completed from the comfort of your home or office.

Indian companies are increasingly recruiting professionals with knowledge and experience of IFRS along with their accounts and finance degrees. Hence, finance professionals who wish to excel in their careers in finance should consider taking up IFRS certification to improve their career prospects.

The Ministry of Corporate Affairs, Government of India through notification dated 16 February 2015 issued the Companies (Indian Accounting Standards) Rules, 2015 (Rules) which lay down a roadmap for companies other than insurance companies, banking companies and non -banking finance companies (NBFC) for implementation of Ind AS converged with IFRS.

The changeover to Ind AS standards has set in motion the process of significantly improving the quality of and transparency in financial reporting by Indian companies. The future looks bright for accounting and finance professionals in India!

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