Busting the Crazy Myths for DipIFRS

By IIC Lakshya

03 Feb 2026

The Diploma in International Financial Reporting (DipIFRS) is one of the most respected qualifications for professionals looking to master IFRS standards. However, despite its strong global relevance, DipIFRS is often misunderstood. Many students and professionals hesitate to pursue it due to myths that are either outdated or simply untrue.

In this blog, we break down and bust the most common myths about DipIFRS, helping you understand what the qualification really offers and who it is truly meant for.

Myth 1: DipIFRS Is Only for Chartered Accountants

A widespread myth is that DipIFRS is exclusively meant for CAs or highly experienced professionals. In reality, DipIFRS is suitable for commerce graduates, accounting professionals, finance executives, and even students with basic accounting knowledge.

While prior exposure to accounting helps, you do not need to be a CA to successfully clear DipIFRS.

Myth 2: DipIFRS Is Too Technical and Impossible to Pass

DipIFRS has a reputation for being difficult, which often discourages candidates. The truth is that while the exam is conceptually demanding, it is not unmanageable. The exam tests practical understanding and application of IFRS, not memorization of standards word-for-word.

With structured preparation and regular practice, many candidates clear DipIFRS in their first attempt.

Myth 3: DipIFRS Has Limited Career Scope

Some believe DipIFRS has narrow career applicability. In fact, IFRS knowledge is increasingly in demand due to global reporting requirements, cross-border operations, and international audits. DipIFRS holders work in roles such as:

Financial reporting analyst
IFRS consultant
Audit and compliance professional
Corporate finance executive

The qualification is especially valuable in multinational companies and Big 4 environments.

Myth 4: DipIFRS Is Only Useful Outside India

This myth stems from the belief that IFRS has no relevance in India. While India follows Ind AS, it is largely converged with IFRS. Professionals with DipIFRS often play a critical role in Ind AS implementation, transition projects, and global reporting teams.

As Indian companies expand globally, IFRS expertise is becoming more relevant than ever.

Myth 5: DipIFRS Is Just Theory with No Practical Use

DipIFRS is one of the most application-oriented accounting qualifications. The exam focuses on real-life accounting treatments, judgment-based scenarios, and financial statement interpretation.

Candidates learn how to apply IFRS standards in real business situations, making the knowledge directly transferable to the workplace.

Myth 6: DipIFRS Is Only for Audit Professionals

While DipIFRS is popular among auditors, it is not limited to them. The qualification is equally valuable for professionals in financial reporting, corporate finance, consulting, and compliance roles.

Anyone involved in preparation, analysis, or interpretation of financial statements can benefit from DipIFRS.

Real Example: How DipIFRS Adds Career Value

A finance executive working in a multinational company may already prepare reports under Ind AS. With DipIFRS, they gain the confidence to handle IFRS conversions, group reporting, and global stakeholder requirements, significantly improving career growth prospects.

FAQs on Myths on DipIFRS

Is DipIFRS suitable for students?

Yes. Final-year commerce students and fresh graduates with basic accounting knowledge can pursue DipIFRS, especially if they aim for global finance roles.