What is IFRS? Course Details and More

Comprehensive Summary of Essential Insights on the IFRS Diploma

• IFRS Global Language: These standards are internationally recognised guidelines that establish transparency and consistency in financial reporting across different global borders.
• IFRS Issuance Authority: The International Accounting Standards Board (IASB) issues the IFRS, which many countries, including India with Ind AS, are now converging with.
• IFRS Career Scope: The diploma opens doors at top global auditing firms like PwC, Deloitte, and KPMG, which actively hire certified professionals.
• IFRS Salary Potential: Accounting professionals holding the diploma can initially expect a salary package ranging from INR 7 to INR 15 lakhs per annum.
• IFRS Course Eligibility: The course is primarily designed for qualified accountants or auditors with significant relevant experience in the finance and accounting field.
• IFRS Syllabus: Key areas include the IASB’s conceptual framework, relevant financial reporting standards, and preparing group consolidated financial reports.

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Ever wondered what IFRS really means? Well, it’s short for International Financial Reporting Guidelines 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 IFRS diploma is widely accepted in India and globally, and it helps professionals operate in the modern IFRS environment while expanding their accounting knowledge in the global marketplace. 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 have been increasing tremendously over the last few years. Top firms like PwC, Deloitte, KPMG, EY, Grant Thornton, BDO, and others hire candidates. 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 you would 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 AmbitionBox 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

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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 of 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 is qualified according to national accounting standards, then you are eligible to take this ACCA financial reporting qualification.

If you are working in practice but are 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 an 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-minute 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 mark 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/Postgraduates who are a part of the finance/accounting team

What will you learn?

The IFRS diploma expands your knowledge and comprehension of International Financial Reporting Standards. IFRS is mainly knowledge of the relevant financial concepts, and the concepts and principles that are the basis of 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). 

FAQs on Diploma in IFRS Course Details:

Is a Diploma in IFRS worth pursuing?

Yes, a Diploma in IFRS is worth it for finance professionals. It gives you an edge by showing you understand global accounting rules. This can lead to better job opportunities and a higher salary.

Who is eligible for the Diploma in IFRS?

Anyone who is a professional accountant or auditor is eligible. You can also apply with three years of accounting experience.

How long does the Diploma in IFRS course take in India?

The diploma course usually takes about 3 to 6 months to complete. The exam is held twice a year in June and December.

How much does the Diploma in IFRS cost in India?

The course cost ranges from ₹20,000 to ₹1,00,000. This includes training, registration, and exam fees.

What career roles and salary can I expect after earning an IFRS diploma?

Earning an IFRS diploma can qualify you for roles like Financial Accountant, IFRS Specialist, and Auditor. In India, salaries typically range from ₹7 to ₹15 lakhs for experienced professionals.

Which institutions offer the Diploma in IFRS, and are there flexible learning options?

Zell Education delivers the ACCA-recognised Diploma in IFRS via a 3-month hybrid model: weekend classroom or online, self-paced, with mentorship, mocks, and flexible learning.

What are the main benefits of completing a Diploma in IFRS?

A Diploma in IFRS makes you a global professional by teaching you a common accounting language. This boosts your career, making you more employable and increasing your salary potential.

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.

Current Role

Co-Founder & CEO at Zell Education

Education

• ACCA – Association of Chartered Certified Accountants, Finance (2011 – 2014)
• Bachelor of Commerce (BCom), Financial Markets from H.R. College Of Commerce & Economics (2010 – 2013)

Location

Mumbai, India

Expertise

ACCA Certified