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Diploma in IFRS

International Finance Reporting Standards

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Finance Professional

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Diploma given by ACCA

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Overview

ACCA DipIFR (Diploma in IFRS or International Finance Reporting Standards course) is a well-recognized qualification to learn about IFRS standards and their practical implications in the industry at large. International Financial Reporting Standards (IFRS) are mandated in more than 100 countries worldwide.

ACCA DipIFR is for finance professionals who need to acquire more a detailed understanding of IFRS. DipIFR is a fast and efficient solution that will develop your current knowledge in this field and your ability to apply this in your work area.

The training program is based on the syllabus of the ACCA Diploma in IFRS. The training program not only prepares you for the exam but also helps you deal with some practical issues related to the same. 

acca-dipifrs

ACCA DipIFR Course Objective 

  • To understand, explain and apply the IASB’s Conceptual Framework for Financial Reporting
  • To apply relevant financial reporting standards to key elements of financial reports
  • To identify and apply disclosure requirements for companies in financial reports and notes
  • To prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates, and joint arrangements.

Who Should do it?

It is specifically designed for Finance and Accounting professionals or auditors and working graduates aspiring to excel in International Financial Reporting Standards. A diverse set of professionals aspiring for ACCA DipIFR qualification are as follows:-

  • Chief Financial Officers (CFOs), Finance Controllers, Finance Directors, VPs, AVPs, and other Finance Leaders
  • Consultants, Practicing Chartered Accountants (CA), Cost and Management Accountants (CMA)
  • Qualified Professional Accountants (CAs, CMAs, etc.)
  • Finance and Reporting Analysts/Managers/Leaders 
  • Finance Graduates/Post Graduates 

ACCA DipIFR Eligibility

If you are a Professional Accountant or Auditor who works in practice or business then you are eligible to take this ACCA financial reporting qualification.

If you are a working professional, but not yet qualified, then you may still be eligible if you have one of the following:

  • Three years of relevant accounting experience (duly filled, signed, and stamped ACCA experience form by the employer)
  • A B-Com degree, with two years of work experience
  • An ACCA certificate in International Financial Reporting, in addition to two- years of work experience

About ACCA DipIFR Course (Diploma in IFRS):

If you are working in finance or accounting as a professional and you do not have knowledge of IFRS, then this course and qualification is an efficient and fast way to meet your needs. In your field, if you require the knowledge of international standards which are IFRS then a diploma in IFRS can help you.

International Financial Reporting Standards (IFRS) are instructed in more than 100 countries worldwide. Hence, it has become very important for individuals to have a knowledge and understanding of these standards.

Various countries worldwide have already adopted IFRS or equivalents as their local Generally Accepted Accounting Principles (GAAP). And many other countries around the world, including India, are moving towards applying IFRS, which is having a very significant impact on financial reporting.

This course is designed to develop your understanding and knowledge of International Financial Reporting Standards.

ACCA DipIFR Syllabus:

  • 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

What will you get in ACCA DipIFR Course?

The course entails detailed video lectures covering the overall DipIFR syllabus providing detailed background on specific IFRS standards. You will also be given soft copy material and you will have access to our online sessions for six months. 

Our sessions are full of live industry examples given by experienced professional leaders from the industry in the field of finance. Sessions will also have various exercises, Illustrations, and exam standard questions to provide detailed perspectives of concepts and get familiar with how questions are administered during the DipIFR exam. 

Once the syllabus area sessions are done, a video question marathon will also be provided covering a pool of concepts, comprehensive and past exam questions along with various exam tips and tricks.

You should be ready after going through the intensive course and video question marathon to sit for the exam which can be taken at the end of the course or anytime in the future, based on your study schedule.

Qualification Body

ACCA DipIFR is a Diploma provided by ACCA. 

ACCA stands for Association of Chartered Certified Accountants. ACCA is the world’s fastest-growing & most forward-thinking professional Accounting Body with more than 2,20,000 members and 5,20,000 students. The ACCA, headquartered in London, works through a network of over 100 offices across the Globe. With more than 7,100 approved employers worldwide, ACCA has established its presence in over 180 countries making this a Global Qualification; widely accepted in various MNCs across the Globe.

ACCA DipIFR Exam Time and pattern 

The Diploma in International Financial Reporting (DipIFR) is assessed by a single 3 Hour and 15 Minute written exam. You will need to achieve a 50 per cent mark or above to complete the paper. The exam is held twice a year – in June and December. 

There are 4 Questions in the Exam of 25 Marks each that are tested on various mix of IFRSs. Dip IFR Exam requires a mix of calculations and written answers.

FAQ's

What is ACCA?

The Association of Chartered Certified Accountants popularly known as ACCA is a globally recognized course with over 200,000 members and 600,000 students across 180+ countries.

Can I start ACCA After 12?

Yes, To be eligible to register for ACCA qualification, students should have qualified their 10+2 examinations with an aggregate of 65% in Mathematics / Accounts and English, and a minimum of 50% in other subjects.
Other students (not having 65% aggregate as above) are eligible to join ACCA through Foundation in Accountancy Route, which is an entry-level qualification for ACCA.

Does ACCA member have signing Authority ?

As an ACCA, you do not have signing authority in India and hence cannot sign audit reports and practice audits by setting up your own firm in India. However ACCA jobs are very much available in all MNCs and Big 4s where you can join as a qualified professional accountant.

How many Exams are there in ACCA?

There are 13 Exams which student needs to be pass for qualifying ACCA. However you may get some exams exempted basis your current qualification.

What are ACCA Exemptions?

If you already have some qualifications then you may not have to take all of the exams in the ACCA Qualification. These are called ACCA exemptions and mean that you will start your studies at the right level for your knowledge and skill.

What exemptions are there for class 12th students?

