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IFRS Certificate On Completion Of The Course For 2017 Exam

IFRS Certificate On Completion Of The Course For 2017 Exam

IFRS Certificate On Completion Of The Course : Excelling as an accountant and effectively serving your organization or clients requires having a robust understanding of IFRS. Gain the critical information you need about IFRS — including their objectives, key requirements and financial reporting implications — from this IFRS online self-study certificate program. By becoming well versed in this common global language for business transactions, you will be better able to prepare financial statements that are comparable, understandable, reliable and relevant to investors and other users.

IFRS Certificate On Completion Of The Course For 2017 Exam

IFRS Certificate On Completion Of The Course : There are 2 courses held by ACCA, one is Certification course, in which you just have to attend some training and you’ll get a certificate for the same(I haven’t done it, so can’t provide more details).

The 2nd course for IFRS offered by ACCA is DipIFR, which is the Diploma in IFRS. You have to write and pass an exam(1 paper, 100 marks, 50%passing). It is for this course that KPMG conducts classroom training. DipIFR is widely recognised all over the world. It is because of this that it is the best course in IFRS.

IFRS Certificate On Completion Of The Course For 2017 Exam

IFRS Certificate On Completion Of The Course :  International Financial Reporting Standards (IFRS) is a single set of accounting standards, developed and maintained by the IASB (International Accounting Standards Board).

IFRS Certificate On Completion Of The Course For 2017 Exam

IFRS Certificate On Completion Of The Course : After completing  you can easily get a job in one of the following industries or you can start your own advisory and consultancy company:

  • Audit Firms
  • Professional Advisory Companies
  • Banking Companies
  • Insurance Companies
  • Any other company adopting IFR standards

IFRS Certificate On Completion Of The Course For 2017 Exam

IFRS Certificate On Completion Of The Course :  In the present era of globalization and liberalization the world has become an economic village. Accounting plays a very important role in the economic growth of a country as it is the financial language in which transactions and their effects are expressed. Various nations across the globe are pursuing convergence of their national accounting standards with International Financial Reporting Standards (IFRS). It is very imperative to have a single globally accepted financial reporting system since a number of multinationals companies are engaging in cross-border business transactions. They are getting themselves listed on stock exchanges of different countries. Capital markets are thus becoming integrated.

The use of different accounting frameworks in different countries which require different treatments and disclosures for same transactions shall create confusion amongst users of financial statements. So this calls for the need to adopt unified standards such as IFRS that can help economy, industry and accounting professionals. Adoption of IFRS will encourage in transparent and reliable preparation and presentation of financial statements. These standards would enable comparability of financial information which will boost investor confidence. It will provide easy access to global capital markets and at low cost. These will provide impetus to cross border mergers and acquisitions, affiliate partnerships and ventures with foreign establishments.

IFRS Certificate On Completion Of The Course For 2017 Exam

IFRS Certificate On Completion Of The Course :  Having regard to this and the gaining momentum of IFRS, the convergence roadmap has been issued by the ICAI. The adoption of IFRS will benefit the accounting profession in a way that they are able to render their expert services in different countries.

Opportunities from IFRS’s convergence

  • International Opportunity: Indian CAs can take their professional abilities and deep knowledge anywhere around the world.
  • Potential Demand of Valuation Experts: As per the IFRSs assets and liabilities are to be recognized at fair values. This fair valuation will require valuers.This is one new area that      can be explored by CAs.
  • Appointment in Companies as IFRS specialist:Companies would be working along the teams of experts and consultants. CAs would be required for interpreting the various complex issues and preparing financial statements according to the standards.The banking industry in India which is most affected by the implementation of IFRSs will also require these professionals as this industry will have to prepare its financial statements as per the new standards.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.
  • Continuing Professional Education: Intensive IFRS training needs to be imparted to key management personnel of companies. ICAI has taken steps in this regard.

IFRS Certificate On Completion Of The Course For 2017 Exam

  • First time Reporting of Financial Statements as per IFRS will be a critical factor. IND-AS 101 has been issued by ICAI in this regard that requires preparation of opening Balance Sheet which requires recognition and reclassification of certain items of assets and liabilities.First time adoption has its own challenges. Quite a few new policies need to adopted and previous policies may need a change. The entity is required to evaluate the impact of all these on its financial in the long term.
  • Regrouping / ReclassificationCurrent items shall have to be regrouped or reclassified to conform to the new method of preparation. Under IND-AS if any reclassification needs to be done the same shall have to be disclosed separately.
  • Planning for Effective Transition Audit: The changeover to IFRS poses a fundamental shift in financial reporting. Changes in the application of new policies, the configuration of systems and maintenance of internal controls will all have an effect on audit risk, significantly increasing the risk of misstatements and fraud. In turn, this will have a considerable impact on how audits are conducted. That’s why it’s important to properly plan the engagement — a step that everyone agrees is the key to a successful transition.Planning should focus on two major areas: assessing and updating the knowledge of professionals; and participating in the company’s conversion process.
  • Users Concerns and Professional Risks: One thing is certain, the first IFRS financial statements will be closely scrutinized by the various stakeholders, including financial backers, investors, market analysts and regulators. All the stakeholders will be concerned about the impact, the changes will have and how it will affect them.This issue and its impact on audit engagements will naturally need to be addressed.
  • High Risks: In their risk assessment, auditors should also consider the possibility of figures being manipulated by management. The changeover is a convenient opportunity to embellish the results and financial position or to conceal previously undetected errors in the opening balance adjustment.Early in the planning process, auditors should identify the files that present the greatest risk, either because of their complexity, major differences between GAAP and IFRS. This will enable them to take the necessary precautions to ensure the audit is properly performed.Obviously, vigilance and professional skepticism should be the key objectives of the auditor.
  • Managements’s Transition Plans: The active involvement of auditors in all stages of the planning, development and implementation of the company’s conversion process is critical to the engagement and essential to their work and conclusions, given the extent of the change, the high level of professional risk and the potential adverse effects inherent in the process.
  • Remaining Independent: Auditor should be free from any bias and prejudice as a matter of his moral code of conduct. To enforce the rules of professional conduct respecting independence and to avoid placing the auditor in a real or perceived conflict of interest situation, both the company and the audit committee will need to put processes in place to define the extent of the auditor’s involvement and collaboration with the management team.

