To answer why IFRS or International Financial Reporting Standards, one must answer Why adopt an “International” accounting standard when we already have one. Here are a few important reasons:-
– Companies do not have to restate their financials as per each country’s accounting standards. This is so important in a global economy.
– It becomes easier for analysts to compare companies across countries
– It becomes easier to raise finance from across the world
India has also, and quite rightly, agreed to implement IFRS. It is now mandatory for companies having net worth of equal to or more than 500 crores (since April 1, 2016) to switch to IFRS.
So why should you learn IFRS?
- Large and/or Multinational companies will prefer, if not insist on hiring people who are already skilled on IFRS.
- Over the next few years, IFRS knowledge will be mandatory even for the smaller companies. People who do not update themselves would stagnate. At worse, they may be replaced with younger graduates who will study IFRS in their graduation.
- If you know basic accounting, learning IFRS is not very tough. You can learn one standard at a time and focus on those relevant to your business.
- Or a three month IFRS course can give CAs, accountants and other finance professional a perfect way to prepare for the future.
For NSE Certified IFRS Course details, click on http://www.proschoolonline.com/ifrs-certificate-course.