NONE. You have to attempt all 13 papers for ACCA.

What exemptions are there for B.Com students?

For students who have already qualified B.Com / M.Com, they have the exemptions of ACCA knowledge level i.e. F1 to F3 and ACCA Skill level i.e.F4 subject.

What exemptions are there for CA students?

An Indian Chartered Accountant can get up to 9 exemptions out of 13 papers of ACCA (from F1 to F9). You can directly start your qualification at the professional level and become an ACCA by only passing the 4 papers.

What is Fee Structure for ACCA?

Registration fee (one-time), Annual subscription fee and per exam fee has to be paid to ACCA.

What are ACCA Exemption Fees?

Exemption fees can go up to £1,000, depending on one’s academic qualification. However You can reach out to FinTram to get the reduced exemption fees under their scholarship program.

Fee Structure for ACCA Diploma in IFRS?

Initial registration £89 and Dip IFR (Global) exam fees £123.Please reach out to FinTram to get the scholarship program for ACCA Dip IFR Course.

What is the fee benefit which FinTram can provide?

FinTram Global being the Approved Learning Partner with ACCA provided various scholarships to students. Benefits include:-

Initial Registration of the ACCA will be waived off to all Fintram Students
Exemption fees can be reduced to 10GBP to 30 GBP per exam basis current qualification of the student.
These waivers/Exemptions may change time to time and are at sole discretion of FinTram Global & ACCA.
In addition to above various benefits are provided with FinTram Classes once registration is completed.

What all Exams are there in ACCA?

To be Qualified as ACCA one needs to clear 13 Exams divided into 3 levels-
Knowledge level
Business & Technology (BT)
Management Accounting (MA)
Financial Accounting (FA)

Skill Level
Corporate and Business Law (LW)
Performance Management (PM)
Taxation (TX)
Financial Reporting (FR)
Audit and Assurance (AA)
Financial Management (FM)

Professional Level
Strategic Business Leader (SBL)
Strategic Business Reporting (SBR)

Any Two out of the following:
Advanced Financial Management (AFM)
Advanced Performance Management (APM)
Advanced Taxation (ATX)
Advanced Audit and Assurance (AAA)

When are ACCA exams conducted?

ACCA Exams are very flexible. First 4 Exams – BT, MA ,FA ,LW are known as on demand exams. These exams can be attempted at any time of the year. Student can book them anytime and appear for the exam.
All other exams of skill and professional level are conducted by ACCA four times in a year: March, June, September and December. Student can plan for any exam (one by one) and appear basis his preparation.

What is the Passing Rate for ACCA Exams?

Globally the average passing rate for ACCA exams is approx. 40 %.

What is the Exam Format in ACCA ?

First Four Exams (BT, MA, FA & LW)
100% Objective ( MCQs)

For (PM, TX, AA, FR & FM)
60% Objective ( MCQs)
40% Subjective (Case Study based Questions)

For Professional Level
100% Subjective (Case Study based Questions)

What is the scope of ACCA in India and overseas?

The scope of ACCA in India & abroad is growing at an exponential rate. ACCA members are securing professional jobs all across the countries in various multinationals and banks. Like, EY, PwC, Deloitte, KPMG, Grant Thornton, BDO, Accenture, Credit Suisse, Barclay’s, Standard Chartered etc. are namely few. Job Profiles for ACCA members include Corporate Finance, Audit and Assurance, Risk Advisory, Internal Audit, Taxation, Investment Advisory, etc. These job offers are for the designation, profile and salary packages very much comparable to the Indian CA’s. Also, ACCA is globally recognized and there are a lot of ACCAs, who have secured jobs overseas in countries such as the UK, Dubai, Canada etc.

How much Salary I can get as in ACCA ?

Starting salary for an ACCA affiliate in India can be in the range of 4 Lakhs to 8 Lakhs per annum. Once you become an ACCA member the salary increases to over 10 Lakhs annually and can be more depending upon the experience and skill set of the candidate.

What is different between CA and ACCA?

ACCA CA
1.Recognition Global Recognition Recognized in India only
2.Levels 3 Levels-Knowledge, Skill & Professional 3 levels-CA Foundation, IPCC& CA Final
3.Time 2-3 years depending on  your entry point (current education) 4 to 8 years
4.Group System No Group System- Appear for individual exams as per your convenience. If a student fails an exam, they just need to appear for that particular exam Minimum 4 exams per group to appear for. If a student fails an exam, they need to appear for all exams in that group
5.Syllabus Follows IFRS (International Financial Reporting Standards)- applicable in India as well as overseas Follows Ind-As (Indian Accounting Standards)- applicable only in India
6.Work Experience Requirement 36 months of work experience in any field of Accounts and Finance-related roles to become an ACCA Member  (However you still become an ACCA Affiliate after completion of the course) 36 Months of Articleship experience in the field of accountancy
7.Signing Authority Signing authority in countries such as the UK, Dubai, Singapore, etc Signing authority in India only
8.Passing Rate  Passing rate of 40% Passing rate of 3-5%
9.Cost Rs 3.5-4 lac including training. Exam and registration fees Rs 3-3.5 lac including training. Exam and registration fees
10.Expected Salary 4-8 Lacs INR pa 4-8 Lacs INR pa

Are both CA and ACCA considered equivalent?

ACCA and CA certifications entail almost similar course curriculum and training and both are considered more or less equivalent in the term of knowledge and Salary: Rs 4 – Rs 8 Lacs INR pa for both.

Are subjects in CA are same as of ACCA?

With the exception of Taxation and Law, CA and ACCA subjects have overlapping concepts such as Accounting (IFRS & Ind -AS), Auditing, Financial Management. Costs Accounting. This is also one of the reasons that CA Students gets various exemptions in ACCA.

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