IFRS, short for International Financial Reporting standards, are referred to as accounting standards issued by the IFRS Foundation. The IFRS Course designed by the Association of Chartered Certified Accountants (AACA) is one of the most widely recognised and respected qualifications in the world.
This diploma offered by ACCA is primarily intended to develop one’s knowledge and understanding of IFRS. below listed are the other major objectives of this course:
- To apply relevant financial reporting standards to the financial report’s essential elements.
- To prepare financial statements for subsidiaries, associates, and joint ventures, but not for group cash flow statements.
- To determine the criteria for recognising assets and liabilities.
- To comprehend the significance of financial reporting.
Eligibility criteria for Diploma in IFRS Course:
- Suppose you are a professional auditor or accountant who works in practice or a company and is qualified according to national accounting standards. If that’s the case, you’ll be able to enrol in this ACCA IFRS course.
- You may still be eligible if you are working in practice but are not yet qualified. You must prove that you meet at least one of the following criteria:
- An ACCA Certificate in International Financial Reporting and two years of relevant accounting experience are required.
- Experience in accounting for three years is required.
- Affiliate status in ACCA
Course details of diploma in IFRS:
The Diploma in International Financial Reporting (DipIFR) is awarded after a three-hour exam and a 15-minute written examination. To pass the paper, you must get a score of 50 percent or higher. This exam is held twice a year at ACCA exam locations, usually in June and December. Calculations and written answers are both required on the exam.
The following are the primary topics that will be tested on the DipIFR exam:
- International authority sources
- Financial Statement Elements
- Accounts presentation and further disclosures
- External reports for consolidated entities, affiliates, and joint arrangements are prepared.
Total Cost of the IFRS Diploma Course:
The total cost of the IFRS course typically ranges between 15k to 20k. The additional cost of the books would be around ₹ 3000, and the cost of taking the exam would be around ₹ 17000 both of which might be reduced by ACCA’s offers.
Advantages of the IFRS Course:
- Due to the implementation of IFRS in India, there will be an increase in the demand for people who are skilled in it in the next couple of years. You may get an attractive salary package with a certification in IFRS.
- A certification in IFRS will land you in a pool of opportunities to work with some of the top organisations.
- IFRS experts can start a successful career in the financial education sector.
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