IFRS Certificate On Completion Of The Course For 2017 Exam

IFRS Certificate On Completion Of The Course : The switching over to IFRS is a major challenge, but it is also an opportunity for audit firms to review their programs, procedures and practices to make them more effective and efficient. Like any major shift, the changeover will not be easy and will require considerable resources and time. Good planning will be crucial to cope with the obvious increase in workload and to maintain the quality of services offered. It is our job as auditors to be acquire all the necessary knowledge and skills and be prepared.

IFRS Certificate On Completion Of The Course :   Scope of IFRS Reporting in India

The global recognition accredited to IFRS prompted Indian companies to follow suit. This also created another learning segment for accounting and finance professionals to learn about IFRS and improve their career prospects.

Increasingly, companies in India are adopting and choosing to recruit candidates with experience and knowledge in IFRS, apart from usual accounting and finance degrees.

As such, IFRS professionals enjoy high demand in India. The demand is higher because there is lesser number of IFRS professionals in India and moreover, experts can offer consultancy services to companies adopting IFRS standards and need assistance with migrating older accounts to newer accounting structures.

Youngsters entering the finance industry should consider getting IFRS certification to improve career prospects.

Ever since IFRS inception, the accounting reforms influenced changes in all business avenues dealing with accounting and finance.

Corporate and publicly-traded companies engaged or interested to function on a global scale through international stock exchanges, joint ventures and other modes has to obligatorily follow IFRS standards.

Indian companies are facilitating the learning of IFRS standards for its existing employees and hiring new candidates with IFRS skills. It is mandatory for people who are Financial Controllers, Financial Analysts, Accountants, Chief Financial Officers, Chief Accountants, Finance Managers, Bank Managers, Auditors and Portfolio Managers to be IFRS proficient.

The convergence of IFRS within the Indian industrial context led to the development of Indian Accounting Standards (IND-AS).

IFRS Certificate On Completion Of The Course For 2017 Exam

IFRS Certificate On Completion Of The Course : IFRS Opportunities for CA, CPA and CFA Experts

Professionals who have already done or are doing courses like Chartered Financial Analyst (CFA), Cost and Works Accountant, Chartered Accountancy (CA), Company Secretary (CS), Certified Financial Planner (CFP) and MBA in Finance or Accounting should opt for IFRS certification to become at par with global finance professionals.

The IFRS training happens with international paradigms and therefore, it equips them to work not only in India but abroad.

The introduction of IFRS in the Indian markets created a lot of employment opportunities. There are a lot of career opportunities for people with additional IFRS expertise because of the following reasons:

  • Implementation of IFRS guidelines begins in India from 1 April 2011 for companies other than insurance sector, banks and non-banking financial companies. Companies who began implementing in this first phase need to hire IFRS professionals for smooth operational transitioning.
  • Advisory companies involved with offering advisory services to accounting and finance firms need to hire IFRS professionals as consultants. Similarly, audit firms require the same to offer excellent IFRS implementation to their client companies.
  • There is a high demand of IFRS professionals in the banking and insurance sector since they received guidelines to implement IFRS from 1 April 2013 and 1 April 2012 respectively.
  • Skilled and experienced IFRS experts can begin their private consultancy for firms and enhance their income potential. Firms often hire financial consultants on retainer basis.
  • If nothing else, the need for IFRS experts will rise in the finance education industry because institutes offering certification and diploma need to upgrade their education module with IFRS and therefore, they need experts to teach students.

In short, if you are in the field of accountancy, IFRS reporting skills become mandatory to find employment because every company needs people skilled in IFRS and the employment demand will increase in the next 5 years.

IFRS Certificate On Completion Of The Course For 2017 Exam

IFRS Certificate On Completion Of The Course : Scope of Growth for IFRS Professionals

There is a huge scope of growth for IFRS professionals, especially for those who are beginning their career in finance than those with mid-level or senior-level accounting experience. The reason why IFRS is going to be the next big thing in India is because of the below given reasons.

(1) High IFRS Reporting Professionals Demand

The first phase of IFRS implementation in India targeted companies listed in stock exchange and with assets worth Rs. 1000 crores. The numbers of companies in this category are hardly 300 in total. However, in the second and subsequent phase of IFRS implementation, mid-level and small-level companies will be roped in and as such, the need for IFRS professionals will rise steeply.

(2) International Skills

Finance professionals entering the field at this time will have advantage over others because there are not many accounting professionals with practical and expert knowledge of international accounting standards. Having IFRS reporting skills will elevate your status in the high growing and demanding world of IFRS professionals.

(3) India & Abroad

Apart from India, 100+ countries have received permission to implement IFRS standards. Therefore, by being IFRS qualified, you are eligible to apply and work in these 100+ countries.

(4) Operational Hazards

IFRS is not simply about learning to transfer old accounts into the newly acceptable international accounting standards. IFRS is complex and difficult for any accounting professional without IFRS expertise. Moreover, the IFRS guidelines are continuously amended and companies have to follow the amendments. Therefore, the demand for IFRS experts rises significantly.

These four reasons are why you should purpose IFRS learning now.

IFRS Certificate On Completion Of The Course For 2017 Exam

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