What is the Career Scope of IFRS Certification? The Importance of IFRS in Accounting and Finance
While IFRS remains to be a multi-dimensional concept, we’d be discussing two important dimensions of it, and that is the scope of IFRS certification, and the importance of benefits of IFRS in accounting and finance, or businesses, in particular, on the macro scale.
IFRS Certification Career Scope
As IFRS deals with learning international reporting standards and concepts to bring businesses across various geographies on the same page of understanding, and also with its increasing acceptance among various countries across the world, it is something that holds promise for finance and accounting professionals in the long run. Today, considering that most of the businesses are going global, finance professionals such as accountants, finance managers, chief accountants, financial analysts, financial controllers, and in fact, Chief Financial Officers, Auditors, etc. are required to be proficient with IFRS. Having an IFRS certified professional, in the modern day, assures business owners of the facilitation of swift financial administration while taking the business to newer geographies.
For CAs, CFA experts, and CPA ones, in particular, IFRS brings several opportunities to their doorstep, as it makes the proficient with the existing global standards, and which is very critical to every organization that is targeting a particular part of the global market, or is intending to expand in multiple ones.
Individually, IFRS Certification can benefit an IFRS professional in several other ways. Some of them can begin their own consultancy to help businesses with their financial concerns, while some of them can work as freelancers, to whom the companies can recruit on a project-to-project basis. Besides, an IFRS professional can work as an IFRS trainer or be associated with IFRS education to update the course curriculum on a timely basis or on various other fronts alike.
Benefits of IFRS
As IFRS promotes a common understanding, standard and platform for business affair and reports, it results in several micro as well as macro benefits. We’ll be looking at some of the most common and impacting ones.
- Attracts foreign investors, thus letting in foreign capital flows in the country’s economy.
- Businesses go international, which therefore also has a positive impact on the country’s economy.
- Financial statements that comply with globally accepted accounting standards help create confidence within investors, which results in investors considering investments in a particular industry.
- A standard globally accepted financial language to prepare financial statements, help investors comprehend the regional investment opportunities in a better manner, thus fostering investments.
- IFRS results in better career opportunities for IFRS professionals, not just in his/ her country of residence, but across the world, wherever it is accepted.
As globalization is only seen to strengthen in the years to come, professionals across all the industries would require undergoing globally accepted training programs. Finance and accounting isn’t an exception to this, and hence IFRS. We hope, this blog gave you sufficient insights into the benefits of IFRS and also career scope of IFRS certification.