Accountancy is one of the leading careers in Commerce, opted for by many students. Some directly study abroad after 12th Commerce, while others go for accounting courses like Diploma in Financial Accounting or an MBA. Apart from these regular full-time degree programmes, there are a few short-term certificate courses offered by recognized institutions like IFRS. Through this blog, let us explore different IFRS courses.
|Full Form||International Financial Reporting Standards|
|Eligibility Criteria||A bachelor’s degree in a relevant subject and at least two years of professional accounting experience is required.|
|Top IFRS Courses||Diploma in IFRS, IFRS Certificate Course, etc.|
|Who can study the IFRS course?||Cost Accountant, Company Secretary, Financial Planner, etc.|
|IFRS Course Fees||INR 10,000 to INR 80,000|
|IFRS Course Duration||6 months|
|Top Platforms Offering IFRS Course||ICAI, AICPA, Manipal ProLearn, Global FTI, ACCA, etc.|
|Top Job Profiles||Chartered Financial Planner, Chartered Financial Analyst, Cost Accountant, etc.|
|Average Initial Salary||INR 4,00,000 to INR 8,00,000 per annum in India|
This Blog Includes:
- What is IFRS?
- Why Pursue IFRS Certificate Courses?
- Skills Required
- IFRS Focus Areas
- Eligibility Criteria
- Scope of IFRS
- IFRS Certifications: Key Features
- Top Platforms Offering Online Certificate Courses
- Top Colleges Offering UG
- Master in IFRS Courses
- Top Colleges Offering PG
- List of IFRS Courses
- Popular Books
- Lists of IFRS
What is IFRS?
International Financial Reporting Standards or IFRS are financial statements that are transparent and same around the world derived from the assertions of the London-based International Accounting Standards Board or IASB. Companies all over the world receive assistance from the IFRS because investors are more likely to put money into a company if their business practices are transparent. IT is an essential acquisition to have in more than 120 countries worldwide. It is considered by business reports and their financial results everywhere except the USA, where Generally Accepted Accounting Principles, or GAAP, is a framework that is used. This accounting standard basically originated in the European Union focusing on the purpose of making businesses and accounts conveniently accessible in the region. The idea immediately spread globally, being used as a common language, allowing larger communication worldwide. Most countries have come forward and accepted these norms of accounting!
Why Pursue IFRS Certificate Courses?
The IFRS Certificate Program will equip you with the international financial accounting and reporting skills necessary to compete effectively in today’s global business environment. A thorough understanding of IFRS will set you apart from other accounting and finance professionals and expand your career opportunities both in the US and globally.
|Accounting Skills||Regulatory Compliances||Auditing Skills|
|Microsoft Office||Financial Advising Skills||Investment Planning|
|Financial Analysis||Investment Management||Insurance|
|Portfolio Management||Market Research||Corporate Governance|
|Legal Compliance||Regulatory Compliance||Legal Document Review|
|Financial Reporting||Account Management||Tax Compliance|
|Cost Accounting||Financial Modeling||–|
IFRS Focus Areas
- Business combinations
- Presentation of financial statements
- Revenue recognition
- Employee benefits
- Borrowing costs
- Foreign exchange rates
- Income taxes
- Investment in associates
- Fixed assets
- Intangible assets
- Retirement benefit plans
- Operating segments
- Subsequent events
IFRS Foundation offers a wide range of certifications and one can choose a well-fit programme per their choice. Here are some basic things you must check before signing up for these courses:
- Any professional auditor or editor in practice is eligible to take this certificate according to national accounting standards.
- A degree from a college or university
- Three years minimum of accounting experience
Scope of IFRS
According to accounting standards that exist intend to process inter-economic transactions conveniently. IFRS ensures transparency to the market, it is accountable and efficient. As the firms are trying to move their accounting system following global standards, the demand for these professionals has increased, therefore bringing immense opportunities. The knowledge of its standard across the world in 120 countries has accounting limitations, the application of the standards has continuous amendments and these guidelines by the regulators have created the requirement for IFRS-certified professionals explicit understanding of the guidelines. The implementation of these standards has high earning potential. There exists a need to have trained specialists in India to maintain the global standards of IFRS.
IFRS Certifications: Key Features
Upon completion of the certification, the holder should be able to:
- Comprehend and explicate the international regulating framework of financial reporting
- Should be able to confer and apply the theoretical knowledge to the International Accounting Standards
- Should be able to prepare financial statements under International Financial Reporting Interpretations Committee
- Should group financial statements like subsidiaries and associate the joint ventures
- Know the global accounting functions
Top Platforms Offering Online Certificate Courses
|Platform Name||Mode||Course Fee|
|ACCA||Online (Available in 113 countries)||INR 10,421|
|Manipal ProLearn||Online||INR 25,700|
|Global FTI||Online||INR 17,492|
|CGMA Store||Online||INR 30,826|
Top Colleges Offering UG
|Narsee Monjee College of Commerce & Economics, Mumbai|
|Jain University, Bangalore|
|Christ University, Bangalore|
|Pandit Deendayal Petroleum University, Gandhinagar|
|Stella Maris College, Chennai|
|Ethiraj College for Women, Chennai|
|NIMS University, Jaipur|
|St. Andrew’s College of Arts Science & Commerce, Mumbai|
Master in IFRS Courses
- IFRS Courses do not provide Master courses.
- Candidates can pursue the IFRS Courses by taking master courses in finance and accounting.
- Master courses are typically two years in length and can be pursued after completing a B.Com or BBA in Finance and Accounting.
- The typical IFRS Course price is between INR 8,000 and INR 8,00,000 per year.
Top Colleges Offering PG
List of IFRS Courses
- Diploma in IFRS by ACCA- KPMG India
- Diploma in IFRS by ACCA- EY
- ACCA Diploma in IFRS – PWC’s academy
- Grant Thornton
- Saraf Academy
- IMS preschool
- Udemy – online courses
- Takshila learning
- International financial reporting 7th edition
- IFRS Guidebook: 2017 Edition by Steven M. Bragg
- The Vest Pocket Guide to IFRS
- Wiley not-for-profit GAAP 2019
Lists of IFRS
There are 16 IFRS standards that consist of a set of rules. Here is a list of the same:
- Module 1- First-time Adoption of International Financial Reporting Standards
- Module 2- Share-based Payment
- Module 3- Business Combinations
- Module 4- Insurance Contracts
- Module 5- Non-current Assets Held for Sale and Discontinued Operations
- Module 6- Exploration for and Evaluation of Mineral Resources
- Module 7- Financial Instruments: Disclosures
- Module 8- OperatingSegments
- Module 9-Financial Instruments
- Module 10- Consolidated Financial Statements
- Module 11- Joint Arrangements
- Module 12- Disclosure of Interests in Other Entities
- Module 13-Fair Value Measurement
- Module 14-Regulatory Deferral Accounts
- Module 15
- Module 16
The course is intended to educate students on the most recent international accounting practices. The International Accounting Standards Board’s (IASB) International Financial Reporting Standards (IFRS) are quickly becoming a benchmark for the accounting industry.
You are eligible to take this ACCA financial reporting qualification if you are a professional accountant or auditor who works in a practise or firm and is qualified according to national accounting standards.
We hope our blog provided all the relevant information about IFRS, to know more about these courses, visit Leverage Edu and book your online counselling session with our exclusive E-meeting session!