Introduction
The finance and accounting profession is emerging as a fast growing
profession. In this globalized era, national General Accepted
Accounting Principles (GAAP) is becoming rare and IFRSs are gaining
momentum across the world. These are accepted as a single accounting
language for the preparation of financial statements. This universal
recognition of IFRSs has established a common platform for this
profession in the whole world and created a need for finance and
accounting professionals to gain knowledge and experience on these
standards.
The worldwide acceptance of these
international standards has created a potential demand for the IFRS
professionals. The companies prefer to recruit those candidates who are
having an expertise in these international standards apart from their
normal specialisation in finance and accounting. The importance of this
profession becomes more relevant when there is a lack of experts in
this area and one can also go for consultancy and advisory service to
the companies which are in process of adoption of these standards.
In this accounting era, there is a huge demand for IFRS professionals. The youngsters planning a career in finance and accounting may have a bright future by having a specialisation in these standards.
In this accounting era, there is a huge demand for IFRS professionals. The youngsters planning a career in finance and accounting may have a bright future by having a specialisation in these standards.
Why IFRS Professionals
The IFRSs has become the global accounting
icon and almost all career avenues related to finance & accounting
are affected by these accounting reforms. The accounting standards are
the principle and practices which lay down a framework on which
financial statements of an enterprise are prepared. These international
standards have become obligatory for the corporate who want to exploit
global financial markets by making a listing of their company on
international stock exchanges, by way of joint ventures or by any other
mode.
The implementation of IFRSs as an essential
norm for doing business in global markets has turned it into a
mandatory requirement for the companies. The companies are seeking this
expertise as eligibility for the accounting professionals. Moreover,
the companies are also facilitating the existing employees in this area
to learn these standards. The proficiency in these international
standards is highly recommended for Chief Accountant, Chief Financial
Officer, Finance Managers, Bank Managers, Financial Controllers,
Accountants, Financial Analyst, Auditors and Portfolio Managers.
India has also adopted these standards
and converged the existing accounting standards with IFRSs. The
converged IFRS are named as Indian Accounting Standards (IND-AS). These
standards are implemented in India in a phased manner from April 1,
2011 in companies other than banking, insurance & non banking
financial companies (NBFC) upto a specified limit, from April 1, 2012
in insurance companies upto a specified limit and from April 1, 2013 in
banking and NBFC upto a specified limit. The IFRS professionals are in
great demand in many Indian companies in different industries which are
converting their financial statements as per these international
standards.
The below mentioned reasons explain the significance of IFRS professionals:
- There is a lack of accounting professionals in India with expertise and practical knowledge of these international standards.
- A phased implementation approach of IFRSs in India will multiply the demand of IFRS professionals in coming three to four years.
- The first phase covers all the companies which are part of NSE-NIFTY 50, BSE-SENSEX 50 ,companies whose shares or other securities are listed on stock exchanges outside India and companies whether listed or not, which have a net worth in excess of Rs. 1000 crores. The approximate total of these companies is 200-300. The number of companies will increase in second and third phase as banking, insurance and NBFC will also adopt these standards.
- The practical knowledge of these universal standards will open doors across the globe as more than 100 countries have given green signal in their accounting boundaries.
- The application of these standards is very complex and time consuming which underlines the significance of IFRS professionals.
- The continuous amendments in these standards by the regulators are also creating need for IFRS professionals.
Who can be IFRS Profess-ional
The persons who are already pursuing or
passed courses like MBA with specialization in finance &
accounting, Chartered Accountancy (CA), Cost & Works Accountant,
Company Secretary (CS), Certified Financial Planner (CFP), Chartered
Financial Analyst (CFA) and any other relevant course in the area of
finance and accounting may further enhance their knowledge by doing
specialised courses and training programmes in international standards
and can become IFRS professionals. These professionals can exploit
numerous opportunities coming in India as well as in other countries.
Job Prospects & Career Options
The role and responsibilities of IFRS
professionals have created a number of employment avenues for these
personals which are given below:
- The companies in India which are covered in the Ist phase require a large number of IFRS professio-nals for efficiently implemen-ting these standards.
- The audit firms are also having need of IFRS professionals as these firms support companies in successful implementation of international standards.
- The professional advisory companies need the professionals who are well versed with these standards to provide excellent consultancy services to other firms in finance and accounting.
- The banking industry in India which is most affected by the implementation of IFRSs also require these professionals as this industry will have to prepare its financial statements as per the new standards from April 1, 2013.
- Likewise, Insurance industry is also moving towards the adoption of international standards in 2012, so, IFRS professionals will also have demand in this sector.
- Self-employment is also a good option for IFRS professionals as they can start their own advisory and consultancy services.
- The persons with expertise in international accounting standards will also have an edge over others in educational institutes which are running certificate diplomas and training programmes in this area.
Professional Courses & Programmes Available in IFRSs
The courses which are relevant for getting practical knowledge of these complicated international accounting standards are mentioned below:
The courses which are relevant for getting practical knowledge of these complicated international accounting standards are mentioned below:
S. No |
Name of the Programme | Eligibility | Duration | Institute |
1. | Certificate Course on International Financial Reporting Standards | CA Members | Hundred Hours | The Institute of Chartered Accountants of India, ICAI Bhawan, A-29 ,Sector 62, Noida -201 309 ,Uttar Pradesh |
2 | Certificate Course on International Financial Reporting Standards (IFRS) Convergence |
i. Members of ICWAI,
ICAI, ICSI, ii. Senior and Middle Level Executives of various public
and private sector organisations, Banks, Financial Institutions,
Government Bodies, Autonomous Bodies, Statutory Bodies,
Multinationals etc., iii. Practicing Cost Accountants, Company Secretaries, Chartered Accountants, iv. Faculty of Universities, Autonomous Professionals Institutions, Management Institutions. v. Students pursuing professional courses. vi. Any other person related with IFRS Process. |
Two Months | The Institute of Cost
and Works Accountant of India, ICWAI Bhawan, 3, Institutional Area,
Lodhi Road, New Delhi-110003 |
3 | Diploma in International Financial Reporting (Dip IFR) accredited by ACCA |
i. Professional accountants and auditors,
working in practice and industry, who are qualified in
accordance with national accounting
standards,are eligible to take the qualification. Official
documentation is required.
documentation is
required.ii. Practitioners who may not yet be qualified, but who can verify the following, are also eligible:
|
Three to Six Months | |
4 | Advanced Certificate Program On IFRS KPMG India |
i. Working Professionals with minimum 2
years of experience ii. Experience requirement is waived off
for CA, CS, CWA’s, MBA (Finance) and for corporate nominations.
|
Six Weeks | |
5 | Diploma in Inter national Financial Reporting by ACCA |
i. Any accounting practitioner or auditor,
qualified in accordance with national accounting standards.
ii. A Post Graduate in
commerce with 2 year's experience in finance and accounting
department iii. A graduate in any stream with 3
years experience in finance and accounting department.
|
Three to Six Months | |
6 | IFRS/ IND AS Certification Programmes |
Professionals and students focusing on exams like ACCA Hours
|
Forty Hours |
by:-Anu Munjal
टिप्पणियाँ
एक टिप्पणी भेजें
is this your way..