IFRS opens up diverse job opportunities
The G20 (the European Union, governments and central bank governors of 19 major countries), major international organisations, business associations, and investors understand and support the need for a single set of high-quality global accounting standards. The modern economy depends on cross-border transactions and the unrestricted flow of international capital. A lot of financial transactions happen across borders, and this would grow. Investors look for diversification and investment opportunities across the world. This need for globalisation marks the significance f the IFRS certification course.
Benefits of the IFRS Standards
Cross border activities were difficult in the past, as different countries had their accounting standards. The patchwork needs in terms of accounting, added a lost of cost and complexity to both the companies in terms of financial statements, and even put them in risk. Thus the amounts reported in financial statements needed to be calculated on a different basis. This required the studying of different national accounting standards. Even small differences could have a large difference in the reported financial performance and position of a company.
The IFRS Standards addresses this challenge with the help of high quality and internationally recognised set of accounting standards that offer accountability, transparency, and efficiency to financial markets around the globe. The standards help to offer transparency by enhancing international compatibility. The IND AS replaced the Accounting Standards that had been issued in 2000. The IND AS is almost completely inspired by the IFRS, but certain changes have been made considering the country’s economic environment. This is the difference between IFRS and IND AS.
Adopting the IFRS standards
Migrating to the IFRS standards would not come without cost and effort. Companies need to change some of their systems and practices. This means they need to hire employees and consultants who can help in the migration process. To continue dealing in the global standards, employees with the IFRS certification course are valued and hired. This will lead to better business efficiency, better communication, and enhanced compatibility with international investors. This is causing a lot of Indian companies to adopt IFRS standards. Most organisations that want to conduct businesses globally would have to adhere to these protocols.
Progress towards global standards
Through the IFRS course duration, the students and candidates are taught about the accounting standards and how they can help migrate their companies. The fundamental knowledge the candidates gain helps them to be experts in the field and allow them to act as consultants in the matter. The IFRS Standards have become the global language of financial reporting today. Any company which wants to do business globally would need to hire employees with knowledge in IFRS standards. Even the companies who are not running businesses globally ultimately face the pressure of using the IFRS standards as most of the other companies would be communicating their transactions through these protocols.
Thus, the IFRS certification would open up diverse job opportunities for anyone. It is becoming more of a compulsion than a necessity today.
