ACCA is the world’s most methodical and supportive accountancy body stimulating your career towards even greater opportunity. ACCA has professional accountants with over 178,000 members and 455,000 students in 181 countries. Works through a network of 91 offices and centres and more than 7,110 Approved ACCA Employers worldwide. The qualification is based on international accounting standards making it globally relevant and it has a variety of partnerships with over 100+ Universities and college in India with the department of commerce majorly.
With technical aspects of the qualification into a strong digital understanding, ethical understanding, emotional understanding, it's really about educating the student more widely than just technical. The other thing that's unique about being a professional accountant is that every student has to have a professional experience record, in which they can develop that professional experience with a variety of different ACCA employers in India and other countries. They have to complete a record of professional experience which is endorsed and signed off by a qualified professional accountant. By the time they are qualified, an ACCA student has a wide range of skills that enable them to go into an organisation and deliver sustainable value. The reason ACCA works is that they have a strong track record with employers in India and abroad who approach and ask to help them find and recruit ACCAs.
ACCA follows a global perspective and it also has a country-specific variant for Law, Tax, Audit and Financial Reporting. Nevertheless, it must be legally affirmed by peculiar countries. The countries that do not own their Chartered Accounting board and the countries who have accepted IFRS have signed an agreement with ACCA for a primary chartered accountancy board, that means the countries that do not have an approved board of Chartered Accountancy make ACCA their original CA board which further means these countries have and offer plenty ACCA job opportunities to the qualified.
In India, ICAI - Indian Chartered Accountancy board is well established. India has used the converged IFRS route and introduced Indian Accounting Standards commonly called as Ind AS which are converged IFRS for Indian companies and entities. In this case, ACCA may be accepted as another accounting body in the country. There is scope to open a practice exclusively based on your ACCA / IFRS qualification to cover IFRS and IndAS reports.
Among companies that hire ACCAs - PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, KPMG (Big 4's) and some Indian firms have an IFRS department where you could apply for jobs too. Maersk has internal departments where they work on converting reports to IFRS as well as US GAAP.
Though the acceptance hasn’t been legally signed and neither has India converted to IFRS. There is a lot of scope for IFRS related work and that can be considered as an indirect recognition of ACCA. On the other hand, ACCA candidates do not have signing authority in India. Accordingly, if an individual would like to start his practice, Indian CA (ICAI) is the preferred course to pursue. The awareness and recognition of the Indian CAs are equally great.
If the individual would prefer gaining an internationally accredited qualification, gain experience in companies such as the Big 4, study further/ work overseas/ start their venture, then ACCA as a qualification can be pursued.
Whether you’re looking for ACCA coaching or Diploma in IFRS, CFO NeXt can help. We’re ACCA Approved Learning Providers with offices and coaching centres in Bangalore, Hyderabad and Mangalore. We also provide online ACCA coaching and IFRS courses with several other professional accounting courses online to help you skill-up at home on your mobile / desktop devices. Sign up to register today.