International Accounting

ACCA Amit Kumar | Founder & CEO | Pramisha Business School

What is International Accounting?

International Accounting is a great Career option. 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. While anyone can have an opinion on what International Accounting entails; only a real professional can really explain it.

Founder & CEO ACCA Amit Kumar invested 10 years in International Accounting. 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 into International Accounting: A Pathway to Global Opportunities Embarking on a career in international accounting can be a transformative experience, offering a unique blend of challenges and rewards. Amit Kumar, a seasoned professional in the field, has dedicated his career to training and mentoring the next generation of global chartered accountants. His journey, which began in 2009 as a corporate trainer, has taken him through various esteemed organizations and culminated in the establishment of his own business school. In this article, we explore the multifaceted world of international accounting, guided by Amit’s insights and experiences. What Is International Accounting? Definition and Purpose International accounting, primarily governed by the International Financial Reporting Standards (IFRS), represents a framework that aims to unify accounting practices across the globe. Started in 1973, this initiative seeks to improve the transparency and comparability of financial reporting among countries. As mentioned by Amit, IFRS has become a cornerstone for businesses as it enables accountants to operate seamlessly across borders, fostering a truly global career environment for professionals. Real-Life Application For instance, Amit transitioned into this field after realizing the significance of IFRS during his ACC qualification. His firsthand experience in advising multinational corporations on IFRS implementation demonstrates the practical impact of these standards in driving operational efficiency and compliance in international businesses. Education in International Accounting Business Studies A solid foundation in business studies is crucial for aspiring international accountants. This area equips students with an understanding of different business structures, operational cultures, and economic environments, which are vital when navigating the complexities of global accounting. Costing Costing, another essential educational component, teaches individuals how to accurately determine the expenses associated with producing goods or services. Understanding this is vital for pricing strategies and budget management within a business. Taxation and Audit Taxation knowledge allows accounting professionals to navigate the regulatory landscape and optimize tax obligations for their organizations. Furthermore, a grasp of auditing processes is indispensable; it ensures that financial statements are accurate and reliable, which is particularly significant when dealing with international clients. IFRS and Financial Management The curriculum focuses heavily on IFRS and financial management principles, which provide a framework for preparing financial statements that meet international standards. Amit’s experience at KPMG exemplifies the necessity of expert knowledge in this area as companies transition to IFRS through various regulatory phases, such as India's movement towards NDIS post-2015. Ethics & Corporate Governance In today’s business environment, ethical practices and strong corporate governance are more critical than ever. Ethical education informs future accountants about the importance of integrity and transparency in financial reporting, shaping them into responsible professionals. Excel Skills Being proficient in Excel and other spreadsheet tools is highly beneficial for accountants, enabling them to manage data effectively and present financial information clearly. Amit emphasizes that the ability to accurately report numbers can significantly impact business decision-making processes. Skills Required in International Accounting Communication Skills Communication is paramount in international accounting; professionals must effectively convey complex financial information to stakeholders who may not have an accounting background. Amit notes that exceptional communication fosters strong relationships with clients, ultimately building trust and facilitating smoother business interactions. Analytical Skills Analytical skills allow accountants to interpret financial data critically and draw insightful conclusions. For instance, Amit’s ability to compare financial performance over years is a skill that significantly aids in strategic planning and decision-making. Presentation Skills Having robust presentation skills ensures that accountants can effectively share their analyses and recommendations with clients. This ability is essential when persuading stakeholders regarding budgetary decisions or investment opportunities. Team Player Coordination with various departments is crucial in the accounting field. Amit highlights that accountants need to work closely with teams from taxation, finance, and auditing to produce accurate financial statements, showcasing the importance of teamwork. Problem Solving Ability Amit emphasizes the value of problem-solving skills, indicating that challenges will invariably arise in business. The capacity to identify solutions promptly impacts client satisfaction and business efficiency. Attention to Detail Attention to detail ensures accuracy in financial reporting. Amit’s career success underscores how meticulousness can lead to fulfilling professional relationships and enhance a company’s credibility in the market. Advisory & Consulting Skills As future accountants evolve into advisory roles, the ability to offer insightful consulting services becomes invaluable. Amit’s journey signifies a shift from traditional accounting functions to strategic advisory positions, reflecting industry need. Entrepreneurial Spirit Lastly, developing an entrepreneurial mindset can empower accountants to recognize business opportunities and challenges not just in their functions, but across the industry. Amit’s establishment of his own business school embodies this entrepreneurial spirit within the accounting field. Positives of a Career in International Accounting Global Opportunities Pursuing a career in international accounting opens doors to work in over 180 countries, making it a truly global profession. With more than 500,000 students engaged worldwide, the landscape for accountants is vibrant and ever-evolving. Flexible Career Paths The flexibility of the ACC qualification allows individuals to pursue their education at various stages in their lives. Whether one joins after high school or seeks a career transition later, there are pathways available to accommodate diverse backgrounds. Demanding and Rewarding Profession The high demand for qualified accountants in the current economic landscape underscores the relevance of this profession. Amit notes that as India becomes a hub for accounting services worldwide, professionals in this field are increasingly sought after. Monetary Benefits The financial rewards of a career in international accounting can be substantial. As illustrated in Amit’s personal journey, the potential for earnings increases dramatically with experience and skill, showcasing the economic viability of this career. International Network Working in international accounting cultivates a vast network of colleagues and clients worldwide. Amit expresses pride in his unique position within the ACCA community, highlighting how such global connections can enrich one’s career and personal growth. Challenges in International Accounting The 3E's Requirement Completing the ACC qualification involves navigating the three E's—exams, experience, and ethics. Candidates must successfully pass 13 standardized exams and gain practical exposure within a set timeframe, which can be daunting. Balancing Work and Studies A significant challenge many face is the demanding nature of balancing professional responsibilities with academic pursuits. Amit acknowledges the importance of effective time management, noting that planning is crucial for success in both areas. A Day in the Life Amit's journey illustrates a typical day in the life of an international accountant. From engaging with team members to formulating strategies for client assignments, each day is packed with interactions that drive business objectives. Whether it's training employees on new accounting standards or advising clients on best practices, the work is dynamic and requires a blend of technical expertise and interpersonal finesse. Conclusion International accounting presents a rewarding career with endless possibilities for those willing to embrace its challenges. With strong educational foundations, critical skills, and unyielding dedication, aspiring accountants can chart a successful path, all while contributing to the global business landscape. As Amit’s story reveals, the journey in this field is not merely about numbers; it is about making impactful connections and paving the way for future generations in the accounting world.

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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.

Finally, you will get a Career Plan stating which Courses, Certifications, Trainings and other Items you need to do in the next 7 years to become world’s best in International Accounting.

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LifePage Plan will not stop at saying "to become an Architect study Architecture". It will guide you on which Certifications, Trainings and Other items you need to do along with your Architecture education to become the world's best Architect.

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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