Diploma in IFRS

IFRS or the International Financial Reporting Standards are the established rules of financial reporting for companies that are followed and permitted in many countries. Diploma in IFRS is a course offered by the ACCA that helps professionals be familiarized and well versed in the financial reporting standards.

Diploma in IFRS is a course with great scope worldwide as these standards are accepted and required in more than 113 countries with more countries slowly being added up to the list. These Financial Standards are marked with regular amendments and hence the requirement of trained professionals with better understanding and knowledge of these standards is increased.

In India, all the listed companies with a net worth of 250 crores or more are mandatorily required to follow standards that are equivalent to IFRS, hence the need for professionals in these organizations is always there.

IFRS Course Structure: 

The IFRS course structure is divided into various modules and sections. The syllabus includes: 

• International Sources of Authority.

• Preparation of Financial Statements and Additional Disclosures.

• Elements of Financial Statements

• Preparation of Extend financial reports for Combined Entities, Associates, and joint Arrangements.

Topics:

• Introduction to IASB and IFRS. 

• Presentation and Profit

• Accounting for Assets & Liabilities – Part 1

• Accounting for Assets & Liabilities – Part 2

• Group Accounting

• Disclosure Standards

• Principal Differences Between UK/US GAAP, IFRS and Ind AS

On successful completion, the students will be able to apply the appropriate financial reporting standards to elements of financial reports and also prepare group financial statements. They will also be able to identify and apply disclosure requirements for companies in financial reports and notes. 

The course also provides: 

• In-depth training on the new revenue and leasing standards (IFRS 15 and IFRS 16) with industry-specific illustrations.

• Overview of differences between IFRS and Ind AS.

• A deep understanding of the principles and rules of IFRS.

• Experience in the formation of professional judgment on the practical application of IFRS. 

Assessment:

• The Diploma in IFRS is a 3 hours 15 minutes single paper exam. 

• A pass percentage of 50% and above are required to complete the paper. 

• Students can take up their exams twice a year– June and December. 

IFRS Course Eligibility: 

Who can choose the course? 

• Qualified Chartered Accountants

• CA students

• Management accountants and analysts 

• Professionals working in finance and accounts

• Graduates and Post Graduates specialized in Finance. 

Eligibility:

The course helps the students to be well versed with all the relevant and detailed IFRS knowledge. To qualify for a Diploma in IFRS any one of the following requirements have to be met:

• Be a professional auditor or an accountant qualified by the National Accounting Standards

• Accounting experience of 2 years and a certificate in International Financial Reporting by ACCA

• 3 years of relevant accounting experience

• ACCA affiliate status