Diploma in IFRS by ACCA vs ICWAI

Diploma in IFRS by ACCA vs ICWAI – A Detailed Comparison

If you aspire to be a finance or accounting professional, you are expected to make your fair share of significant career choices which will decide the course of your professional life. It is essential to evaluate the options in hand and make an informed decision that aligns with your goals.

If you are considering a diploma in IFRS, we can assure you that you are already on the right track. International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB), is a rapidly growing benchmark in the accounting world. Over 113 countries recognize and permit the use of IFRS in publicly traded companies, and the footprint continues to grow. A diploma in IFRS provides detailed practical and theoretical knowledge about the standards – preparing the students to understand and apply the latest International Accounting Practices. It can be a lucrative move for your career.

There is still one question left. There are two prevalent choices to pursue DipIFRS in India – ACCA, and ICWA. Which way to go? We have focused on analysing the two courses to help you gain clarity.

The two accounting bodies have a different take on the course. While ACCA is an Internationally recognized body which has designed all their practices and specialization in IFRS, ICWAI specializes in IND-AS – the Indian Accounting Standards for professional practices. The course by ICWAI lays out a comprehensive view of the standard practices, which converges IND AS and IFRS. Students will learn in detail about the concepts and practices as followed in India.

ACCA, on the other hand, provides a broad introduction to the field based on the global standards of IFRS, allowing you to hold the perspective required to understand the internationally followed accounting practices. You will develop in-depth knowledge to lead a promising career in the IFRS environment, including clear understanding of the underlying principles, concepts, and their application in the international marketplace. A diploma from ACCA is widely recognized in prominent Indian companies, including the Big Four, as well as other global corporates in the world. 

If your career goal is confined to India and you are looking to explore avenues in major companies within India, the course in ICWAI will suit your requirement. Alternatively, DipIFRS from ACCA will help candidates lay a solid foundation for an internationally acclaimed career in Finance and Accounting. The widely respected and appreciated professional course will lend you the recognition and competitive edge required to give you a head start in your career. You will be perceived as an asset to major MNCs, which will allow you to scale and lead a promising career.

Regardless of the choice you make, it takes consistent planning to effort to clear the professional courses and embark on a successful career journey. Professionals are expected to enhance their knowledge base and skill set to meet the growing demands of the industry. Upskilling yourself is a never-ending process, regardless of your position in the marketplace.

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