Are you struggling to decide whether it’s good to pursue the IFRS course or not?
Do you think you have the spark inside you to set yourself as a pioneer in the global accounting sector?
Are you tired of scrolling the Google pages to find the right answer that will clear your doubts about the IFRS course?
If you nodded yes to these questions, you’re at the right place. We admit the fact that IFRS is a complicated course, and it’s hard for you to make a call about pursuing it at this crucial point of your career. A detailed insight into the IFRS course is all you need to make a firm decision about pursuing the course.
We value your passion and interest in becoming an IFRS professional, and the opinions of our experts will guide you on the right track to make that happen seamlessly.
In the following segments, we will elaborate on different aspects of the course including possible IFRS career options, IFRS salaries, and many more. So, let’s dive into the details related to the IFRS course program.
Let’s understand the course
- What is the IFRS course?
The term IFRS is the abbreviated version of International Financial Reporting Standards. IFRS courses are curated for students who are enthusiastic about pursuing careers related to finance, accounting, audit, financial analysis, and budgeting.
The specialty of the IFRS course is that it uproots the geographical boundaries of finance professionals, and IFRS aspirants become eligible to operate globally without difficulties.
- Who can opt to pursue the IFRS course?
Well, the IFRS courses are associated with finance and commerce, and that’s why students from these backgrounds are more likely to pursue these courses. Students from other streams or academic domains can’t relate their career prospects to the curriculum of the IFRS courses, and that’s why these courses aren’t favorable for them.
If you’re a commerce graduate or you’re working as a finance professional, you can proceed to pursue the IFRS course. In short, any individual who is associated with the commerce or finance domain can opt to pursue the IFRS course without hesitation.
- Key reasons to choose the IFRS courses
Now, you must be keen to know why you should opt to pursue the IFRS course instead of other courses related to the finance domain? There are some obvious reasons that make the IFRS course better options than other courses related to finance or commerce.
Let’s find out the key reasons so that you can feel confident while making the final decision about pursuing the IFRS course.
- As you decide to pursue the IFRS course, your career gets the global exposure you have been longing for so far. You get the golden opportunity to explore the ongoing trends of global markets, which can influence the progress path of your career in the near future.
- IFRS aspirants get the scope to nurture their knowledge about the finance domain as the course requires them to know the detailed aspects of finance and commerce. While other courses related to finance lead students to explore the finance domain at the surface levels, IFRS lets them dive deep into the important aspects of the domain.
- The IFRS course trains aspirants to adapt to different financial jurisdictions adeptly and that eventually helps them grow impeccably later.
These are fundamental factors that differentiate the IFRS course program from other course modules related to finance and accounting.
- The eligibility criteria for the IFRS course
Being a commerce graduate does not necessarily mean that you’re eligible to pursue the IFRS course. The course is one of the most valuable and prestigious courses related to the finance domain. Naturally, there are specific eligibility criteria to qualify for pursuing the course curriculum. Let’s discover the eligibility criteria for the IFRS course-
- An IFRS aspirant must have a valid document that proves that the candidate possesses two years of experience in accounting and the document has to be accompanied by a relevant degree.
- Having the proof of 2 years of experience in finance and accounting along with an ACCA certificate in International Financial reporting qualifies you for the IFRS course as well.
- You can still become an eligible candidate if you have three years of experience in accounting.
- Lastly, you directly qualify for the IFRS course if you hold an ACCA Affiliate status.
These are the standard eligibility criteria to qualify for the IFRS course program. You expect to qualify for the course only if you have one of the criteria listed above.
The benefits of pursuing the course program
- Helps add more value to your skills and expertise
As already mentioned, pursuing the IFRS course program enables you to get global exposure. When your learning gets bounded by regional boundaries, you miss out on a lot of important factors and aspects related to a particular domain. The same applies to the finance domain and the IFRS course.
As you pursue other course programs related to finance, you can level up your skills and expertise to a certain level and not beyond that. On the other hand, pursuing the IFRS course enables you to remove the limits of skill enhancement. By pursuing the course program, you get the opportunity to master the skills and expertise you’ve attained so far. That adds more value to your skills and overall professional career.
- Unlocks the doors to global opportunities for you
As IFRS is a global course, the doors to global career opportunities get unlocked in front of you. While other finance-related courses will help your career thrive within certain geographical boundaries, the IFRS course allows you to accept global opportunities too.
You get the chance to work abroad and collaborate with industry-leading firms and companies to level up your experience. Needless to say, this allows you to get the leads on different attractive career opportunities that you can’t even think of while pursuing other courses.
- Turns you into a global professional
The course curriculum of the IFRS course prepares you according to the global standards. That means your learnings and skill that you attain throughout the course will reciprocate with the global financial standards. Therefore, you automatically get transformed into a global professional and that paces up the growth of your career.
