IFRS certification course


About IFRS course

International Financial Reporting Standards (IFRS) are accounting standards and principles set by the International Accounting Standard Board (IASB) and are becoming global standards for preparation of financial statements. Most countries are converging their standards towards IFRS or adopting IFRS as they are, to enable uniform reporting. India, as a step closer to convergence with IFRS, has adopted Ind-AS. 

The advantage of establishing global accounting standards is that a single format would be used for financial statements across all companies internationally. This would make it easier for companies to compete abroad, raise capital and to win global contracts by providing consistent and comparable financial details.

Benefits of Studying IFRS
•    Various IFRS profiles are being offered in several sectors of the industry that     include ITES, software, pharmaceutical, auto spare part, professional advisory companies,  auditing firms, banking industry, Insurance industry, KPOs, etc. 
•    Skilled and experienced IFRS experts can establish their own consultancies to help companies migrate to IFRS
•    Practical knowledge of these universal standards will open doors across the globe as more than 100 countries have given green signal in their accounting boundaries.
•    Application of these standards is complex and time consuming which underlines the significance of IFRS professionals 
•    Continuous amendments in these standards by regulators is creating need for IFRS professionals with thorough understanding of these standards

Who should pursue this certification:
•    Candidates pursuing graduation, post-graduation in commerce, or qualified professionals like MBAs, CAs, CMAs, CSs, CFAs, CFPs or any other relevant course in the field of finance can opt for this certification in IFRS.
•    Accounting professional who wants to supplement his / her skill sets by learning the new accounting standards to perhaps make a job-shift or simply to be updated.
•    A student who wants to begin a career in financial reporting.

On completion of this certificate program, candidates should be able to:
•    Get additional certification in Ind-AS and 10 hours of training for Dip IFRS (ACCA) from IMS Proschool at no additional cost
•    Attempt Cert IFRS examinations (ACCA) without any further coaching
•    Apply relevant financial reporting standards to key elements of financial reports
•    Identify and apply disclosure requirements for companies in financial reports and notes to accounts
•    Prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates and joint arrangements

Course Outline

The nature and operations of the IASB
Structure of the IFRSF/IASB
Extant standards of the IASB
The framework
The status and use of IFRSs around the world
The use of IFRS around the world
The IASB roadmap
The annual IASB bound volume and its use
Presentation and profit
IAS 1, Presentation of financial statements
IFRS 15, Revenue from contracts with customers
IAS 8, Accounting policies, changes in accounting estimates and errors.
Accounting for assets and liabilities - part 1
IAS 16, Property, plant and equipment
IAS 38, Intangible assets
IAS 40, Investment Property
IAS 36, Impairment of assets
IAS 23, Borrowing costs
IAS 20, Accounting for government grants and disclosure of government assistance
IAS 2, Inventories
IAS 17, Leases
IFRS 5, Non-current assets held for sale and discontinued operations
Accounting for assets and liabilities - part 2
IFRS 13, Fair Value Measurement
IFRS 32, Financial instruments - presentation
IFRS 9, Financial instruments
IFRS 7, Financial instruments: disclosures
IFRS 2, Share-based payment
IAS 37, Provisions, contingent liabilities and contingent assets
IAS 10, Events after the reporting period
IAS 19, Employee benefits
IAS 12, Income taxes
IAS 41, Agriculture
IFRS 6, Exploration for and evaluation of mineral resources
Group accounting
IFRS 10, Consolidated Financial Statements
IAS 27 (revised 2011), Separate financial statements
IFRS 3, Business Combinations
IAS 28 (revised 2011), Investments in associates and joint ventures
IFRS 11, Joint arrangements
IFRS 12, Disclosure of interests in other entities
IAS 21, The effects of changes in foreign exchange rates
IAS 29, Financial reporting in hyperinflationary economies
Disclosure standards
IAS 7, Statement of cash flows
IAS 24, Related party disclosures
IAS 33, Earnings per share
IAS 34, Interim financial reporting
IFRS 4, Insurance contracts
IFRS 1, First time adoption of IFRS
IFRS 8, Operating segments
Principal differences between UK/US GAAP ,  IFRS & Ind AS

IFRS Certification Process

1.  Enroll with IMS Proschool for IFRS course
2.  Complete classroom training in 3-months
3.  Clear the internal examination with minimum 70%.
4.  Fill the exam form on the Proschool website with NCFM ID. If you don’t have an NCFM ID, you can visit www.nseindia.com : - Education : - Online Register/Enroll
5.  Once you get a confirmation email from Proschool, select the exam date ( All days & venues in 85+ centers)
6.  Take the exam at NSE India or NSEIT Centers.
7.  Clear the NSE India Certification on IFRS; 
8.  Get an additional 15 hrs classroom training (LVC) for Dip IFRS/ Ind As

About the IMS Certification Examination:

•  The Certification Examination will be conducted at 85 NSE Centers.
•  The exams are conducted on a daily basis.
•  The examination is a computer based test and will comprise multiple-choice questions.
•  Exam will be out of 100 marks (50 questions) and duration of the exam is 2 hrs.
•  The students will receive their scores immediately after the exam.
•  Exam Grades: 50% to 59%: C Grade, 60% to 74% B grade, 75% or above 75 % A Grade. No negative marking.
•  Those who fail the examination can reappear for the exam by paying the exam fee of Rs.1700/ + ST . There is no limit on the number of attempts.
•  Certification from NSE India is valid for lifetime.

Why Proschool

  1. IMS Proschool and its parent organization has educated more than 3 lakhs candidates for different competitive exams and professional course such as CFA, CFP, CIMA, CPA etc.

  2. Proschool has also trained 16,000+ employees of reputed financial organizations such as ICICI Bank on Financial Analysis, Wealth Management, Financial Planning, Equity Research etc.

  3. Proschool offers IFRS Certification in association with NSE India which is India’s largest Finance Certification body. Certifications from NSE India are well-recognized by all the companies in India.

  4. Proschool is the official training partner of global professional bodies like CIMA, ACCA, CFA etc.

FAQs

Approximately 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies, although approximately 90 countries have fully conformed with IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports.

IMS Proschool is amongst the first officially NSE-India affiliated organisations for IFRS course. Joint certification from NSE-India, IMS Proschool and NSDC is unparalleled in the industry. It would surely give an edge to the candidate’s profile to have a NSE-India certification.

Chartered Accountants; Commerce graduates with 2 years of experience in the Finance and Accounts department and Graduates from any other field with 3 years of experience in the Finance and Accounts department are eligible.

Apart from India, 100+ countries have received permission to implement IFRS standards. Therefore, by being IFRS qualified, you are eligible to apply and work in these 100+ countries. The candidate would definitely have an edge over a non-IFRS candidate while being placed.

The average salary for IFRS qualified would very anywhere between 40000-70000 pounds, depending upon country, experience and qualification.

After completion of training & exam, candidates will get Certification from NSE. This certificate is well-recognized in the corporate world and hence it communicates your knowledge of IFRS to employers quite clearly.
Along with this, Proschool has developed one of the most exhaustive and regularly updated training materials for IFRS.

No, it is not mandatory to appear for Cert and Dip IFRS after appearing for NSE-India IFRS examination. However, it would add value to the candidate’s profile. Also, the preparation and classroom training necessary for clearing Cert/Dip IFRS is already provided to the candidate. 

It is not mandatory to take up Cert IFRS before Dip IFRS. The objective of both the exams are different. Cert IFRS is an objective type question paper while Dip IFRS is a case study type paper and more detailed.