For financial professionals operating or planning to work in an environment that requires accounting and reporting using IFRS, a diploma in IFRS is beneficial. The Diploma IFRS programme helps professionals get ready for work in an IFRS environment by expanding a person's knowledge of IFRS, giving them an understanding of the concepts and principles that underpin them and their application in the global economy. The International Accounting Standards Board's (IASB) International Financial Reporting Standards (IFRS) are quickly becoming the standard for the accounting industry.
- Basic accounting understanding
- Candidates for the ACCA SBR Examinations
- Candidates for the ACCA DipIFR Test
- Candidates for the ACCA Cert IFRS Exam.
- Working individuals who are in charge of creating financial reports in accordance with IFRS - International Financial Reporting Standards
This course is in accordance with the course outline for the ACCA Dip-IFR test and is based on the IFRS syllabus recommended by the ACCA (Association of Certified Chartered Accountants).
In order to prepare financial statements for entities, including consolidated financial statements, participants are expected to acquire knowledge, skills, and an understanding of international financial reporting standards.
- IAS 1: Presentation of Financial Statement
- IAS 8: Accounting Policies, Change in accounting estimates and Errors
- IAS 10: Events after the reporting period to Complete Option
- IAS 2: Inventories
- IAS 16: Property Plant & Equipment
- IAS 23: Borrowing Cost
- IAS 20: Government Grants
- IAS 33: Earning Per Share
- IAS 37: Provisions, Contingents Liabilities & Contingent Assets Employee Benefits
- IAS 21: The Effect of change in Foreign Reserve
- IAS 12: Income Taxes
- IAS 24: Related Party Disclosure
- IAS 27: Separate Financial Statements
- IAS 28: Investment in Associates & Joint Venture
- IAS 34: Interim Financial Reporting
- IAS 36: Impairment
- IAS 38: Intangible Assets
- IAS 40: Investment Property
- IAS 41: Inventories
- IFRS 1: First Time Adoption
- IFRS 2: Share Based Payment
- IFRS 3: Business Combination
- IFRS 5: Non current Assets held for sale & Discontinued Operations
- IFRS 8: Operating Segments
- IFRS 9: Financial Instruments
- IFRS 10: Consolidated Financial Statements
- IFRS 11: Joint Arrangements
- IFRS 13: Fair Value Measurement
- IFRS 15: Revenue
- IFRS 16: Leases
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Frequently Asked Questions
The scope of the specific distinctions between IFRS and GAAP has been decreasing as a result of ongoing convergence projects between the IASB and the FASB. But, there are still some important variances, and depending on the sector a firm operates in as well as specific facts and circumstances, any one of these could lead to considerably different reported results. For instance, IFRS prohibits Last In, First Out (LIFO).
Why IFRS requires capitalization of development expenditures after specific qualifying criteria are met, whereas U.S. GAAP uses a two-step procedure for impairment write-downs, increasing the likelihood of write-downs. U.S. GAAP normally requires development costs to be written off as they are incurred, with the exception of costs associated with the creation of computer software, which must be capitalized after certain conditions are met.
Accounting professionals and CAs are eligible to apply for Diploma in the IFRS course. A relevant degree with two years of work experience in the accounting field.
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