ACCA Diploma in IFRS || Journey, Objectives, Syllabus, Exam Pattern & Scope
Worldwide Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB), is quickly turning into a benchmark for the accounting world.
India with the implementation of Ind-AS and IFRS has made it clamant for every Chartered Accountant and other Finance experts to guarantee they are knowledgeable with the International Financial Reporting Standards (IFRS).
In India, IFRS by ACCA (Dip IFRS) is the most searched after IFRS course. India has had the biggest number of assessment takers on the planet over the most recent couple of years, with more organizations looking for approval of every expert’s refreshed information base. It is assumed as an equivalent to the IFRS course by ICAI, and ICAI doesn’t give an IFRS separate course.
With a developing number of nations selecting IFRS, the quantities of fund experts with capability in IFRS is expanding worldwide.
The Indian Accounting Standards (Ind AS), as in 2014, have been combined with IFRS, which denoted a change in outlook in the administrative and announcing, for organizations in India.
Recognition in IFRS (Diploma IFRS) from the Association of Certified Chartered Accountants is one such capability which can give a point by point theoretical understanding into IFRS. A recognition from ACCA (U.K.) is generally perceived in India and around the globe.
IFRS can be beneficial for finance professionals who have been working in an environment that requires, accounting and reporting, using IFRS as per IND AS (Indian Accounting Standard).
A diploma in IFRS is intended to develop the knowledge of an individual in IFRS, with an accurate understanding of the principles, concepts, and their application in the marketplace Internationally.
Objectives of Diploma IFRS:
The Diploma in IFRS intends to empower the participants to:
1. Understand the mechanism of the principles of international accounting.
2. Apply in pertinent to the financial reporting standard.
3. Distinguish and apply divulgence necessities for the organizations in financial reports and notes.
4. Prepare clique financial reports including auxiliaries, joint ventures, and partners.
Who can apply?
1. If you are an expert bookkeeper or examiner who works in training or business and are qualified by public accounting norms, at that point you are qualified to take this ACCA financial reporting capability.
2. If you are a working proficient, yet not yet qualified, at that point you may, in any case, be qualified. You should demonstrate that you have one of the accompanyings:
Three years of applicable bookkeeping experience (appropriately filled, marked, and stepped ACCA experience structure by the business)
1. A pertinent degree, with two years of work insight
2. An ACCA testament in International Financial Reporting, notwithstanding two-years of work insight.
Syllabus:
A: International sources of authority
1. The International Accounting Standards Board (IASB) and the regulatory framework
B: Elements of financial statements
1. Revenue recognition
2. Property, plant, and equipment
3. Impairment of assets
4. Leases
5. Intangible assets and goodwill
6. Inventories
7. Financial instruments
8. Provisions, contingent assets, and liabilities
9. Employment and post-employment benefits
10. Tax in financial statements
11. The effects of changes in foreign currency exchange rates
12. Agriculture
13. Share-based payment
14 Exploration and evaluation expenditures
15. Fair value measurement
C: Presentation of financial statements and additional disclosures
1. Presentation of the statement of financial position, the statement of profit or loss and other comprehensive income and the statement of changes in equity
2. Earnings per share
3. Events after the reporting period
4. Accounting policies, changes in accounting estimates, and errors
5. Related party disclosures
6. Operating segments
7. Reporting requirements of small and medium-sized entities (SMEs)
D. Preparation of external financial reports for combined entities, associates, and joint arrangements
1. Preparation of group consolidated external reports
2. Business combinations – intra-group adjustments
3. Business combinations – fair value adjustments
4. Business combinations – associates and joint arrangements
5. Complete disposal of shares in subsidiaries
Excluded topics
The following topics are specifically excluded from the syllabus:
1. Complex group structures, including sub- subsidiaries or mixed groups and foreign subsidiaries
2. Step acquisitions, partial disposal of subsidiaries, and group re-constructions
3. Financial statements of banks and similar financial institutions
4. Preparation of statements of cash flow (single company and consolidated)
5. Preparation of interim financial statements
6. Accounting for insurance entities
Read More About Exam Pattern of Diploma IFRS
Here, at Takshila Learning, we provide IFRS Online Course, for ACCCA Certification. Prepare yourself with our IFRS Course Online by our expert faculty.
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