- Fine-tunes your existing skills and helps earn better recognition
You must have actualized already that the IFRS course comes with plenty of improvement opportunities for aspirants. As an IFRS aspirant, you can sharpen the skills you’ve acquired so far, and you get the chance to learn new skills related to the finance domain simultaneously.
Fine-tuning existing skills and inheriting new expertise at the same time allows you to set yourself apart from your colleagues, co-workers, and competitors. As a result, you can earn better global recognition.
The career roadmap of the IFRS course
Introduction to different IFRS courses
Enormous numbers of IFRS courses are available both online and offline. You’re the one to decide which course program you want to pursue. Here we are going to list the best IFRS courses available at the moment.
- IMS preschool
- Diploma in IFRS by ACCA- KPMG India
- Diploma in IFRS by ACCA- EY
- Grant Thornton
- Saraf Academy
- ACCA Diploma in IFRS – PWC’s academy
- Udemy – online courses
- Takshila learning
The list of IFRS standards
Like other course programs, the IFRS course also comes with different standards, and aspirants are supposed to clear these standards respectively to get the IFRS certification. So, let’s know about the IFRS standards-
- Module 1- First-time Adoption of International Financial Reporting Standards
- Module 2- Share-based Payment
- Module 3- Business Combinations
- Module 4- Insurance Contracts
- Module 5- Non-current Assets Held for Sale and Discontinued Operations
- Module 6- Exploration for and Evaluation of Mineral Resources
- Module 7- Financial Instruments: Disclosures
- Module 8- OperatingSegments
- Module 9-Financial Instruments
- Module 10- Consolidated Financial Statements
- Module 11- Joint Arrangements
- Module 12- Disclosure of Interests in Other Entities
- Module 13-Fair Value Measurement
- Module 14-Regulatory Deferral Accounts
- Modele 15- Revenue From Contract
- Module 16- Lease Accounting
- Module 17- Insurance Contract
IFRS aspirants are supposed to clear all these standards to get certified. All these standards nurture your perception of different aspects of the global financial system.
Different focus areas of IFRS
As you’ve got an insight into the IFRS course, you must have understood that the course program focuses on different aspects related to finance, and you are supposed to know about all those aspects before starting with the course curriculum.
So, we are going to explain vivid focus areas of IFRS to help you understand the course in a better manner.
- Retirement benefit plans
- Business combinations
- Borrowing costs
- Revenue recognition
- Investment in associates
- Employee benefits
- Foreign exchange rates
- Fixed assets
- Intangible assets
- Presentation of financial statements
- Operating segments
- Income taxes
- Subsequent events
As an IFRS professional, you will be expected by your higher authorities to cater your services to all these aspects of finance and commerce. The IFRS course module will help you attain expertise in handling issues related to all these aspects of finance and commerce.
Career opportunities as an IFRS professional
Like other finance-related course programs, the IFRS course also comes with a plethora of career opportunities. As you select the right track for yourself, you can set a stable career path after the completion of the IFRS certification program or diploma.
IFRS jobs are among the highest-paying jobs in India, and the demand for IFRS professionals is accelerating globally at a rapid pace. So, let’s look into the job opportunities you can go for after completing the IFRS course program.
- A large percentage of IFRS professionals become financial consultants after completing their diploma programs or certifications. Global CA firms and financial organizations always seek financial consultants to handle exceeding numbers of clients. This is a convenient career path to follow after completing the IFRS program.
- You also have the chance to work with the top MNCs as a financial analyst. Almost every MNC and brokerage firm keeps employing financial analysts on a regular basis. This is an emerging career path that can lead you to utmost success in the near future.
- You can join a global CA firm as a chartered accountant, or you can also offer your services as an individual. Both the options remain open in front of you after you complete the IFRS course program.
- Have you ever thought of becoming an IFRS trainer? Besides being a lucrative and challenging career option, it is also one of the highest-paying positions in the finance domain. As an IFRS trainer, you can excel in your skills as well which will help you grow further.
So, these are the exciting career opportunities for IFRS aspirants. You can select a particular career path from the listed options based on your preferences. No matter which one you choose among the listed options, you’re going to flourish in your career if you remain attentive and focused.
Salaries of IFRS jobs
According to the latest statistics, the salary range of IFRS professionals in India is around 8-15 lakhs annually. In certain cases, the basic salary of IFRS professionals hiked up to 19 lakhs annually as well.
Reports also state that professionals who gained 6-8 years of experience after completing their IFRS certifications bagged salary packages of 20-25 lakhs per annum too. As you manage to get recruited by an established global firm, these are the IFRS salaries you can expect.
As you’ve read the entire article attentively, it can be assumed that you don’t need further clarifications about the impact and the prosperity of the IFRS course. As you meet the basic eligibility criteria to qualify for the course, you should try your best to pursue the course from a recognized institution.
There is no doubt that the IFRS course is rewarding in terms of settling your career at a young age. So, don’t hesitate any more and apply for the course today to do justice with your qualifications.