The majority of people who are involved in the accounting and finance field might not have enough knowledge of international financial reporting standards. These international financial reporting standards are a set of accounting standards fixed by the IFRS foundation. Therefore, if you are interested in learning those accounting standards, choosing the IFRS diploma course and certification in India would be a great decision for your career. Most of these accounting and financial standards are accepted globally while helping people communicate transparently with their colleagues in the accounting and finance field. Going through this article would help you get a deeper understanding of the scope of IFRS diploma courses in India.
Overview of scope in IFRS course
Most of these accounting standards, followed by international financial reporting standards, were put into place during the years 1973 and 2001. In the last few years, the demand for professionals in IFRS has been increasing constantly. Meanwhile, if you are eager to upgrade your skills and knowledge about IFRS, then choosing to get a certification through an IFRS diploma would be an excellent career choice. Even the demand for IFRS diploma courses and certifications in India is increasing. Being an IFRS professional would enable you to work in 140 different jurisdictions due to them following the same IFRS. Some of the job opportunities that you could expect after completing your IFRS course would be:
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External auditor
The role of an external auditor is pretty critical as they are responsible for looking after the financial landscape of a company externally. They are tasked with reporting any errors or irregularities that could be hindering financial operations. With the help of an external auditor, a company is able to take care of fraud and inconsistency in its financial databases while rectifying those discrepancies efficiently. The average annual salary of an external auditor at the beginning of their career would be Rs. 2.4 lakhs per annum.
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Financial controller
The financial controller is responsible for monitoring the balance sheets and income statements of a company. They are also tasked with looking after the internal operations of a company and whether everything is progressing smoothly and according to plan. Moreover, a financial controller is also given the task of looking at the compliance of laws and regulations. The annual pay package of a financial controller in India is Rs. 22.8 lakhs per annum.
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IFRS expert
From the name itself, you can already guess the work of an IFRS expert as they are responsible for providing expertise about International Financial Reporting Standards. Whenever any company is looking to expand its operations overseas or globally, hiring IFRS is an important task. An IFRS expert could expect an annual salary of Rs. 10 lakhs per annum.
Eligibility criteria and course structure of diploma in IFRS
For those individuals who are looking to become an expert in IFRS, choosing a diploma course and certification in India could help their career reach greater heights. Meeting the eligibility criteria for a diploma in IFRS is comparatively easy compared to other courses offered by the ACCA body. It would help if you were either a qualified chartered accountant or have three years of professional working experience in the accounting and finance field. Ideally, satisfying those eligibility criteria would help you register yourself under the diploma of IFRS course offered through the ACCA body.
Even the course structure of IFRS is fairly simple to understand, creating little difficulty for people who have chosen this course. This course, designed by the ACCA body, is famous for providing valuable knowledge and skills about international financial reporting standards, unlike other courses that are offered by the ACCA body, where three levels need to be cleared. In the IFRS course, you need to appear in a single exam while clearing the same by securing the minimum marks. Moreover, the preparation of ifrs diploma course and certification in India can be completed within three months.
Why opt for a diploma in IFRS?
Most of the organizations that are looking to expand their services overseas would look towards hiring people with international-level qualifications. The diploma course of IFRS is one such domain that has attained global recognition in financial and accounting operations. The majority of professionals working in such departments are resourceful assets as they can handle financial operations across a multitude of domains.
Remember, it is pretty difficult for people to implement such accounting standards in their modus operandi. Therefore, the professionalism of diploma holders in IFRS could help ease the process. The constant modifications and changes would be closely looked at and operated by IFRS professionals.
Conclusion
One of the biggest highlights that come with choosing a diploma in IFRS frm a course is the chance to work internationally. Most importantly, the fees and duration required to complete such courses in India are comparatively lower than in other countries offering this course under the ACCA body.