Should I do an IFRS Diploma Course or ICAI (IndAS Course)?
The world of finance is truly powerful- where the numbers speak volumes about the performance of the company. Finance enthusiasts after their graduation or few years of experience love to always stay on par with the current trends and look out for new courses to learn. They look forward to doing short courses such as Diploma in IFRS or Certification course on Indian Accounting Standards. Let’s dive in deep to take a look at what each course can offer for you and what to choose at the end!
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The Course:
Diploma in International Financial Reporting Standards is offered by the Association of Chartered Certified Accountants to train professionals with the knowledge of financial reports according to industry-specific requirements. Certification in Indian Accounting Standards is granted by The Institute of Chartered Accountants of India giving a holistic view on the Indian Accounting Standards and implementing it smoothly with the operations of a company.
Duration:
The Diploma in IFRS can be completed in 3-6 months with about 55+ hours of class and additional 15 hours for tutorials/revision whereas the certification course on IndAS requires 60 hours of training and takes around the same amount of time as DipInIFRS. Both courses can be taken up in-classroom training or online training depending on the institute they prefer studying with.
Eligibility:
Both the courses require a few basic eligibilities to get through and establish themselves as certified professionals. Both IndAS and DipInIFRS require Qualified/Practicing Chartered Accountants & Auditors, persons with ACCA affiliate status or B.Com/M.Com graduates who aim to establish their career as Chartered Accountants.
Exam Pattern:
IFRS contains 4 questions (1 Groups Question and 3 Scenario Questions), each carrying 25 marks totalling to 100 marks. Only one exam is needed to get the diploma and can be taken up twice a year in June & December. The Certificate Course on IndAS Examination is conducted in every quarter i.e. March, June, September and December and contains 39 questions (30*1.5, 7*5, and 2*10) for 100 marks.
Scope:
Ind As is of high importance within India for financial professionals to gain the market knowledge and convert financial statements prepared based on Indian GAAP to Ind AS based financial statements. The main limitation is that this is applicable only for Indian based company and does not hold well for foreign companies.
The scope of IFRS reporting is not only limited to the Indian market but across the world. There is a higher demand for IFRS professionals in India, and many companies seek assistance from these professionals to make a smooth transition from their old accounts to new accounting structures!
Many professionals suggest it is better to take up Diploma in IFRS from ACCA to get a global edge and also doing IFRS will contain the knowledge of Ind AS too, thus increasing your employability opportunities and provides a subtle international paradigm for every CA, CFA and CPA professionals. It is high time for IFRS since many Indian companies are following IFRS guidelines and are hiring experts rigorously to stay with the trend and for easy operations.