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Diploma In IFRS ACCA Eligibility For 2017 Exam

Diploma In IFRS ACCA Eligibility For 2017 Exam

Diploma In IFRS ACCA Eligibility : If you are a professional accountant or auditor who works in practice or business, and are qualified according to national accounting standards, then you are eligible to take this ACCA financial reporting qualification.

If you are working in practice, but not yet qualified, then you may still be eligible. You will need to prove that you have one of the following:

  • Two years’ relevant accounting experience and a relevant degree (attracting at least ACCA qualification exemptions F1-F4)
  • Two years‘ relevant accounting experience and an ACCA Certificate in International Financial Reporting
  • Three years’ relevant accounting experience
  • ACCA affiliate status

Diploma In IFRS ACCA Eligibility For 2017 Exam

Diploma In IFRS ACCA Eligibility : The Diploma in International Financial Reporting (DipIFR) can be studied online to fit your studies around your work and social commitments. The diploma can be completed in three to six months.

DipIFR is assessed by a three-hour written exam held twice a year with a pass mark of 50 per cent. You can apply online at any time to start studying DipIFR.

DipIFR is supported by study materials from ACCA’s Approved Content Providers. To find a list of these partners, visit ACCA’s Content Provider Directory by using the ‘Related links’ section of this page.

ACCA’s Accredited Learning Providers offer tuition for DipIFR. To search for an Accredited Learning Partner, visit our DipIFR directory by using the ‘Related links’ section of this page.

Diploma In IFRS ACCA Eligibility For 2017 Exam

Diploma In IFRS ACCA Eligibility :  Diploma In IFRS by the ACCA (The Association of Chartered Certified Accountants) is one of the most respectable and appreciated qualification in IFRS across the globe. The course is designed to develop your knowledge and understanding of International Financial Reporting Standards. You will also learn how to apply them, as well as the concepts and principles which underpin them, and their application in India and the international marketplace.

Diploma In IFRS ACCA Eligibility For 2017 Exam

Diploma In IFRS ACCA Eligibility :   On completion of the Diploma, candidates should be able to:

• understand and explain the structure of the framework of IFRS

• apply relevant financial reporting standards to key elements of financial reports

•identify and apply disclosure requirements for companies in financial reports and notes

• prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates and joint ventures

Diploma In IFRS ACCA Eligibility For 2017 Exam

Diploma In IFRS ACCA Eligibility : Diploma in IFRS is designed to develop your knowledge and understanding of International Financial Reporting Standards. DipIFR is a comprehensive closed book written examination.Duration of the exam is 3 hours with two Sections for 100 marks.

Section A: One group accounting question (40 marks)
Section B: three compulsory questions covering a variety of accounting standards (20 marks each)

The minimum marks required to pass is 50%

Exam is held in June & December every year

Diploma In IFRS ACCA Eligibility For 2017 Exam

Diploma In IFRS ACCA Eligibility :  To provide qualified accountants or graduates, possessing relevant country specific qualifications or work experience with an up to date and relevant conversion course, providing a practical and detailed knowledge of the key international financial reporting standards and how they are interpreted and applied.

Diploma In IFRS ACCA Eligibility For 2017 Exam

Diploma In IFRS ACCA Eligibility : The Diploma in International Financial Reporting (DipIFR) builds on the technical and/or practical knowledge acquired from recognised country specific accountancy qualifications or relevant work experience. The syllabus introduces the candidate to the wider international framework of accounting and the system of standard setting. This conversion course concentrates on the application of conceptual and technical financial reporting knowledge that candidates have already obtained to the specific requirements of financial reporting under international financial reporting standards. The DipIFR also provides essential international financial reporting knowledge and principles that will prepare candidates for the increasingly global market place and keep them abreast of international developments and how they might apply to companies and businesses. The prerequisite knowledge for DipIFR can either come from a country specific professional qualification, from possessing a relevant degree (giving exemptions from F1, F2, F3 and F4 of the ACCA qualification) and two years’ accounting experience, or by having three years’ full-time relevant accounting experience, supported by an employer’s covering letter.

Diploma In IFRS ACCA Eligibility For 2017 Exam

Diploma In IFRS ACCA Eligibility : The examination is a three-hour paper. Most questions will contain a mix of computational and discursive elements. Some questions will adopt a scenario/case study approach. All questions are compulsory. The first question will attract 40 marks. It will involve preparation of one or more of the consolidated financial statements that are examinable within the syllabus. This question will include several issues that will need to be addressed prior to performing the consolidation procedures. Generally these issues will relate to the financial statements of the parent prior to their consolidation. The other three questions will attract 20 marks each. These will often be related to a scenario in which questions arise regarding the appropriate accounting treatment and or disclosure of a range of issues. In such questions candidates may be expected to comment on management’s chosen accounting treatment and determine a more appropriate one, based on circumstances described in the question. Often one of the questions will focus more specifically on the requirements of one specific International Financial Reporting Standard. Some International Financial Reporting Standards are very detailed and complex. In the DipIFR exam candidates need to be aware of the principles and key elements of these Standards. Candidates will also be expected to have an appreciation of the background and need for international financial reporting standards and issues related to harmonisation of accounting in a global context. The overall pass mark for the Diploma in International Financial Reporting is 50%.

