How do I Become a Certified IFRS?

How Do I Become a Certified IFRS?

Understanding global accounting standards like International Financial Reporting Standards (IFRS) can open up opportunities.  How do you become a certified IFRS professional? The path is multifaceted, but it begins with choosing the right course. Below, we break down every aspect, making it more straightforward to chart your path.

What Is IFRS and Why Is It Important?

IFRS is a set of international accounting standards used in over 120 countries, making it crucial for global finance and accounting professionals. With economies becoming increasingly interconnected, understanding IFRS is essential for anyone in finance, audit, or accounting roles.

Why Pursue an IFRS Certification?

Pursuing an IFRS certification can be a game-changer in your finance career. Here is why:

• Enhanced Knowledge: IFRS certification provides a deep understanding of global financial reporting standards, improving expertise (Nurunnabi et al., 2020).
• Career Advancement: It opens up international career opportunities, as many firms require IFRS expertise (Tawiah, 2019).
• Essential Job Skill: IFRS certification is frequently the number one skill listed for finance roles on leading job portals in India. It has become as critical for professionals as proficiency in Excel.
• Risk Mitigation for Corporates: Financial misreporting poses a significant threat, so large Indian companies and start-ups prefer IFRS-certified candidates to manage and reduce risks effectively.
• Global Relevance: Certification aligns accountants with international practices, which is crucial for multinational companies (Brown, 2011).
• Investor Confidence: IFRS expertise ensures better financial statements, boosting investor trust in reporting (Singh & Srivastava, 2019).
• SME Advantage: Certification helps small and medium enterprises simplify reporting and attract funding (Litjens et al., 2012).
• Lower Audit Workloads: Certified IFRS professionals may experience reduced auditing complexities and costs (Karmanska, 2017).

Check out our comprehensive article for a detailed guide on selecting the best IFRS certification.

Top IFRS Certification Programs

Several institutions are providing IFRS certifications, each with unique features and benefits. Let us dive deeper into the top options:

ACCA CertIFR

• Overview: An introductory course from the Association of Chartered Certified Accountants.
• Recognition: Globally acknowledged but most valued in Commonwealth nations like the UK and India.
• Suitability: This is best for beginners, mostly in the third year of Bcom, who want to learn the basics of IFRS.
• Pros:
  • Affordable and accessible
  • A solid foundation for further IFRS studies
• Cons: Insufficient for those in working roles
• Cost: $200 - $300 (Approx. ₹16,000 - ₹24,000)

AICPA IFRS Certification

• Overview: An in-depth and highly respected course from the American Institute of CPAs.
• Recognition: Widely accepted in the United States, India, and multinational companies worldwide and preferred by corporate finance and audit professionals.
• Suitability: Ideal for experienced accountants and finance professionals.
• Pros:
  • High global recognition
  • Right to use the designation publicly, a valuable credential
• Cons: Costlier compared to ACCA
• Cost: The regular price is $1,345, but students can avail of discounted pricing via Eduyush (Eduyush is an approved AICPA Channel partner) at approximately $400 (around ₹33,000)

For more details on the AICPA IFRS course and special Indian pricing, visit Eduyush.

ICAEW IFRS Certification

• Overview: Offered by the Institute of Chartered Accountants in England and Wales.
• Recognition: High regard in the UK and Commonwealth countries, with in-depth training that includes case studies.
• Suitability: Best for professionals needing comprehensive IFRS knowledge.
• Pros:
  • Extensive curriculum with practical application
  • Highly respected in the UK
• Cons: Expensive and time-consuming
• Cost: Approximately $2,000 (₹165,000+)

For more information on the cost of IFRS certifications, refer our blog on Cost of all IFRS certifications

Which IFRS Certification Is Most Recognized?

When it comes to global recognition, the AICPA IFRS certification stands out. Its credibility stems from the AICPA's rich history and reputation as a leading global accounting body. Companies in the United States, India, and worldwide, especially multinational corporations, often prefer AICPA-certified professionals.

Furthermore, it gives you the right to display the designation, which adds substantial professional value publicly.

While recognized globally, ACCA CertIFR is mainly regarded as a basic-level credential, often seen as an entry point into the world of IFRS. It suits candidates in regions like the UK, South East Asia, and parts of Africa.

ICAEW, on the other hand, is highly valued in the UK and European markets. Its depth makes it a go-to choice for professionals in corporate finance roles within those regions.

Steps to Become a Certified IFRS Professional

Step 1: Evaluate Your Current Knowledge Level

Start by assessing your familiarity with accounting standards. If you need more foundational knowledge, consider starting with ACCA CertIFR. Professionals with more experience should look into the AICPA IFRS certification.

