International Accounting

ACCA Amit Kumar | Founder & CEO | Pramisha Business School

What is International Accounting?

There are many nuances of a Career in International Accounting. One should first understand What a Career in International Accounting entails before investing time and effort to figure out How to start a Career in International Accounting. The internet is a great source of information on International Accounting, but it is second best to learning about the same from a real professional.

Founder & CEO ACCA Amit Kumar has worked in International Accounting for 10 years. Founder & CEO ACCA Amit Kumar describes International Accounting as:

International accounting is a specialty within the entire discipline that is focused on using specific accounting standards that are as relevant in the US as they are when you are balancing the books of a company overseas.

How Founder & CEO ACCA Amit Kumar got into International Accounting?

After completing my B Com, I did ACCA and started working at Piron Corporation as a Sr Manager. I worked there for almost 3 years and in 2012, joined Axis Risk Consulting in their Accounts and Audit Support Group. After gaining good amount of experience, I started my own business school called Pramisha Business School, which aims to offer world-class business qualification known as ACCA UK to bridge the skill gap in the corporate with sound ethical industry ready professionals with an expertise in IFRS, International Standards of Auditing, UK Taxation, Performance Management, Financial Management and Global Business Law.

Founder & CEO ACCA Amit Kumar's Talk on International Accounting

The Journey of an International Accountant: Amit Kumar's Path to Empowering Global Careers In the evolving landscape of global finance, international accounting stands out as a dynamic field that bridges commerce and compliance across borders. Amit Kumar, a beacon of knowledge and experience in this domain, shares his incredible journey that spans over a decade. From a corporate trainer to the founder of multiple business schools, Amit’s story is not just an individual achievement; it reflects the transformative power of international accounting qualifications like ACCA (Association of Chartered Certified Accountants). This article will explore the essence of international accounting through Amit’s insights, detailing the requisite education, skills, positives, challenges, and a glimpse into a day in the life of a global accountant. What Is International Business? International accounting, also known as International Financial Reporting Standards (IFRS), encompasses the financial reporting practices that facilitate global commerce by providing standardized accounting guidelines. Established in 1973 by a group of countries, IFRS was designed to ensure transparency and comparability in financial statements, which has become crucial as businesses expand globally. As a vital tool for accountants, mastery of IFRS enables professionals like Amit Kumar to navigate the complexities of financial regulations across different jurisdictions, making international opportunities more accessible and cross-border investments more viable. Education Business Studies A solid foundation in business studies is essential for aspiring international accountants. It provides critical insights into various business structures and models, guiding professionals to comprehend how different types of organizations operate globally. Amit emphasizes that understanding these concepts not only shapes one's business acumen but also aids in making informed decisions when providing financial guidance to clients worldwide. Costing Costing is a vital aspect that equips future accountants with the ability to price products and services effectively. With a firm grasp of materials, labor, and overhead expenses, accountants can advise on the profitability of offerings. In Amit's experience, mastering costing principles has enabled him to mentor organizations about competitive pricing strategies, thereby fostering more robust business growth. Taxation The principles of taxation form a cornerstone of international accounting, as every business is subject to various tax laws. Amit highlights the importance of being knowledgeable about these regulations, ensuring compliance while also strategizing for potential tax savings. His experience training future accountants focuses on navigating complex tax environments to enhance business efficacy. Audit Having a background in auditing is paramount for accountants, especially when it comes to ensuring financial compliance for public companies. Amit believes that understanding auditing procedures empowers accountants to prepare accurate and reliable financial statements, which ultimately uphold organizational integrity in the public eye. IFRS Amit’s passion for IFRS directly correlates to his career trajectory. According to him, having thorough knowledge of these international standards opens numerous doors for accountants, making them eligible for roles globally. Through his various positions, he has witnessed firsthand how IFRS expertise can transform a career and boost employability in an interconnected marketplace. Financial Management Financial management is crucial in equipping accountants with the ability to make pivotal business decisions. Amit asserts that understanding financial resource allocation, investment opportunities, and cash flow management is essential for guiding organizations toward sustainable profitability and growth. Ethics & Corporate Governance In an era where ethical conduct is under scrutiny, knowledge of ethics and corporate governance is increasingly vital. Amit stresses that future accountants must navigate ethical dilemmas and promote transparency, as adherence to appropriate governance standards safeguards reputations and fosters trust among stakeholders. Excel Proficiency in Excel is a skill that underpins many aspects of accounting. Amit points out that strong spreadsheet skills are indispensable for analyzing data, preparing reports, and communicating financial insights effectively. Mastery of Excel helps accountants to present complex information in accessible formats, enhancing stakeholder understanding. Skills Communication Skills Effective communication is a skill that can propel a career in international accounting. Amit notes that the ability to convey complex financial concepts in a clear manner enables accountants to build relationships with clients. Good communication fosters trust and ensures clients feel confident in their financial decisions. Analytical Skills International accountants must possess strong analytical skills to derive meaningful insights from data. Amit