Significance & Advantages of having an IFRS Certification
When it comes to financial reporting, it is imperative to follow a standard process and way of representing it. This is the reason IFRS is considered as an essential concept for making the accounts of any organization understandable across international boundaries. Read on to understand the significance & advantages of gaining IFRS certification.
IFRS & its Significance
International Financial Reporting Standards (IFRS) is a set of international accounting standards that have been established by the IFRS Foundation & International Accounting Standards Board. The purpose of IFRS is to provide a common global language for the companies to prepare & publish their financial reports so that they are acceptable & recognizable across the world.
Without any IFRS, it would become difficult to compare financial accounts of organizations from different countries from different parts of the world. This would lead to a tedious task of finding out the accounting principles followed in those countries, then finding out & adjusting the differences in the accounting standards. Thus, gaining an International Accounting Standards certification and following the common accounting standards will make it easier to compare organizations from different parts of the world.
Advantages of having an IFRS Certification
Having a certification always provides you with an edge when you’re starting a career in the finance industry. Here are the advantages of gaining an IFRS certification:
Ø There’s a lack of skilled accounting professionals that are well-versed with the international standards in the industry. Getting yourself certified and having those skills will place you in a great position to work with some of the top organizations.
Ø As the implementation of IFRS has already started in various countries all across the world, the demand for professionals skilled in it is going to skyrocket in the next few years. You can get attractive salary packages if you have an IFRS certification.
Ø The demand for IFRS professionals in the financial & banking industry is increasing at a rapid rate, as these industries need skilled professionals who can implement IFRS in their financial reporting. With an IFRS certification, you can improve your chances of getting a promotion or getting a better job position.
Ø Having IFRS certification also opens the door to a successful career in the financial education industry. With certification, you can apply for the position of a subject matter expert in the institutions offering training in IFRS, and this is a lucrative industry.
Various reputed institutions are offering IFRS, and other accounting courses, joining them and gaining a certification will help you to boost your career in the finance industry and will open doors to better salary packages and great job opportunities.
