Get a strong grip on accounting

Paramjit Anand

Accounting is a standardised way to record and present the financial status of a business entity before the management of the organisation, investors, stakeholders, vendors, clients, legal authorities and others in the economic ecosphere/market.

International Financial Reporting Standard (IFRS) is world’s most accepted single set of accounting standards, developed and maintained by the International Accounting Standards Boards (IASB). In the Indian context, the converged IFRS is known as Indian Accounting Standards (IND-AS), which have been implemented in a phased manner from April 1, 2011 in the non-financial and non-insurance sectors, and from April 1, 2012 insurance companies have also been included up to a specified limit.

After the advent of IFRS, General Accepted Accounting Principles (GAAP) and now it is mandatory for use in more than 100 countries, including the European Union and in a majority of developed countries.

As there is a huge scarcity of qualified IFRS professionals in India, there is high demand. Therefore, a bright future is awaiting the youngsters planning a career in International Financial Reporting Standards.

Recommended For

After liberalisation of the Indian economy, Indian businesses as well as foreign multinational firms prefer to recruit finance and accounting personnel with sound knowledge and experience of these international standards apart from the degrees in accounting and finance.

A specialised programme in International Financial Reporting Standard (IFRS) is highly recommended for Chief Financial Officers (CFOs), Chief Accountants, Financial Controllers, Financial Analysts, Finance Managers, Portfolio Managers, Bank Managers, Auditors, Chartered Accountants (CAs), Accountants and Company Secretaries (CSs).

Job prospects & career options

Almost every blue-chip organisation in India seeks finance and accounting professionals with substantial knowledge of IFRS, which can be acquired only after taking a specialist diploma or certificate programme from a reputed institute such as KPMG, ICAI, ACCA, NIIT and ICWAI. In addition to these institutes, people can also avail online training programmes if their hectic work schedule is not allowing them to join an institute or college.

So, one can think about online training programmes and webinars on IFRS and eXtensible Business Reporting Language (XBRL) from the Institute of Internal Auditors (IIA) , which has technical collaboration with Deloitte.

Banks, financial institutions, insurance companies, credit ranking firms, auditing firms, government agencies and hundreds of public listed companies always welcome employees with good knowledge and experience in IFRS.

Reason for high employability

Finance professionals with a diploma or certificate in IFRS can get an edge over employees with the usual programmes like MCom, MBA in Finance or Chartered Accountancy. They can make an outstanding career in the corporate world and can earn a better pay package than their counterparts and peers. IFRS training encapsulates the important aspects of recording and presentations of financial documents that are mandatory for a business to grow and sustain, in the international market.

Businesses are transforming in the entire world and there is nothing equally innovative as IFRS in business finance and accounting, in fact, entrepreneurs use it as an effective tool in leveraging a business and luring of investors.

— The writer is Executive Director, Acreaty Management Consultant Pvt. Ltd.