All About Diploma in IFRS
A Diploma in International Financial Reporting Standards (IFRS) is one of the most valuable courses for an Indian Chartered Accountant, as it provides a detailed understanding of IFRS, which is accepted globally. A Diploma is issued by the Association of Certified Chartered Accountants (ACCA) and is widely accepted in India.
Benefits of Diploma in IFRS
A diploma in IFRS helps to:
- Understand and explain the structure of the framework of international accounting
- 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.
Benefits of Doing ACCA
The ACCA (Association of Chartered Certified Accountants) and CPA (Certified Public Accountant) are both highly respected and globally recognized qualifications in the field of accounting and finance. Both qualifications offer different benefits and are suitable for various career paths.
- ACCA is a globally recognized qualification and is accepted in over 180 countries.
- ACCA provides a broad-based knowledge of accounting and finance, which is helpful for professionals who wish to work in different sectors, such as public practice, industry, and finance.
- ACCA’s syllabus covers a wide range of topics, including financial reporting, audit and assurance, taxation, and management accounting, which makes it suitable for professionals who wish to pursue a career in accounting, finance, or management.
- ACCA also offers members a range of benefits, including access to professional development, networking opportunities, and exclusive resources and publications.
Eligibility of the Course
The following persons are eligible to apply for the Diploma:
- Indian Chartered Accountant
- A relevant degree with 2 years of work experience in accounting
- Three years of relevant accounting experience (duly filled, signed and stamped ACCA experience form by the employer)
- An ACCA certificate in International Financial Reporting, in addition to two years of work experience
Syllabus
The diploma programme addresses international financial reporting. It also covers the first-time application of International Financial Reporting Standards. The following are key topic areas of the diploma:
- International sources of authority
- Elements of financial statements
- Presentation of financial statements and additional disclosures
- Preparation of external financial reports for combined entities, associates and joint arrangements
Course Structure
A diploma in IFRS can be completed in 3-6 months.
There is only one three-hour fifteen-minute compmuter-based exam that a candidate must take to qualify for the Diploma. The passing marks are 50%. The Exam consists of four 25-mark questions, which are numerical and narrative.
The exam is held twice a year, in June and December, at ACCA’s exam centre.
Cost of the Course
The Cost of a Diploma in IFRS can be broken down as follows:
- ACCA Registration Fee £ 89
- Exam Fee £ 117
- Study Material £20
Totalling £226, which is approximately INR 23,000.
The above cost excludes Tuition fees for the Diploma course.
Conclusion
In short, the Diploma in IFRS is a cutting-edge course that helps you stay updated with the global accounting and financial world.
