In today’s fast paced world, constant skill enhancement is inevitable to boost and accelerate the path of career growth. The best way to do this is by taking up additional educational courses that practically related to the current job profile and help step up the career ladder.
For an accounting/finance professional, the very basis and back bone of the accounting activity are the accounting standards. So, it is very commonly seen that a finance professional adds on a skill enhancement in his resume via certificate courses relating to accounting standards. The accounting standards applicable in India are called the Ind-AS, but these standards are drafted based on “International Financial Reporting Standards” (IFRS) with some carve in/ carve outs to suit the Indian requirements.
As the name suggest IFRS is a globally recognised set of standards that enable best accounting/ reporting practices and is currently being used by more than 130 countries across the world. The ACCA Institute of UK provides the Diploma Course in IFRS (DipIFR) which is a highly recognised certificate course for IFRS.
Now, lets see if the DipIFR course is worth it?
1. The course is very thoughtfully designed to include all the practical accounting difficulties faced by different industries. The course provides a logical and in depth understanding of the right accounting methodologies to be adopted. The course examination is not a mere theory paper but questions the logical understanding and judgment of the student. The learner not only becomes well versed with the standards but also develops an acumen for practical application of the same.
2. The registration and examination fee are ~INR 30,000-33,000 and additional coaching and books could be purchased for ~INR 20,000- 22,000. Effectively, the diploma degree could be obtained in less than INR 55,000 which makes it highly cost effective.
3. The examination consists of one single paper that tests the IFRS knowledge in all aspects and the examination is conducted twice in a year. Effectively, a student can complete the course in a time as short as 6 months by writing one single paper. This is unlike the other traditional courses which is designed to be completed in 1-2 years.
4. As IFRS is adopted across many countries, the course is globally recognised and opens up job opportunities outside the country as well. Many countries have adopted IFRS to frame their own standards and learning this IFRS course makes it easy to interpret and learn the locally applicable standards.
5. As India is a hub of MNCs, the transactions are recorded by these companies in accordance with the global accounting norms. Having knowledge of IFRS works as an added advantage and the DipIFR course is highly recognised by such companies. Thus, the course increases the employee’s credibility and helps to move up the career ladder.
Completing the DipIFR course has helped a lot of finance professions reach greater height in their career. It is not just a cost-effective course but can also be completed in a short time span. Thereby, it is a highly recommended course to augment knowledge of accounting standard and have a competitive edge over the peers.
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