What is IFRS? Course Details and More

What is IFRS? Full Form & Course Details

Ever wondered what IFRS really means? Well, it’s short for International Financial Reporting Standards, and something like the global language for accounting rules. Simply put, these are guidelines the companies across the globe follow in reporting on their financial performance. IFRS sets the stage for transparency and consistency in financial reporting across borders. So, next time you hear about IFRS, think of it as the playbook that keeps the financial world speaking the same language.

IFRS Course Details: Why Do You Need It

International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB), has had a consistent upsurge in the field of finance, as more countries continue to shift their laws daily to adapt to IFRS. A natural “domino effect” caused an increase in professionals with an IFRS qualification under their belt. The Indian Accounting Standards (Ind AS), notified in 2014, have converged with IFRS, which marked a paradigm shift in the regulatory and reporting landscape for companies in India.

The diploma in IFRS is recognised widely in India and around the world, it develops your knowledge in accounting in the international marketplace, and helps professionals work in the new-age IFRS environment. It is a short-term course offered by ACCA that equips students with the structure and understanding of international accounting standards. That’s why several ACCA and CA learners prefer taking up this certificate course while pursuing their long-term professional courses.

Scope of Diploma in IFRS

The career scope and salary for Diploma in IFRS in India has been increasing tremendously over the last few years. Candidates are hired in the best of companies such as PwC, Deloitte, KPMG, EY, Grant Thornton, BDO, etc. With the advent of Ind-AS and IFRS, there is an ever-increasing need for candidates in the Indian economy to understand and implement IFRS.

The IFRS diploma allows you to shift, adapt and upskill yourself to the ever-changing international environment.

Skills Required to Become an IFRS expert

If your career goal is to become an IFRS expert, there are certain skills you need to acquire during your IFRS training period. Some of the prime skills required for this career pathway are mentioned below.

• In-depth knowledge of accounting and financial reporting
• Staying up to date with the changes in reporting standards
• A good memory to remember all the rules and regulations
• Knack for learning about the new improvements
• Finding ways to implement the new changes

Job Opportunities after Completing IFRS 

Wondering which job profiles would you qualify for after completing your Diploma in IFRS? Here are some of the top job opportunities you can take a look at:

• Private Accountant
• Public Accountant
• Financial Consultant
• IFRS Expert
• Finance Tutor
• Financial Planning and Analysis Manager 
• Analyst Corporate Finance

Salary of an Accounting Professional with an IFRS Degree

As per a report published by Ambition box on pay-scales, accountants with a Diploma in IFRS working at the top global auditing firms, start with an annual package of INR 7 to INR 15 lpa.

After gaining plenty of experience in this field and spending around 6 to 8 years in the industry, you can expect a salary in the range of INR 20 to Rs 25 lpa.

Who can apply for this course

• Qualified Chartered Accountants or those with 2 years of relevant experience in the field of finance and accounting
• A professional accountant or an auditor who works in practice or business and are qualified according to national accounting standards
• If you are working in practice, but not yet qualified, then you may still be eligible

Eligibility for IFRS Course

Mandatory qualifications you’re going to need (any one)

Before you apply for this course, you will need to prove that you qualify for any one of the following criteria:

• Documents proving you have 2 years of accounting experience and a related degree (enabling you to get exemptions for the Applied Knowledge and Corporate and Business Law (LW) exams for ACCA)
• Having 2 years of accounting experience and an ACCA Certificate in International Financial Reporting
• Three years’ relevant accounting experience
• ACCA affiliate status

What purpose does it serve

This IFRS Course is designed and structured to solve the new age financial challenges. It gives you a detailed understanding of the International financial reporting and accounting skills required for the global landscape. Here are some of the major objectives of this course.

• Helps students develop critical thinking abilities
• Promotes the worldwide application of these financial standards 
• Accounting for the special needs of SMEs and MSMEs and emerging businesses 
• To bring in a confluence of National Accounting Standards, International Accounting Standards and IFRS to create high-quality solutions

IFRS Course Registration

If you are a qualified Chartered Accountant or have 2 years relevant experience, you can apply for the Diploma in IFRS qualification.

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 for the Applied Knowledge and Corporate and Business Law (LW) exams)
• Two years‘ relevant accounting experience and an ACCA Certificate in International Financial Reporting
• Three years’ relevant accounting experience
• ACCA affiliate status

Top Six platforms offering this IFRS Course

Planning to take up IFRS course while you pursue your other financial goals? Here are the top six platforms that can help you along the way. Find out about their learning mode, total and course duration.

