International Financial Reporting Standards (IFRS) are accounting standards and principles set by the International Accounting Standard Board (IASB) and are becoming global standards for preparation of financial statements. Most countries are converging their standards towards IFRS or adopting IFRS as they are, to enable uniform reporting. India, as a step closer to convergence with IFRS, has adopted Ind-AS.
Benefits of Studying Dip.IFRS
• Various IFRS profiles are being offered in several sectors of the industry that include ITES, software, pharmaceutical, auto spare part, professional advisory companies, auditing firms, banking industry, the Insurance industry, KPOs, etc.
• Skilled and experienced IFRS experts can establish their own consultancies to help companies migrate to IFRS
• Practical knowledge of these universal standards will open doors across the globe as more than 100 countries have given a green signal in their accounting boundaries.
• Application of these standards is complex and time consuming which underlines the significance of IFRS professionals
• Continuous amendments to these standards by regulators is creating need for IFRS professionals with thorough understanding of these standards
• Currently, more than 150 countries have already adopted & the number will touch 200 by the end of 2017
• IFRS implementation for Indian accounting professionals will be what Y2K was for the software professionals, in other words, huge earning potential
• Hence, there is a huge need to train professionals about IFRS in India in order to get prepared for IFRS convergence