IFRS course by the Association of Chartered Certified Accountants is one of the most appreciated and respectable qualifications in International Financial Reporting Standards across the globe. The diploma course by ACCA is designed to develop your knowledge and understanding of IFRS.
This program helps you prepare you for Diploma In IFRS (DipIFR) examination. While preparing you for DipIFR examination, also cover the differences with Ind-AS.
What Is The Objective Of The Course?
The IFRS course by ACCA offers a broad 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.
What is the eligibility criterion for dipIFR certification?
If you are an auditor or a professional accountant who works in business or practice and are qualified according to national accounting standards, you are eligible to take the ACCA financial reporting qualification. And if you are working in practice but not qualified yet, you may still be eligible for DipIFR, one of the following needs to be proved to be eligible for Diploma In IFRS By ACCA:
- Two years of relevant accounting experience and a degree, attracting at least ACCA qualification exemptions F1-F4.
- Two years of relevant accounting experience and an ACCA Certificate in International Financial Reporting
- Three years of relevant accounting experience
- ACCA affiliate status.
ACCA DipIFR Course Details:
The 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 exam is held twice a year – in June and December at ACCA’s exam centers.
There are two sections to the paper which requires a mix of calculations and written answers. The assessment marks are split 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?
Diploma in IFRS is proved to be helpful in getting opportunities in big audit firms as they have a preference for such candidates over the others.
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.
There are some countries which 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.
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.
How much does it cost for ACCA’s Diploma in IFRS?
Each attempt of IFRS costs around 15k to 20k. Well, any additional coaching or tuitions taken for the course will be an extra cost. IMS Proschool offers training for IFRS. The training is offered with the certification from NSE Academy and has a very industry-relevant curriculum.
While Association of Chartered Certified Accountants is the body that provides the Diploma in IFRS, Earnst and Young, Klynveld Peat Marwick Goerdeler or KPMG also are learning providers for the course.
To know the exam schedule please click here.