Step 2: Choose the Right Certification

Consider your long-term goals and where you want to work:

• For a foundational start, ACCA CertIFR
• For comprehensive, globally respected training: AICPA IFRS
• For expert-level knowledge in the UK: ICAEW IFRS

Need help to choose? Our guide to the best IFRS certification has you covered.

Step 3: Enroll and Stay Committed

• Registration: Sign up and commit to a regular study schedule.
• Study Resources: Leverage practice questions, mock exams, and join forums.
• Exam Preparation Tips:
  • Dedicate focused study sessions.
  • Connect concepts to real-world financial cases.
  • Take practice tests to enhance retention.

How Long Does It Take to Become Certified?

The duration varies with each certification:

• ACCA CertIFR: 1-3 months of study
• AICPA IFRS Certification: 2-6 months; however, Indian students can access affordable options at Eduyush, saving significantly
• ICAEW IFRS Certification: 6+ months for a deep understanding

Are you curious about how reviews compare? Our AICPA IFRS certification reviews feature actual user experiences.

Cost Breakdown

Certification fees vary significantly:

• ACCA CertIFR: $200-$300 (Approx. ₹16,000 - ₹24,000)
• AICPA IFRS Certification: Standard price is $1,345, but Indian pricing brings it down to about $400 (₹33,000)
• ICAEW IFRS Certification: Around $2,000 (₹165,000+)

AICPA’s partnership with Eduyush provides incredible savings, making high-quality IFRS education more accessible.

Why Do Employers Prefer IFRS-Certified Candidates Over Uncertified Ones?

Employers often favor IFRS-certified candidates over those without formal certification. Here is why:

• Trust: Certification proves your expertise, reassuring employers of your ability to manage financial reporting accurately.
• Verified Skills: Certification indicates your IFRS knowledge has been evaluated and meets international standards.
• Reduced Risk: Certified professionals are less likely to make costly financial errors, minimizing organizational risk.
• Higher Visibility: Your profile ranks higher on LinkedIn and job portals, making it easier for recruiters to find you.
• Commitment to Growth: Earning a certification shows your dedication to ongoing professional development and learning.
• Global Competency: Certified candidates are ready to work across borders, meeting international financial reporting needs.
• Professional Credibility: Certification adds to your professional reputation, distinguishing you from non-certified peers.
• Recruiter Preference: Many recruiters filter for certified candidates, making certification crucial for landing top jobs.

What Employers Look for in IFRS-certified Professionals

Employers expect IFRS-certified professionals to be:

• IFRS Application: Ability to prepare and analyze IFRS-compliant financial statements 
• Accounting Judgment: Strong analytical skills to accurately interpret and apply IFRS principles.
• Standards Reconciliation: Proficiency reconciling IFRS standards with local GAAP requirements.
• Regulatory Compliance: Understanding global financial regulations to ensure IFRS compliance.
• IFRS Reporting: Skills in generating comprehensive reports based on IFRS guidelines (Maradona et al., 2022).
• Fair Value Measurement: Ability to apply IFRS rules for asset and liability valuation.
• Disclosure Expertise: Knowledge of IFRS disclosure requirements for financial transparency.
• Financial Analysis: Skills in assessing the financial impact of IFRS adoption and changes.

These skills are non-negotiable for roles in multinational firms.

FAQs on How do I become a certified IFRS?

Which IFRS certification is most respected?

• The AICPA IFRS certification is widely respected, especially in the corporate world.

How can I access affordable AICPA pricing in India?

• Students can register through Eduyush to pay $400 (₹33,000) instead of $1,345.

Which certification should a beginner choose?

• ACCA CertIFR is a great starting point for beginners.

What is the cost difference between AICPA and ACCA?

• In India, the AICPA costs $400 (₹33,000), whereas the ACCA ranges from $200 to $300 (₹16,000 ₹24,000).

Are there online IFRS courses?

• Yes, many institutions, including Eduyush for AICPA, offer online courses.

Can I switch from ACCA to AICPA later?

• Many professionals start with ACCA and then move to AICPA for more profound expertise.

Conclusion on How do I become a certified IFRS?

Choosing the proper IFRS certification is crucial for your career growth. While ACCA CertIFR is excellent for beginners, the AICPA IFRS certification is preferred for professionals, especially those seeking international recognition. Evaluate your goals and financial situation, then pick a course that aligns with your ambitions.

Ready to start your journey? Enroll in your preferred IFRS certification today and unlock your potential!