Diploma in IFRS

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Diploma in IFRS (Diploma IFRS) from the Association of Certified Chartered Accountants is one such qualification that provides detailed conceptual insights into IFRS. It is widely recognized in India and around the world and is useful for finance professionals working or intending to work in an environment requiring accounting and reporting using IFRS. The programme is designed to develop an individual’s knowledge of IFRS by providing an understanding of the concepts, principles, and application in the international marketplace.

Diploma in IFRS certification by the ACCA (The Association of Chartered Certified Accountants) is one of the most respectable and appreciated qualifications in International Financial Reporting Standards (IFRS) across the globe. The course is designed to develop your knowledge and understanding of IFRS. You will also learn how to apply them, as well as the concepts and principles which underpin them, and their application in India and the international marketplace.

Eligibility for IFRS Diploma:

If you are a professional accountant or auditor who works in practice or business and are qualified according to national accounting standards, then you are eligible to take this ACCA financial reporting qualification.

  • If you are a working professional, but not yet qualified, then you may still be eligible. You will need to prove that you have one of the following:
  • Three years of relevant accounting experience (duly filled, signed, and stamped ACCA experience form by the employer)
  • A relevant degree, with two years of work experience
  • An ACCA certificate in International Financial Reporting, in addition to two- years of work experience.
  • ACCA affiliate status.

Programme highlights

  • The programme is based on the ‘Diploma in IFRS’ from the ACCA syllabus
  • It aims to prepare participants for the Diploma IFRS examination conducted by ACCA
  • The programme covers seventy-five (75) hours of intensive and interactive Live Online training backed by a recording of every session.
  • Sessions will be held during the weekends and will not only cover the topic but also differences between IFRS, US GAAP, Ind AS wherever applicable.
  • Monitoring test and mock examinations shall be conducted to help students prepare well for the examination

What is the Objective of the Course?

The IFRS course by ACCA offers a detailed introduction to the field of finance and aims to help you understand how they are used globally. The Diploma in IFRS is designed with the following objective:

  • To understand the structure of the framework of international accounting.
  • Identifying and applying disclosure requirements for companies in financial reports and financial notes.
  • Applying relevant financial reporting standards to key elements of financial reports.
  • Preparing group financial statements (excluding group cash-flow statements), including subsidiaries, associates, and Joint Arrangements.

Who Should Take the Course?

  • Chartered Accountants, ICWA, Company Secretaries and other finance professionals.
  • Chief Accountants and Finance Managers
  • MBAs majored in Finance and working in the accounting domain.
  • Semi-qualified CA, ICWA, CS working in the accounting domain.

ASSESSMENT

The ACCA Diploma in International Financial Reporting (DipIFR) is assessed by a single three-hour, 15 minutes written exam. You will need to achieve a 50 percent mark or above to complete the paper. The DipIFR exam is held twice a year – in June and December at ACCA’s exam centers.

There are two sections to the paper that requires a mix of calculations and written answers. The IFRS exam assessment marks are splits as follows.

Section Type of question Marks
A One ‘groups’ question 40
B Three scenario questions 60
(20 marks each) 100

Is it worth putting the effort to take classes for an IFRS diploma?

A Diploma in IFRS (dipifr) is proved to be helpful in getting good career opportunities in big audit firms as they have a preference for such candidates over the others.

Why you should this course? If you are already a CA, studying up on the IFRS could be a feather in your cap. If your firm is working with international and multinational entities, being up to date and comfortable with the standards will be extremely helpful. Also, after doing this course, we have opportunities in BPOs, KPOs on financial reporting. (Naukri Says)

There are some countries that have not accepted or do not recognize IFRS and insist on giving precedence to their accounting rules. However, in India, DipIFR’s equivalent is issued and is referred to as Ind-As. For finance professionals, it has become critical to understand the accounting standards in the Ind-AS framework and other related practical program issues. India has converged with IFRS and developed with Ind AS, which is quite similar to IFRS. Therefore, taking this course will be beneficial for Indians.

The Salary trend for IFRS in India

As per LinkedIn salary report, IFRS professionals working in the top global auditing firms earn a starting annual package of Rs 8 lacs to Rs 15 lac per annum. Another report suggests that most of the accounting consultants specialized in IFRS work in India at an average salary of Rs 15 lacs to Rs 16 lacs per annum and it can also go up to Rs 19 lacs in some cases. As you gain experience and spend around 6-8 years in the industry after your specialization in the IFRS, you can expect a salary in the range of Rs 20 lacs to Rs 25 lacs per annum.

DipIFR Course Benefits:

As an international qualification, this course will help you develop a working knowledge of IFRS, how to apply them as well as the key concepts & principles that underpin them. Nowadays knowledge of IFRS is mandatory to be relevant in the field of accounting and finance. Here are few advantages of diploma IFRS:

  • One can complete the course in 4-6 months by clearing just 1 exam One can complete the course in 4-6 months by clearing just 1 exam.
  • Knowledge of IFRS prepares you for diverse roles in different sectors.
  • More than 120 countries have already accepted IFRS. Practical knowledge of these international standards will surely open doors for a globally successful career.
  • Continue amendments in these standards will raise the need for professionals who have better understanding of these standards.
  • All listed companies in India and corporate having net worth of 250 crores and above are mandatorily required to follow IndAS (Indian equivalent of IFRS).

Course Structure

On completion of this certificate program in IFRS, candidates should be able to:

  • Apply relevant financial reporting standards to key elements of financial reports
  • Prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates, and joint arrangements
  • Introduction to IASB and IFRS Presentation and profit Accounting for assets and liabilities - part 1Accounting for assets and liabilities - part 2Group accounting Disclosure standards Principal differences between UK/US GAAP, IFRS & Ind AS.

Syllabus

ACCA Diploma in IFRS course consists of only 1 exam. Syllabus of IFRS covers:

  • Elements of financial statements
  • Presentation and additional disclosures
  • International sources of authority
  • Preparation of external financial reports for combined entities, associates, and joint arrangements

Employment Opportunities

Job opportunities for IFRS professionals are wide-ranging. Diploma in IFRS qualification is highly demanded in Banking and insurance sector, non-banking financial companies, listed companies, Advisory companies, etc. Filling up the role of financial analyst, consultants, trainers, etc. (Current job offers in India) Also, Skilled and experienced IFRS experts can begin their private consultancy for firms and enhance their income potential.

Diploma IFRS is useful for finance professionals working or intending to work in an environment requiring accounting and reporting using IFRS/ Ind AS. Diploma IFRS is designed to develop an individual’s knowledge of IFRS, providing an understanding of the concepts and principles which underpin them and their application in the international marketplace, thereby helping professionals prepare for work in the IFRS environment.

Learning objectives

The ACCA Diploma IFRS course aims to equip participants to:

  • Understand and explain the structure of the framework of international accounting
  • Apply relevant financial reporting standards to key elements of financial reports
  • Identify and apply disclosure requirements for companies in financial reports and notes
  • Prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates, and joint ventures.

Who should attend?

  • Chief Financial Officers (CFOs), finance directors, and strategic planners
  • Accountants and analysts
  • Consultants, practicing Chartered Accountants (CA), Cost and Management Accountants (CMA)
  • Finance and accounting professionals
  • Graduates/Postgraduates who are a part of the finance/accounting team.

Completion

Successful candidates are awarded the ‘Diploma IFRS’ qualification by ACCA.

Contact us, for ACCA-related queries and guidance. With the decades of experience in providing coaching, we guide you through the accounting world obstacles and help you thrive in the field of accounting and finance.


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