A certificate from a third-party accounting organization indicating that an individual is particularly knowledgeable in IFRS is known as IFRS certification. Getting an accounting degree with an IFRS emphasis, finding an accounting organization that offers IFRS certification, and selecting certification for a specific area in IFRS are the best tips for getting IFRS certification. Not all certifications are created equal, especially since the International Financial Reporting Standards (IFRS) are still relatively new in some countries and applications. Individuals may also lack the necessary background to obtain this certification, which can be a barrier in some cases. If certification is not currently available in the country where an accountant lives, it may be difficult for them to obtain it.
To qualify for most accounting certifications, you must have a certain level of accounting knowledge. A four-year accounting degree is most likely required, though a two-year degree may be acceptable in some cases. Individuals should contact the organizations that issue IFRS certification to find out which degrees satisfy the certificate or license requirements. Furthermore, the content of a degree can play an important role in preparing a person for IFRS certification. While content that focuses on the International Financial Reporting Standards (IFRS) is the best, other content areas may also aid in the preparation of an individual for the certification exam.
Not all accounting organizations, whether domestic or international, are able to provide IFRS certification. The International Accounting Standards Board, which is responsible for the creation and governance of the International Financial Reporting Standards, may make recommendations for IFRS certification. The American Institute for Certified Public Accountants (AICPA), which oversees the CPA license, does provide IFRS certification. A person seeking certification can begin by contacting the AICPA and then look for other reputable organizations that provide certification. Other nonprofessional certifications may be available, but they are typically less prestigious than official certification.
IFRS is a large and comprehensive set of guidelines, just like any other set of national accounting standards. As a result, IFRS certification may focus on specific content areas like inventory, revenue recognition, or others. A person seeking this certification can choose a focus that best suits his or her IFRS experience. This allows the individual to specialize in one or more IFRS accounting areas. Other times, the certification is entirely general, similar to a CPA degree; this gives an individual the best chance of breaking into the IFRS accounting industry.