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IFRS (International Financial Reporting Standards)
In 2001, the International Accounting Standards Board (IASB) replaced the IASC with a remit to bring about convergence between national accounting standards through the development of global accounting standards.
The IASB has continued to develop standards, calling the new standards "International Financial Reporting Standards" (IFRS) In 2002, the European Union (EU) agreed that, from January 1, 2005, International Financial Reporting Standards would apply to the consolidated accounts of EU-listed companies, bringing about the introduction of IFRS to many large entities.
LEARN IFRS AND GET ACCREDITED BY ACCA
We offer two options for IFRS qualifications.
1. Certificate in International Financial Reporting Standards (ACCA Cert-IFR)
This is a beginner-level course in IFRS. The syllabus is relatively easy, the exam is MCQ-based, and no practical experience is required to register for the exam.
2. Diploma in International Financial Reporting Standards (ACCA Dip-IFR)
This is an advanced-level course in IFRS, covering the IFRS standards in more depth. The exam contains four questions of 25 marks each. Three years of practical experience are needed to register for the exam.
IFRS Diploma offered by ACCA (ACCA Dip-IFR)
ACCA Dip-IFR is a diploma qualification issued by ACCA. It has one exam. The exam is held twice a year, in the first week of June and December. The three-hour comprehensive exam consists of four questions with 25 marks each. The exam is conducted by ACCA, and results are announced in six weeks.
Upon passing the exam (pass marks are 50%), candidates are awarded a diploma by ACCA UK, which is recognized in over 140 countries in the world.
This diploma is considered very valuable by employers globally, and it enhances not only your knowledge but also strengthens your CV and gives a boost to your career in accounting.
Who Should Apply for This Course?
This qualification is ideal for accountants who want a globally recognized IFRS diploma but don't want to take the whole thing, thirteen ACCA exams.
Learning Outcome
Upon completion, participants develop knowledge and skills in understanding and applying International Financial Reporting Standards (IFRS), the conceptual framework in the preparation of the financial statements of entities, including consolidated financial statements.
The International Accounting Standards Board (IASB) and the regulatory framework
1. Revenue recognition
2. Property, plant and equipment
3. Impairment of assets
4. Leases
5. Intangible assets and goodwill 6. Inventories
7. Financial instruments
8. Provisions, contingent assets and liabilities
9. Employment and post-employment benefits
10. Tax in financial statements
11. The effects of changes in foreign currency exchange rates
12. Agriculture
13. Share-based payment
14 Exploration and evaluation expenditures
15. Fair value measurement
1. Presentation of the statement of financial position, the statement of profit or loss and other comprehensive income and the statement of changes in equity
2. Earnings per share
3. Events after the reporting period
4. Accounting policies, changes in accounting estimates and errors
5. Related party disclosures
6. Operating segments
7. Reporting requirements of small and medium-sized entities (SMEs)
1. Preparation of group-consolidated external reports
2. Business combinations: intra-group adjustments
3. Business combinations: fair value adjustments
4. Business combinations: associates and joint arrangements
5. Complete disposal of shares in subsidiaries
The following topics are specifically excluded from the syllabus:
1. Complex group structures, including sub-subsidiaries or mixed groups and foreign subsidiaries
2. Step acquisitions, partial disposal of subsidiaries and group re-constructions
3. Financial statements of banks and similar financial institutions
4. Preparation of statements of cash flow (single company and consolidated)
5. Preparation of interim financial statements
6. Accounting for insurance entities
7. International financial reporting exposure drafts and discussion papers
8. The international public sector perspective
9. Multi-employer benefit schemes
10. Information reflecting the effects of changing prices and financial reporting in hyperinflationary economies
The key topic area headings 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