Imagine being the accountant of a company, but you are stuck in your career and have absolutely nowhere else to go because you have no idea how to handle the accounts of another company. Or imagine being an accountant and have absolutely no clue of interpreting an account statement or finance report outside of your comfort zone. Sounds like a nightmare doesn’t it?

To help accountants and companies all over the world, bodies like the International Accounting Standards Board (IASB) come forward with a solution.

What is IFRS?

IFRS stands for International Financial Reporting Standards and is issued by the International Accounting Standards Board (IASB).

Among businesses, money is both the angel and the devil of the trade, and one cannot be too careful in this matter.

Transparency and accountability are vital when it comes to the finances of a company. This mitigates the risk of illegal and unethical practices. To ensure transparency and accountability, financial reports should be filed by the accountants of the company. For a financial report to be reliable, it should be made efficiently and must be of the highest quality.

Above all, the financial reports of one body should be perfectly comprehensible by any other body in any other part of the world. Thus, the situation calls for streamlining and unification.

The IFRS standards provide a very beneficial solution to such setbacks. The help to make all financial statements consistent, comparable, of high quality and transparent, be it among different people or different countries altogether.

In a nutshell, IFRS sets the ground rules of how financial statements and reports are filed and companies around the globe are obligated to adhere to them and acknowledge their credibility and quality.

IFRS and Accountants

The International Financial Reporting Standards play a pivotal role in the careers of accountants because, as of 2020, at least 120 countries across the globe use them!

By getting a certification in IFRS, accountants can increase their opportunities and prospects multifold as they are viewed as more credible than ever.

Furthermore, several companies prefer to hire professionals with a diploma in IFRS by ACCA because it ensures that the candidate is competent and has the required knowledge of quality, efficiency and standards. The company will also save a lot of time in this process.

Going Multinational

Since the IFRS standards are accepted across 120 countries including those in the European Union, cross-border transactions become easier and more streamlined for multinational companies (MNCs) and brands doing businesses globally.

This presents the accountants with sufficient knowledge and credibility in this field with a unique opportunity to expand their horizons beyond their native country! Thus, ensuring job and social security in their lives.

Conclusion

As for India, it is mandatory that all companies with a net worth of more than 250 crores INR follow IFRS or its equivalent standards for financial reporting.

Since the boom of startup and manufacturing in India is right around the corner, the job market for accountants in this sector is going to explode.

To be a part of this revolution, a diploma in IFRS is the way to go!