Are you ready for advanced levels of accounting? If you want to be a master in the global language of financial reporting, then IFRS will introduce you to this complex world of International Financial Reporting Standards. The comprehensive IFRS course syllabus allows you to acquire knowledge and expertise in certain techniques and practices of international accounting, whether it is to take your career to new altitudes or just to stay on top of your game in an ever-changing world of finances.
ACCA offers two different qualifications: the Diploma in International Financial Reporting, DipIFR, and the Certificate in International Financial Reporting, Cert IFR. Each of these respective qualifications caters to a different level of expertise and career objective when it relates to financial reporting.
A Certificate in International Financial Reporting
The Cert IFR targets individuals who are new to IFRS or need only a basic understanding of international financial reporting standards. This qualification is therefore appropriate for professionals involved in finance and accounting who want an introduction to IFRS without the complexities or commitment required for the diploma.
Cert IFR focuses on giving an overview of IFRS, covering the history and development of the standards, the role of the International Accounting Standards Board, and the essential principles underlying IFRS. It gives an overview of the basics of financial reporting, including the structure of financial statements and key elements comprising assets, liabilities, and equity.
Upon completion of the CertIFR, candidates will have a general understanding of IFRSs and their relevance to international financial reporting, and recognize and understand how to apply standards that are most frequently encountered in practice, in financial statements. All this will make them more employable or consultants since it will be easier for them to adapt to a new position requiring IFRS knowledge.
The Cert IFR exam is significantly shorter and easier in comparison to the DipIFR exam. It includes multiple-choice questions created to test applicants’ knowledge of the basic underlying principles of IFRS. The duration of the exam is usually one hour, making it simpler for a candidate with a passing grade of 50%.
Diploma in International Financial ReportingÂ
The DipIFR is meant for financial professionals who have some experience in financial reporting and are eager to advance their knowledge of the International Financial Reporting Standards. It is ideal for those who want to progress in their careers based on more advanced knowledge of IFRS and practical ways of its implementation.
Advanced topics to be covered in the syllabus of DipIFR will relate to preparation of consolidated financial statements, business combinations, and treatment of complex financial instruments. The course also discusses detailed requirements on different aspects of financial statements such as revenue recognition, property, plant and equipment, and fair value measurement.
The successful completion of the DipIFR course enables candidates to apply standards on IFRS while preparing and presenting financial statements. The candidates acquire an imperative skill in accounting that involves complex issues. The candidates would also be adequately equipped to deal with the process of financial reporting for organizations whose financial statements need to be presented in conformity with IFRS.
The DipIFR is an examination that is written and taken in three hours and fifteen minutes. The basic concept of the exam is to rigorously test the candidates’ abilities in understanding IFRS. It includes some calculations along with written answers; therefore, it involves the need for both technical knowledge and the ability to apply it in practical instances.
IFRS Course Syllabus: Key Points You Need to Know
Diploma in International Financial Reporting is directed towards finance professionals and provides a sound knowledge of International Financial Reporting Standards. Following is the breakdown of the main areas covered by the syllabus:
A. International Sources of Authority
This subject allows you to understand the role and authority of the IASB, which is the body that has developed the IFRS and promoted it globally. In addition, this covers the major regulatory framework for the preparation and publication of financial reports that enable you to appreciate the wider context within which the IFRSs are applied.
B. Elements of Financial Statements
This category deals with the components that are generally included in a financial statement. Each of the items is explained in detail with the application of specific IFRS standards related to different assets, liabilities, and financial transactions. Those include:
Revenue Recognition: To ascertain when and how revenue is booked by the company in their books.
Property, Plant, and Equipment: It deals with the accounting treatment to be accorded to the fixed tangible assets of the organization and its corresponding depreciation.
Impairment of Assets: Ascertaining and accounting for impairment of recoverable amount of assets.
Leases: Presentation and measurement of lease transactions on the financial statements.Â
Intangible Assets and Goodwill: Presentation of non-physical assets, accounting for goodwill valuation, and amortization.Â
Inventories: Inventory’s control and accounting, cost determination, and its valuation.
Financial Instruments: Complex financial assets and liabilities, their valuation, classification, and disclosure.Â
Provisions, Contingent Assets, and Liabilities: Accounting for unsettled Liabilities or probable assets.Â
Employment and post-employment Benefits: Presentation of employee benefits-pensions and other post-retirement benefits.
Taxes in Financial Statements: Financial statement accounting of current and deferred tax.
Changes in Foreign Currency Exchange Rates: Effects of changes in foreign currency exchange rates on financial reporting.Â
Agriculture: Accounting for agriculture- biological assets measurement.Â
Share-Based Payment: Share-based payment accounting – including grants of employee stock options.
Exploration and Evaluation Expenditure: Accounting treatment of expenditure related to exploration and evaluation of mineral resources.
Fair Value Measurement: Understand the concept of fair value and how fair value is measured and disclosed in financial statements.
C. Presentation of Financial Statements and Additional Disclosures
This section covers the layout and detailed disclosures that are required in the financial statements themselves:
Presentation of the Statement of Financial Position, Statement of Profit or Loss, Other Comprehensive Income, and Statement of Changes in Equity: Learn about the structure and presentation requirements for these primary financial statements.
Accounting Policies, Accounting Estimates, Changes in Accounting Estimates, and Errors: This relates to the application of accounting policies, including changes therein and corrections of errors.