emphasizes that interpreting financial information allows accountants to advise strategically and identify potential areas for improvement, thereby adding significant value to their organizations. Presentation Skills The ability to present financial information compellingly is essential for accountants. Amit recognizes that presentation skills help in articulating findings and recommendations effectively, which is crucial for influencing decision-making processes within organizations. Team Player The collaborative nature of accounting necessitates being a team player. Amit explains that accountants often work closely with various departments, requiring the ability to coordinate projects and facilitate cooperation. A team-oriented approach leads to more comprehensive solutions to complex problems. Interpersonal Skills Interpersonal skills are vital in building and maintaining client relationships. According to Amit, accountants who excel in understanding and connecting with clients can foster loyalty and repeat business, which is essential in a service-oriented industry. Problem Solving Ability The ability to solve complex problems quickly is key in the fast-paced world of international accounting. Amit asserts that accountants' proactive approach to problem-solving not only alleviates immediate issues but also prepares organizations for future challenges. Attention to Detail Attention to detail is a non-negotiable skill for accountants, particularly when navigating complex financial regulations. Amit emphasizes that meticulousness ensures accuracy and credibility in financial reporting, safeguarding companies from potential risk and errors. Advisory & Consulting Being able to engage in advisory roles enhances an accountant's career prospects. Amit explains that understanding various financial strategies allows accountants to offer tailored advice to clients, which can be a game-changer for businesses aiming for growth. Entrepreneurial Aspirational accountants should also embrace an entrepreneurial mindset. Amit speaks about how the comprehensive training programs he’s developed empower students with entrepreneurial skills, preparing them to launch their own ventures or innovate within existing companies. Positives Global Opportunities The international accounting field offers tremendous global opportunities, as professionals can work in diverse environments across various countries. Amit proudly shares his experiences of working with multinational corporations, illustrating the expansive reach of this qualification. Flexible Career ACCA qualifications provide flexible pathways into the accounting profession, accommodating various educational backgrounds. Amit appreciates that this flexibility enables individuals at different stages of their careers to pursue a global accounting qualification without traditional constraints. Demanding Profession The growing demand for accountants proficient in IFRS illustrates the crucial role they play in the global economy. Amit argues that this demand translates into job security and numerous options for ambitious professionals in international markets. Monetary Benefits Amit’s personal experience speaks volumes about the financial rewards associated with the accounting profession. He confidently states that obtaining international qualifications can significantly boost earning potential, making it a lucrative career choice. International Network Joining the ranks of ACCA opens the doors to a vast international network of professionals. Amit not only appreciates the camaraderie among ACCA members but also recognizes that these connections can lead to further career advancement opportunities. Challenges 3E's Required Completing the ACCA qualification involves overcoming the challenge of the "three E's": exams, experience, and ethics. Amit explains that these requirements demand considerable dedication and perseverance, but they ultimately ensure competence within the profession. Balancing Work & Studies Managing work commitments alongside pursuing an ACCA qualification can be particularly challenging. Amit stresses that time management skills are crucial for success, and he encourages prospective accountants to prepare for the rigors of balancing multiple responsibilities. A Day Of International Business Amit shares that his days as the Director of Accounting Advisory Services began with engaging his team members to align their day’s objectives. Whether it was implementing IFRS standards for multinational clients or training their employees, each day presented unique challenges that required rigorous coordination and effective communication. Currently, his role as the founder of Prameshwar Business School also reflects his commitment to shaping the next generation of accounting professionals, highlighting the versatility and diversity in a day of international accounting. In conclusion, the journey within the realm of international accounting is marked by dedication, adaptability, and the relentless pursuit of knowledge. Amit Kumar’s experiences illuminate the vast potential the profession offers, demonstrating that with the right qualifications and mindset, individuals can not only achieve personal success but also contribute significantly to the global economy. As businesses continue to evolve in their accounting practices, skilled accountants will undoubtedly remain in high demand, shaping the future of finance worldwide.

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How to get into

International Accounting?

If you are want to get into International Accounting, start by investing in a Career Plan.

The 14 hour process, guided by a LifePage Career Advisor, will help you introspect and check whether your interest in International Accounting is merely an infatuation or is it truly something you wish to do for the rest of your life.

Next, your Career Advisor will help you document how you can get into International Accounting, what education and skills you need to succeed in International Accounting, and what positives and challenges you will face in International Accounting.

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Links for this Talk

Founder & CEO ACCA Amit Kumar's LifePage:

[LifePage]
https://www.lifepage.in/page/amitkumar

LifePage Career Talk on International Accounting

[Career]
https://www.lifepage.in/careers/international-accounting

[Full Talk]
https://lifepage.app.link/20190905-0001

[Trailer]
https://www.youtube.com/watch?v=SN1qcx0jCww

(ACCA Amit Kumar, International Accounting, Pramisha Business School, Founder & CEO, Accounting, Audit, Business, Accountancy, Cost Accounting, Tax Accounting, ACCA, IFRS, DipIFR)

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