IFRS Course Syllabus

The course is designed to develop your knowledge and understanding of International Financial Reporting Standards. In this Diploma in IFRS Course, you will majorly learn how to apply important financial concepts, as well as the concepts and principles which underpin them.

1. International sources of authority

• The International Accounting Standards Board (IASB) and the regulatory framework

2. Elements of financial statements 

•  Revenue recognition
• Property, plant and equipment
• Impairment of assets 
• Leases 
• Intangible assets and goodwill
• Inventories 
• Financial instruments
• Provisions, contingent assets and liabilities 
• Employment and post-employment benefits 
• Tax in financial statements
• The effects of changes in foreign currency exchange rates 
• Agriculture 
• Share-based payment 
• Exploration and evaluation expenditures 
• Fair value measurement 

3. Presentation of financial statements and additional disclosures

• Presentation of the statement of financial position, the statement of profit or loss and other comprehensive income and the statement of changes in equity
• Earnings per share
• Events after the reporting period
• Accounting policies, changes in accounting estimates and errors
• Related party disclosures
• Operating segments
• Reporting requirements of small and medium-sized entities (SMEs)

4. Preparation of external financial reports for combined entities, associates and joint arrangements 

• Preparation of group consolidated external reports 
• Business combinations – intra-group adjustments 
• Business combinations – fair value adjustments 
• Business combinations – associates and joint arrangements 
• Complete disposal of shares in subsidiaries

Key Focus Areas of IFRS Syllabus 

• International sources of authority 
• Elements of financial statements 
• Presentation of accounts and additional disclosures 
• Preparation of external reports for combined entities, associates and joint arrangements.

Learning outcomes:

• To be able to understand, explain and apply the IASB’s conceptual framework for financial reporting
• 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 arrangements

Paper Pattern

The examination is assessed by a single three-hour, 15 minutes written exam. You will need to achieve 50% or above to complete the paper. The exam is held twice a year – in June and December at ACCA’s exam centres. The exam is split into 4 x 25 marks questions.

IFRS Course Details: Zell Education

Program highlights:

• 120+ hours of e-learning videos
• Weekend/ Weekday batches
• Access to Zell nimbus- our LMS portal to aid you 24/7
• Certificate of completion 
• Big 7 Placement provision and assistance 
• Online assistance with student mentorship

The Diploma IFRS course equips professionals to:

• Understand and explain the structure of the framework of international accounting
• Apply relevant financial reporting standards to elements of financial reports
• Identify and apply disclosure requirements for companies in financial reports and notes
• Preparation of group financial statements including subsidiaries, associates and joint ventures

Who should attend?

• Chief Financial Officers (CFOs), finance directors and strategic planners
• Accountants and Analysts
• Consultants, practicing Chartered Accountants (CA), Cost and Management Accountants (CMA) 
• Finance and accounting professionals 
• Graduates/Post graduates who are a part of the finance/accounting team

What will you learn?

The IFRS diploma develops your knowledge and understanding of International Financial Reporting Standards. IFRS mainly teaches you how to apply relevant financial concepts, as well as the concepts and principles which underpin them.

Conclusion

Whether preparing to become a global Chartered Accountant or expanding your knowledge base in the field of international accountancy, a Diploma in IFRS can go a long way to building a successful career. If you’ve decided to take this course up and understand its challenging yet interesting concepts, check out our Diploma in International Financial Reporting Standards (IFRS) course. This certification is issued by the Association of Chartered Certified Accountants (ACCA). 

FAQ’s on Diploma in IFRS Course Details:

Is IFRS a part of ACCA?

International Financial Reporting Standards (IFRS) are followed in more than 100 countries worldwide. While it is not a part of ACCA, it is offered as a separate diploma course by the same board to make your journey as an ACCA more seamless.

What is the duration of the Diploma in IFRS?

Zell Education offers a 3-month Diploma in IFRS which is systematically divided into weekend classes.

How can I become an IFRS expert?

To become an IFRS expert you need to be updated with the latest guidelines and prepare high-quality IFRS based financial statements.

Satyamedh Nandedkar, a seasoned finance professional, holds ACCA, CA, US CMA & CS credentials. With 10+ years of experience, he’s a master ACCA tutor, IFRS trainer, adept in global financial standards, and a trusted advisor in navigating complex financial landscapes.