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How beneficial will be IFRS (International Financial Reporting Standards) training
It is important to look at the big picture and the overarching aim of IFRS. In an increasingly global market place, international comparability is critical to enable the effective allocation of scarce resources. To achieve international comparability the key nations around the world need to commit to one global set of accounting standards. While over 100 countries have already adopted IFRS, key countries like the United States, Japan and India are yet to require IFRS.
The finance and accounting profession is emerging as a fast growing profession. In this globalized era, national General Accepted Accounting Principles (GAAP) is becoming rare and IFRSs are gaining momentum across the world. These are accepted as a single accounting language for the preparation of financial statements. This universal recognition of IFRSs has established a common platform for this profession in the whole world and created a need for finance and accounting professionals to gain knowledge and experience on these standards.
IFRS is particularly beneficial to large companies that have subsidiaries in different countries. Adopting a single set of global standards simplifies financial reporting, allowing management to use one reporting framework across the whole group.
The worldwide acceptance of these international standards has created a potential demand for the IFRS professionals. The companies prefer to recruit those candidates who are having an expertise in these international standards apart from their normal specialization in finance and accounting. The importance of this profession becomes more relevant when there is a lack of experts in this area and one can also go for consultancy and advisory service to the companies which are in process of adoption of these standards.
In this accounting era, there is a huge demand for IFRS professionals. The youngsters planning a career in finance and accounting may have a bright future by having a specialization in these standards.
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