International Financial Reporting Standards (IFRS)

About Diploma in IFRS:

The ACCA Diploma in IFRS has been developed by The Association of Chartered Certified Accountants (ACCA).

Diploma in International Financial Reporting (Dip.IFR) is for finance professionals who need to acquire more detailed understanding of IFRS. Dip.IFR is a fast and efficient solution that will develop the current knowledge of this field.

ACCA Diploma in IFRS (Dip.IFR) builds on the technical and/or practical knowledge acquired from recognized country specific accountancy qualifications or relevant work experience. The syllabus introduces the candidate to the wider international framework of accounting and the system of standard setting. This course concentrates on the application of conceptual and technical financial reporting knowledge that candidates have already obtained to the specific requirements of financial reporting under international financial reporting standards.

Over 113 countries require or permit the use of International Financial Reporting Standards (IFRS) for publicly-traded companies. All listed companies in the European Union (EU) have to prepare consolidated company accounts that comply with IFRS. It also affects associates and subsidiaries of EU-listed companies. Other 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

The Dip.IFR provides essential international financial reporting knowledge and principles that will prepare candidates for the increasingly global market place and keep them abreast of international developments and how they might apply to companies and businesses.

Career Opportunities:

After completing your Diploma you can easily get a job in one of the following industries or you can start your own advisory and consultancy company:

• Audit Firms
• Professional Advisory Companies
• Banking Companies
• Insurance Companies
• Any other company adopting IFR standards

IFRS Exam:

The Diploma in International Financial Reporting (Dip.IFR) is assessed by a single three-hour written exam of 100 marks. You will have to achieve a 50 percent score or above to complete the paper. The exam is held twice a year - in June and December at ACCA's exam centers.

Duration & Eligibility:

• The IFRS diploma course can be completed in six months.
• 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 IFRS diploma. If you have one of the following:
• Three years' relevant accounting experience (by submitting a letter from your employer).
• Three years' relevant accounting experience (by submitting a letter from your employer).
• An ACCA Certificate in International Financial Reporting plus two years' work experience

Course Objectives:

The main objective of this Diploma is to learn how to apply the International Financial Reporting Standards and the concepts and principles that underpin these standards. On successful completion of this Diploma, candidates will be able 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.
• Identify and apply disclosure requirements for companies in financial reports and notes.

EXAM FORMAT & DATES

• ACCA Diploma in IFRS (DipIFR) is assessed by a single three-hour written exam. You will need to achieve a 50 per cent mark or above to complete the paper.
• The exam is held twice a year – in June and December at ACCA’s exam centres.
• The exam is held twice a year – in June and December at ACCA’s exam centres.
• Section A     One ‘groups’ question     40 Marks
Section B     Three scenario questions     20 Marks Each (Total 60 Marks)

Exam Fees:

Your initial registration fee includes one exam attempt. A further fee is charged for any re-sit.