Related Party Disclosures: Requirements related to disclosures about transactions between related parties.
Operating Segments: Financial reporting by segments of a business, mainly applicable to diversified companies.
Reporting Requirements for Small and Medium-Sized Entities: Adaptation of reporting standards to meet the specific needs of SMEs, usually different from those of larger organizations.
D. Preparation of External Financial Reports for Combined Entities, Associates, and Joint Arrangements
This section addresses some complex group accounting areas, including:
Group Consolidated External Reports Preparation: This covers the actual consolidation of financial statements in respect of a group of companies.
Business Combinations – Intra-Group Adjustments: This addresses financial adjustments arising from transactions within a group of companies.
Business Combination-Fair Value Adjustments: This involves the fair value adjustments in the case of business combinations for the proper realization of assets and liabilities.
Business Combinations-Associates and Joint Arrangements: The accounting related to investments in associates and joint ventures.
Full Disposal of Shares in Subsidiaries: Accounting and reporting requirements on full disposal of subsidiary companies.
The syllabus will enable you to understand and then apply IFRS comprehensively, enabling you to produce financial statements that are accurate and present compliance with international standards.
IFRS Course Syllabus – Topic Weightage
| Topics | Weightage |
| International Sources of Authority | 25% |
| Elements of Financial Statements | 25% |
| Presentation of Financial Statements and Additional Disclosures | 25% |
| Preparation of External Financial Reports for Combined Entities, Associates | 25% |
IFRS Eligibility
To be eligible to take the DipIFR qualification you have to satisfy one or more of the following:
Professional Accountant or Auditor:
- You should be a professional accountant or an auditor and be in practice or business.
- You should be a member of an IFAC membership body
Alternate Qualifications:Â
- Minimum of two years relevant experience in accounting and a relevant degree to at least ACCA exemptions for the Applied Knowledge and Corporate and Business Law (LW) exams.
- At least two years of relevant accounting/finance experience and an ACCA Certificate in International Financial Reporting.
- Three years of relevant accounting work experience.
- ACCA affiliate status.
IFRS Exam PatternÂ
IFRS DipIFR qualification examination is a challenging assessment designed to test your proficiency in applying and knowledge of International Financial Reporting Standards. It is a computer-based test, and it takes 3 hours and 15 minutes to complete. It also consists of four subjective format questions that test your competence in applying the IFRS in realistic actual cases. This kind of broad approach will let the candidates be competent in the required elements of IFRS for professional international reporting.
IFRS Prep Tips
Mastering IFRS could be a daunting task, but it can be done. With the right approach, it can turn complexity into clarity. Here are some of the key tips that you will need to help navigate you through IFRS for you to ace your exam with confidence.Â
Understand Core Concepts: It is important to know the core concepts of accounting and financial reporting before going into any advanced IFRS standards. This provides the firm base that would help you crack those advanced topics with so much ease.
Attend to Good Study Material: Use updated textbooks, an online course, and practice questions specific to IFRS. Your books or study materials need to be updated for you to be up-to-date with all the changing standards.
Plan a Study Schedule: Make a structured study plan with objectives that have a time frame and also study regularly. Divide the syllabus into smaller parts and move accordingly with regular tracking of performance.
Comprehension: Understand the reasoning of standards rather than simply memorizing standards. Search for practical examples of how a standard would be applied under IFRS.
Practice regularly: Appear for mock examinations and exercise problems to determine the areas for which more time should be devoted to studying. Regular practice will also enhance your confidence level and thereby have a positive effect on your performance in the exam itself.
IFRS Study Materials
To get the best results from your IFRS exam, you must have some quality study materials to prepare, according to the syllabus. The ideal comprehensive package would include not only textbooks, online courses, and video lectures but also practice question banks. These study materials should clearly explain all the important points of the IFRS standards, together with the most recent amendments. Mock exams and case studies will help you test your knowledge.
Boost Your IFRS Preparation with Zell Education
Zell Education proves to be an excellent platform for IFRS preparation. They offer a Diploma in International Financial Reporting. Their systematic and well-structured approach helps you in mastering the syllabus of IFRS. With expert faculty, interactive learning modules, and ample study material, Zell Education will equip you with all the arms and ammunition required to sail through the IFRS exams. Zell Educations acts as your support system that involves personal mentoring, mock exams, and much more.Â
Conclusion
The scope of the IFRS course syllabus is wide and integrates in-depth knowledge of international financial reporting standards. Whether you are a seasoned professional or new to the field, mastering the IFRS curriculum can significantly enhance your career prospects. With appropriate study materials and dedicated preparation, you will be in a position to handle the intricacies of IFRS and apply these standards in professional life.
FAQs
What is the eligibility for the IFRS course?
You can be eligible for doing the IFRS course: if you are a professional accountant or auditor, a member of an IFAC body, or with relevant accounting experience with appropriate qualifications such as a degree or a qualified ACCA certificate or an affiliate.
What is the basic overview of IFRS course syllabus?
The syllabus covers topics like financial statements, revenue, fair value measurement, preparation of consolidated financial statements, etc.
How much practice is needed for cracking IFRS exams?
Make a timetable and keep an ample amount of time for practicing and solving papers. The more you practice, the better prepared you become; solve practice questions, and case studies, and take mock exams.
What is the scope of IFRS course?Â
IFRS course opens a door towards global career opportunities in finance and enhances your working capability with international financial reporting standards.
