ACCA vs. IFRS… All your queries answered!

Those who have been studying finance or working in the field of finance often think of enrolling in the ACCA course or other financial certification programs to improve their career prospect.

However, many often get confused between the two programs and choose the wrong one due to the lack of information. Choosing the right financial certification is more important than having one for the sake of it. And you could only choose the right program when all your doubts are clarified.

Today, we will understand the difference between ACCA and IFRS, two of the most globally reputed programs in the world of finance. Let's start by understanding what is ACCA.

What is ACCA?

The Association of Chartered Certified Accountants (ACCA) is a leading global accountancy body. ACCA is recognized and treated in other countries as equivalent to their local financial qualification.

Having obtained ACCA designation proves your ability in all business aspects. ACCA is one of the fastest-growing qualifications with over 500000 students and members in 170 countries.

Benefits of ACCA

• You can use the designation ACCA and work as a certified chartered accountant in any aspect of finance and management.

• ACCA shows your ability in all the business areas, which increases your career prospect.

• Your employer may refer you for a higher management position as your ACCA designation assures you have the necessary skills for the job.

What is IFRS?

IFRS stands for International Financial Reporting Standards and is a single set of rules and accounting standards developed and maintained by the International Accounting Standards Board.

IFRS standards were created to apply those globally to allow investors and other users of financial statements to compare the financial performance of various companies publically. IFRS standards are made mandatory for companies in more than 100 countries, including India, which has increased the demand for IFRS experts in India and the international market.

Difference between ACCA and IFRS

After understanding what ACCA and IFRS mean and what importance both the programs hold, let's discuss the primary difference between them.

• ACCA is an international accountancy body that governs International accountancy qualification.

• IFRS refers to accounting standards with the help of which various things can be measured and portrayed related to accounts. For example, IFRS 13 shows how you can measure and value certain assets in a balance sheet.

In simple words, ACCA is a type of accountancy qualification, while IFRS refers to a set of accountancy standards that accountants use when working with statutory accounts.

We hope this information has cleared your major doubts regarding ACCA and IFRS and the difference between those two.

Both certification programs add certain value to your resume and improve your job opportunities in different ways. Understand where your interest lies, which one of these will benefit you more. You can do this by knowing IFRS and ACCA course details.

Once you have decided to pursue one search for the IFRS or ACCA courses in Mumbai and enroll in the program to start your journey to becoming an ACCA or obtaining IFRS.