Diploma In IFRS ACCA Eligibility For 2017 Exam

Diploma In IFRS ACCA Eligibility : As IFRS grows in acceptance, most CPAs, financial statement preparers and auditors will have to become knowledgeable about the new rules. Others, such as actuaries and valuation experts who are engaged by management to assist in measuring certain assets and liabilities, are not currently taught IFRS and will have to undertake comprehensive training. Professional associations and industry groups have begun to integrate IFRS into their training materials, publications, testing, and certification programs, and many colleges and universities are including IFRS in their curricula. Some textbooks are already covering IFRS, primarily in a comparative presentation to their instructions on U.S. GAAP. New textbooks covering IFRS are currently being written and should be in circulation in the reasonably near future.

Diploma In IFRS ACCA Eligibility For 2017 Exam

Diploma In IFRS ACCA Eligibility : The world has been constantly moving to the single set of global accounting rules. There is a strong ambition to adopt IFRS as a unified set of financial reporting standards all over the planet by 2015. So yes, I understand that accountants and other finance people need to gain at least some degree of IFRS knowledge, since they might face IFRS directly in their job. Maybe it’s also your case.

Now, how to learn IFRS? Where to start?

Well, it depends. First, you should ask yourself at least the following questions:

  • What is your current knowledge of IFRS? None at all? Or have you already acquired some base?
  • What is your purpose of learning IFRS? How deep knowledge would you like to possess? Do you want to obtain some certificate or “offcial” qualification or just learn it to be able to deal with it in your job?
  • What is your budget for learning IFRS? Do you want to keep it free or with minimal financial cost? Or you have a quite generous budget for this?
  • How much time are you able or willing to dedicate to your IFRS training? Are you very busy guy and have only evenings / weekends? Or can you afford to skip some days from your daily job and visit classes?

Yes, all this matters, because there are many options what and how to do. So let’s say you are an accountant or financial guy with solid accounting base, but IFRS is something you have heard of but never really touched. There is a certain path to follow no matters tools you chose. Being me in your shoes, I would start my IFRS learning as a step-by-step process:

  1. Learn the basic structure of IFRS
  2. Read the Framework
  3. Get some knowledge about individual standards
  4. Develop your knowledge and be up-to-date

So let’s start with the first one.

1. Learn the basic structure of IFRS

Familiarize yourself with the basic structure and concept of IFRS. This is not a hard part. To start digging a bit deeper into this complex topic, you should know what is in front of you. Let me draft a simple picture.

IFRS is an acronym for International Financial Reporting Standards and covers full set of principles and rules on accounting treatment of various items or situations. This full set comprises the following components:

  • Framework for the Preparation and Presentation of Financial Statements
  • International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)
  • Standing Interpretations Committee (SIC) and Interpretations originated from the International Financial Reporting Interpretations Committee (IFRIC)

2. Read the Framework

For any beginner in IFRS, the Framework is the basic concept of IFRS and therefore it is a MUSTREAD document. Anyway, it’s not so time consuming, as the Framework itself has only about 30 pages and as an experienced accounting professional you would be familiar with many concepts in it. You can find full text of the Framework .

3. Get some knowledge about individual standards

Now while you can read the Framework yourself without any pain, it’s almost impossible and ineffective to read and study the texts of individual standards, interpretations and accompanying docs – it’s more than 3 000 pages!

There are many possibilities how to learn basic principles and rules in individual standards. You might want to pick one of them based on your time and budget available. In my opinion, 2 main streams of learning IFRS are face-to-face training and self-study.

Face-to-face training

What I mean by saying “face-to-face” is attending a classic form of the study: long-term courses in the class, short-term seminars or workshops, etc. This should work wonderfully – I learned most of my IFRS basics this way. Let me just sum up pros and cons of face-to-face training:

Pros:

  • learning from experienced tutor with personal contact
  • high level of interactivity – you might ask for additional explanations or any questions you don’t understand and often you get a feedback from your tutor
  • full focus on the topic – when you attend a lecture, you will not be distracted by so many things around you (like 5 minutes for coffee, 5 minutes for “very tiny help” to your colleague or family member) and therefore, your study will be very effective.

Cons:

  • high costs – if you’d like to attend really high-quality training, you will pay for it – oh yeah. I remember that the cost of my 6-day course on IFRS was about 4 000 EUR. Of course, tutor and topics covered were wonderful, however, if cost is something that bothers you, then check out other forms of training.
  • time consuming – face-to-face training usually takes place during your normal working or business hours and you must find a space in your overloaded schedule. That might be a problem, especially during a high or busy season.
  • inconvenient – you might also suffer from certain form of inconvenience. Often, you have to travel to the location that is far far away from your office or home. Or, you might feel distracted by other attendants in the class.

In the second part of this article, I will give you some hints how to effectively learn IFRS by self-study and what good sources you could use in order to stay up to date with the newest developments.

Diploma In IFRS ACCA Eligibility For 2017 Exam

Diploma In IFRS ACCA Eligibility : International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB).

IFSR Provides global framework for should companies prepare and disclose their financial statements. All the general guidelines for preparation of financial statements are provided in IFRS.

IFRS provides international standards, having an international standard is very much important for the company. A single set of world wide standard will simply accounting procedure for a company to use one reporting language. Investors and auditors will also be provided with cohesive view of finance.

Currently more than 100 countries permit or require IFRS for companies, with more countries expected to transition to IFRS by 2015. IFRS is sometimes confused with IAS (International Accounting Standards), which are older standards that IFRS has replaced.

Diploma In IFRS ACCA Eligibility For 2017 Exam:

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