IFRS stands for International Financial Reporting Standards. It is a financial reporting framework that is reliable, transparent, and can be comparable across the other companies around the globe. Prior to IFRS, every country had different Generally Accepted Accounting Principles (GAAP) i.e., financial reporting framework for businesses in their own country. With globalization, it was becoming difficult to undertake cross border transactions, investments, raise funds etc. because it was difficult to understand financial statements prepared in different GAAP. To bring harmony in the accounting language and bring ease in doing business internationally, IFRSs were framed by IASB since 1973. For more information (Click here: https://youtu.be/vV_Ga6DpJBc)

Knowledge of IFRS for a professional working in accounts and finance department is must in today’s world. Professionals with expertise in IFRS can become a global accountant. Such a professional can pursue a variety of career paths, including:

• Financial Accountant (accounts and fiancé department of any company)
• Financial Analyst
• Statutory Auditor
• IFRS Consultant
• Financial Controller
• Chief Financial Officer (CFO)

Many multinational companies, auditing firms, and financial institutions today prefer an accounting professional with IFRS knowledge or experience.

Salaries vary by country, experience, and role, but typically:

• Entry-level positions (1-3 years of experience): INR 3 lakhs to 6 lakhs per year.
• Mid-level positions (4-8 years of experience): INR 7 lakhs to 15 lakhs per year.
• Senior positions (8+ years of experience, such as CFOs or IFRS consultants): INR 15 lakhs onwards.

This is merely an indicative range, and actual salaries may differ depending on the skillset of a candidate.

Whether IFRS is mandatory depends on the jurisdiction. In many countries, IFRS as a reporting framework is required for publicly accountable companies, either in as is form (adoption approach) or local reporting framework based on IFRS (conversion approach). Few countries may allow their companies to choose between IFRS and local GAAP considering their public accountability status.

The IASB is an independent, privately funded body that develops and approves IFRS Accounting Standards. Prior to 2003, standards were issued as International Accounting Standards (IASs). In 2003, IFRS 1 was issued, and all new standards are now designated as IFRS Accounting Standards. The members of the IASB come from several countries and have a variety of backgrounds, with a mix of auditors, preparers of financial statements, users of financial statements and academics. The IASB operates under the oversight of the IFRS Foundation.