Skills required For IFRS

Skills required for IFRS

The world has been shrinking to one place, thanks to globalization. Thanks to technology, communication of messages has become much easier. With these, even the corporate world was no exception, and globalization witnessed a rising number of mergers and acquisitions to obtain synergy benefits from each other. Considering this, there was a need to introduce an accounting framework which encompasses uniformity, and enables comparison.

The program is straightforward for somebody who is familiar with accounting. If you are comfortable with accounting, then the IFRS is more or less a list of DOs and DON’Ts that you have to literally commit to memory. Therefore, the 2 key skills you need are:

1. Knowledge of Accounting / Financial Reporting

This is a must have skill for successful learning of IFRS. Accounting is a basic skill, since IFRS is the study of accounting standards.

2. Great memory

Since IFRS entails remembering various rules and implications in various scenarios, the candidate must possess a great memory skill in case he wants to be an expert in this field. Moreover, these rules are subject to change by notifications, hence, it is necessary that the candidate deals with the

4. Concepts Clarity

Any accounting standard requires the candidate to be strong with the basic foundation. THe candidates must possess a strong knowledge in basics of accounting.

5. Knack for Learning

Amendments are a part and parcel of accounting standards, hence, as an IFRS professional, you should be open to learning and continuous improvements. You should have a knack for reading, since that will make you aware of the latest developments and also be aware of the practical difficulties.

There are fewer number of IFRS professionals in India, hence, there is no dearth of opportunities for these professionals in India. As more and more countries are coming in its ambit, there are plethora of opportunities abroad too. Moreover, it is a lucrative career option and has opened up many new avenues for the candidates.