Diploma in IFRS

International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board, are a set of standards stating how particular types of transactions and other events should be reported in financial statements. IFRS were established in order to have a common accounting language, so business and accounts can be understood from company to company and country to country.

IFRS are mandated in more than 100 countries worldwide. Countries such as Australia, Hong Kong and South Africa have already adopted IFRS or equivalents as their local Generally Accepted Accounting Principles (GAAP). And many other countries around the world, including India, are moving towards applying IFRS, which is having a significant impact on financial reporting.

Such worldwide acceptance of these standards has created a potential demand for IFRS professionals so that the companies prefer to recruit those candidates who are having expertise in these International Standards in addition to their normal specialization.

The DipIFR is an international qualification which imparts essential and in-depth IFRS knowledge, hereby helping the candidates to become globally relevant.

On completion of the Diploma, candidates acquire:

• knowledge of IFRS requirements for recognition, measurement, presentation and disclosure of financial statement components;

• skills necessary for preparing financial statements under IFRS, including consolidated financial statements;

• experience in developing professional judgment on practical application of IFRS.

Eligibility Criteria

Candidates need to have one of the following criteria:

• Professional accountant or auditor, as qualified according to National Accounting Standards of the respective countries;

• Two years relevant accounting experience and a relevant degree (eligible to claim ACCA qualification exemptions AB, MA, FA and LW);

• Two years relevant accounting experience, and an ACCA Certificate in International Financial Reporting;

• Three years relevant accounting experience; if not a graduate;

• ACCA Affiliate status.

Examination

The DipIFR examination is assessed by a single three-hour written exam. Candidates will need to achieve a 50 per cent mark or above to successfully pass the examination. The exam is held twice a year – in June and December at ACCA’s exam centres.