IFRS Course Online

Training program is based on the syllabus of ACCA Diploma in International Financial Reporting.

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International Financial Reporting Standards (IFRS) Course

Diploma in IFRS online courses by the Association of Chartered Certified Accountants (ACCA) is one of the most recommended and respectable qualifications in International Financial Reporting Standards across the globe. The diploma course by ACCA is designed to develop knowledge and understanding of IFRS. Diploma in IFRS (Diploma IFRS) provides a detailed conceptual insight into IFRS. A diploma from ACCA (U.K.) is widely recognized in India and around the world.

Approximately 150 nations and reporting jurisdictions use IFRS for domestic listed companies, although approximately 90 countries have fully conformed with IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports.IFRSs apply to the general purpose financial statements and other financial reporting by profit-oriented entities – those engaged in commercial, industrial, financial, and similar activities, regardless of their legal form. IFRS applies to the individual company and consolidated financial statements. The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. IFRS provides general guidance for the preparation of financial statements, rather than setting rules for industry-specific reporting.

Diploma in International Financial Reporting (DipIFR) is ideal for finance professionals who need to acquire a more detailed understanding of International Financial Reporting Standards (IFRS).

The training program is based on the syllabus of the Association of Chartered Certified Accountants (ACCA) Diploma in IFRS, which is a well-recognized and regarded qualification globally.

After successful completion of this training program, participants should be able to:

  • Prepare financial reports: as per requirements under  IFRS
  • Understand complex financial reporting standards like financial instruments, consolidation, share-based payments, etc.
  • Understand the accounting and disclosure requirement for new standards: IFRS 15 - Revenue from Contracts with Customers and IFRS 16 - Leases
  • Prepare group financial statements with subsidiaries, associates and joint arrangements

Who should attend

  • Qualified Chartered Accountants
  • CA students
  • Management accountants
  • MBA (finance)
  • Professionals working in finance and accounts
  • Graduates

IRFS Exam dates

DipIFRS exam happens twice a year in June and December

Frequently Asked Questions(FAQ)

International Financial Reporting Standards (IFRS) set common rules so that financial statements can be consistent, transparent, and comparable around the world. IFRS are issued by the International Accounting Standards Board (IASB). They specify how companies must maintain and report their accounts, defining types of transactions, and other events with financial impact. IFRS was established to create a common accounting language so that businesses and their financial statements can be consistent and reliable from company to company and country to country.
ACCA’s Certificate in International Financial Reporting Standards (CertIFR) offers a broad introduction to the field and aims to help you understand how they are used globally. The course and assessment are separate so if you are already applying IFRS at work and want formal recognition of your skills, you can apply to take the online assessment only. But if you just want extra knowledge in the field you can choose to take the course only, or you can complete both.
  • Enroll with a good tutor like mylogicvideos.com and start preparing.
  • Register with ACCA.
  • Attempt the exam and pass.
  • You will be certified by ACCA once you successfully complete the exam.
You can apply online at any time. When you have paid by credit card, you will get access to the online course and assessments for six months. Typically, a student should take 20 hours to work through the course.

Studying for another qualification as an ACCA member can count towards your continuing professional development (CPD). The certificate is assessed by a one-hour exam with multiple-choice questions.

The pass mark is 50%.

The fees cover two attempts to re-sit the assessment if you fail but must be taken within six months of accessing the online course. If you do not pass after three attempts, you will need to pay another registration fee to attempt the assessment again, giving you a further three attempts to pass.
To set common rules so that financial statements can be consistent, transparent and comparable around the world, the International Accounting Standards Board (IASB) issued IFRS standards.
Designed for professional accountants and auditors qualified in their national accounting standards who need to update their skills to meet the challenges involved in adopting and implementing IFRS in their workplace. An educational or vocational background in financial reporting is recommended before starting the Cert IFR. This course also benefits ACCA members who gained their qualifications prior to the introduction of IFRS. For ACCA members whose qualifications are already based on IFRS, the Cert IFR is an opportunity to update their IFRS knowledge for recent IASB publications.
There is only one IFRS there which is issued by the International Accounting Standards Board (IASB)
If you are already applying International Financial Reporting Standards (IFRS) at work and want formal recognition of your skills, you can apply to only take the online CertIFR assessment. If you do not need certification, but want extra knowledge in the field, you can choose the course only.
  • IFRS Guidebook: 2020 Edition - Book by Steven M. Bragg
  • International Financial Reporting Standards (IFRS) and Indian Accounting - Book by Gaurav Lodha and Jagadish R. Raiyani
  • Wiley International Trends in Financial Reporting Under IFRS: Including Comparisons with US GAAP, China GAAP, and India Accounting Standards - Book by Abbas A. Mirza and Nandakumar Ankarath
IFRS Standards address this challenge by providing high quality, internationally recognized set of accounting standards that bring transparency, accountability, and efficiency to financial markets around the world.

IFRS Standards bring transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions.

IFRS Standards strengthen accountability by reducing the information gap between the providers of capital and the people to whom they have entrusted their money. Our Standards provide information that is needed to hold management to account. As a source of globally comparable information, IFRS Standards are also of vital importance to regulators around the world.

And IFRS Standards contribute to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation. For businesses, the use of a single trusted accounting language lowers the cost of capital and reduces international reporting costs.

Advantages:-

  1. It would create a single set of accounting standards around the world.
  2. It would reduce the time, effort, and expense of preparing multiple reports.
  3. It would not be a costly transition in the United States.
  4. It would make it easier to monitor and control subsidiaries from foreign countries.
  5. It would follow the same process that many American agencies already follow
  6. It would offer more flexibility in accounting practices.
  7. It would make it easier for all companies to do business in foreign countries.
  8. It would help to streamline the system by creating one centralized authoritative body.
  9. It would create a higher return on equity.
  10. It would improve the rates of foreign direct investment around the world.
  11. It would be helpful to newer investors and smaller investments.

Disadvantages:-

  1. It would increase the cost of implementation for small businesses.
  2. It would lead to concerns with standards manipulation.
  3. It would require global consistency in auditing and enforcement.
  4. It would increase the amount of work placed on accountants.
  5. It would create an adjustment period filled with tumult.
  6. It would require changes at the educational level as well.
  7. It would not reduce the home-court advantage for the modern firm.
  8. It would still require global acceptance to be useful.
There are several challenges that will be faced on the way to IFRS convergence. These are:

1. The difference between GAAP and IFRS:

The adoption of IFRS means that the entire set of financial statements will be required to undergo a drastic change. The differences are wide and very deep. It would be a challenge to bring about awareness of IFRS and its impact on the users of financial statements.

2. Training and Education:

Lack of training facilities and academic courses on IFRS will also pose challenges in India. There is a need to impart education and training on IFRS and its application.

3. Legal Consideration:

Currently, the reporting requirements are governed by various regulators in India and their provisions override other laws. IFRS does not recognize such overriding laws. The regulatory and legal requirements in India will pose a challenge unless the same is been addressed by respective regulatory authorities.

4. Taxation EFFECT :

IFRS convergence would affect most of the items in the financial statements and consequently, the tax liabilities would also undergo a change. Thus the taxation laws should address the treatment of tax liabilities arising on convergence from Indian GAAP to IFRS. 

5. Fair value Measurement:

IFRS uses the fair value as a measurement base for valuing most of the items of financial statements. The use of fair value accounting can bring a lot of instability and prejudice to the financial statements. It also involves a lot of hard work in arriving at the fair value and valuation experts have to be used.
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