IFRS or International Financial Reporting Standards has simplified the entire accounting process for companies across regions and countries. A look through at how it has affected the Indian accounting standards since its introduction in April 2016.
Influence of IFRS in India
- India adopted a single globally accepted accounting standard/format without much hassle. The new standards covers all the elements and processes, systematically, there is no requirement for various reports.
- The IASB had made it mandatory for companies with net worth more than 500crores to follow IFRS. This means most large companies which have transitioned to IFRS since 2016 have now gained momentum on the new standards and thus leveraged on adopting it earlier on.
- IFRS was easy to adapt or transition to since most principles followed in Ind-AS are similar to it.
- Ever since IASB announced its acceptance of IFRS, companies are now looking for IFRS skilled candidates. A leading job site has more than 1500 job advertisements for IFRS candidates across financial, government and IT sectors.
- Over the last year many institutes and academies have offered short term certificate and diploma courses for financial students and professionals.
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