International Financial Reporting Standards, commonly called IFRS, are accounting standards that are issued by the IFRS Foundation. The IFRS course offered by the Association of Chartered Certified Accountants (ACCA) is one of the most appreciated and respectable qualifications across the globe.
The diploma course by ACCA is designed mainly to develop one’s knowledge and understanding of IFRS. The other main objectives of this course are:
- To apply relevant financial reporting standards for the key elements of financial reports.
- To prepare financial statements which include subsidiaries, associates, and joint arrangements but this excludes group cash flow statements.
- To Identify assets and liabilities recognition criteria.
- To understand the role of financial reporting.
What are the eligibility criteria for the Diploma in IFRS course?
- Suppose you are qualified according to national accounting standards and are a professional auditor or accountant who works in practice or business. In that case, you are eligible to take this ACCA IFRS course.
- Although, if you are working in practice, but not yet qualified, then you may still be eligible. You will have to prove that you have any one of the following requirements:
- Two years’ relevant accounting experience and an ACCA Certificate in International Financial Reporting
- Three years’ relevant accounting experience
- ACCA affiliate status
IFRS Course Details:
A three-hour exam determines the Diploma in International Financial Reporting (DipIFR), 15 minutes written examination. You need to achieve 50% or above to get through the paper successfully. This exam is held twice a year which is mostly in June and December at ACCA’s exam centers. The exam requires both calculations and written answers.
There are two sections of the paper which are divided and marked as follows:
|Section||Type of question||Marks|
|A||One ‘groups’ question||40|
|B||Three scenario questions||60|
|(20 marks each)||100|
The main topics that would be tested for the DipIFR exam are as follows:
1. International sources of authority
2. Elements of financial statements
3. Presentation of accounts and additional disclosures
4. Preparation of external reports for combined entities, associates, and joint arrangements.
Total Cost of the IFRS Diploma Course:
The total cost of the IFRS course ranges mostly from 15K to 20K. The additional cost of the books would be around 3000 & the cost to sit for the exam will be around 17K which can get reduced by ACCA’s offers.
IFRS professionals working in some of the top global auditing firms earn a starting annual package of Rs 8 lacs to Rs 15 lacs per annum. Other reports show that most of the accounting consultants specialized in IFRS work in India have an average salary of Rs 15 lacs to Rs 16 lacs per annum, and it can shoot up to 19 lacs also in a few cases.
After your specialization in IFRS for 6-8 years, you gain more experience within this period, and you can expect a salary in the range of Rs 20-25 lacs per annum.
What are the Advantages of the IFRS course?
- As the implementation of IFRS has already started in India, the demand for people who are skilled in it is going to increase in the next few years. You can get attractive salary packages if you have a certification in IFRS.
- Getting certified and having the skills will place you in a great position to get opportunities to work with some of the top organizations.
- There is a demand for IFRS professionals across the financial and banking industry. They need skilled professionals who can implement IFRS in their financial reporting. With a certification, you can improve your chances of a promotion or getting a better position.
- As an IFRS expert, you can start a successful career in the financial education industry. This is a lucrative industry, and you can always join as an expert in institutions offering IFRS courses.
Having a certification always has its advantages, and if you are looking to start a career as a finance manager, an IFRS certification can really help you.
- Large and/or Multinational companies usually prefer hiring people who are already skilled in IFRS.
- IFRS knowledge will be mandatory even for smaller companies, so this course would definitely be an advantage.
- If you know basic accounting, learning IFRS is not very tough. You can learn one standard at a time and focus on those relevant to your business.
- Or a three-month IFRS course can give CAs, accountants, and other financial professionals a perfect way to prepare for the future.