Know about IFRS/ Ind AS

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In the world of globalization, when the quantity of multinational corporations are ever expanding, standardization is a need, not a decision. Financial reporting is a fundamental part of business and requires standardization. IFRS focuses on precisely that by keeping up stability and transparency in the financial world.

What is IFRS? What exactly IFRS stands for?

International Financial Reporting Standards are Global unified reporting/ accounting standards that are used in preparing financial statements of a company viz, like account book, profit & loss account and cash flow statements. All the companies which are located in different countries use accounting standards of respective countries for preparing financial statements.

Which standards were we using till now without IFRS?

 In India, we were using Indian GAAP/ Accounting Standards notified by the Government (MCA). There was no uniformity in the basis of preparing financial statements of the companies in different countries, making it difficult to have a comparison and eventually do business internationally.

 IFRS resolved this issue.

 India decided to adopt Ind AS which was based on IFRS as promised to G-20 nations in order to have a common accounting language. Thus, Ind AS is based on IFRS and there is approximately a 5% deviation from IFRS. So if you know IFRS, you know 95% of Ind AS.


 

Why do we need to learn IFRS / Ind AS?

 With recent developments, the entire world is accepting IFRS as a common reporting standard so that financial statements prepared using IFRS can be interpreted in any country by anyone. Thus, any professional working in the accounts and finance department or accounting KPO must have the knowledge of IFRS / Ind AS.

 World's job market opens up with knowledge on IFRS / Ind AS.

As per the conversion road map for Indian Companies, all listed companies and companies in the process of listing are required to adopt Ind AS. Private companies are required to adopt Ind AS if the net worth is INR 250 crores or more. There are about 7.4 thousand companies listed on NSE and BSE. All of these companies including their subsidiaries, parents, associates and JVs are required to comply with Ind AS. Assuming each company has 3 group companies, there are approximately 30,000 companies that require IFRS / Ind AS skill sets today. This does not include private limited companies.

Who needs to learn IFRS/Ind AS?

All KPOs which provide accounting back-office services to their clients outside India, also require a skill set having knowledge in IFRS. Apart from the companies, professional firms providing audit and other services are also in need of resources having adequate knowledge of IFRS / Ind AS.

What could be the job opportunities after qualifying with a Diploma in IFRS?

Globally, more than 140 jurisdictions, including countries across all continents have allowed the use of IFRS in their respective countries. Foreign Private Issuers in the USA are also allowed to present their financial statements under IFRS instead of US GAAP. 87% out of 166 jurisdictions have required or allowed the use of IFRS in their countries.

"Consequently, information on these worldwide accounting standards will open up global freedoms for the candidates."

 Learn IFRS with FinPro and open the door to new global opportunities. Finpro provides complete knowledge of International Financial Reporting Standards with IFRS certification course in Pune. We also provide IFRS pendrive classes and Indian GAAP course in Pune. Enroll yourself now and explore the field with the best of the best!

 

Location: Karve Rd, Pune, Maharashtra, India

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