What is Diploma in IFRS Course?

By IIC Lakshya

21 Sep 2024

Others

International Financial Reporting Standards (IFRS) are an established set of accounting rules that govern company financial statements, primarily intended to provide uniformity in behaviour, transparency, and comparability across worldwide markets. The DipIFR or DipIFRS course is designed to improve your ability to apply fundamental principles effectively. The International Accounting Standards Board (IASB) is the organization that produces and publishes the IFRS.

The DipIFR has broad acceptance in India as well as across the globe; it broadens one's comprehension of the global economy and prepares professionals to work in new-age IFRS contexts. Understanding the advantages and disadvantages of IFRS is crucial for professionals, as it enhances their ability to adapt to global accounting standards while also highlighting potential challenges in its implementation. This knowledge equips individuals with the skills to navigate both the benefits and limitations of IFRS in their professional careers.

What is the Diploma in IFRS Course?

The full form of DipIFR is Diploma in International Financial Reporting. DipIFR is a prestigious qualification offered by the globally recognized body, the Association of Chartered Certified Accountants (ACCA). It is designed for finance professionals who want to gain a deep understanding of International Financial Reporting (IFR) and its practical application. DipIFR is designed to be concise yet impactful, unlike long-duration programs, typically completed within 6–12 months. It is an ideal program for finance graduates, chartered accountants, MBAs, and working professionals in accounting or auditing roles who wish to deepen their knowledge of IFRS without committing to a multi-year qualification. By pursuing DipIFR, you gain expertise in areas like financial statement preparation, interpretation, and compliance with global reporting standards, making you a valuable asset in multinational corporations, consulting firms, and regulatory organizations.

Eligibility Criteria for IFRS Diploma Enrollment in India

This DipIFR course in India teaches aspirants how to apply essential financial concepts, as well as the ideas and tenets that support them. Before enrolling in this course, you must confirm that you match any one of the following criteria:

Possessing Documentation

Having a suitable degree and a minimum of two years of accounting experience. This allows for exemptions from the ACCA's Applied Knowledge and Corporate and Business Law (LW) tests.

Holding Accounting Experience and ACCA Certificate

2–3 years of relevant accounting experience with a Commerce degree granting ACCA exemptions (Applied Knowledge & LW) (3 years are preferred)

Pertinent Accounting Experience

Three years of relevant accounting experience in total, supported by an employer's letter. (If the candidate is from a non-commerce background)

Alternate Eligibility

A Commerce professional accountant or auditor currently working in practice or business. A member of an IFAC (International Federation of Accountants) membership body.

Route Map for DipIFR

STEP1

STEP2

STEP3

STEP4

IFR Consultant

Enroll for IFR Certification

Register & Pass the Exam

Get Certified

Accounting/Finance background and relevant work experience.

in IFRS (DipIFR) through ACCA.

Attempt the single 3-hour exam and secure at least 50% to qualify.

Apply for your IFRS certification and boost global career opportunities!

What is the IFRS Course Syllabus?

The DipIFR course syllabus aims to improve your understanding and awareness of International Financial Reporting Standards. This diploma course will teach students how to apply essential financial theories and concepts

International Sources of Authority

The International Sources of Authority mainly focuses on the International Accounting Standards Board (IASB) and its role in developing and issuing International Financial Reporting Standards (IFRS). You understand the IASB's structure, the regulatory framework surrounding IFRS, and the ethical and professional principles that guide its application.

Elements of Financial Statements & Additional Disclosures

This section of the DipIFRS digs into the most important elements of financial statements. It addresses topics like revenue recognition, asset impairment recognition, managing tangible non-current assets, evaluating intangible assets and goodwill, comprehending financial instruments, employee benefits, managing share-based payment plans, handling accounting taxes, and handling foreign exchange transactions.

Presentation and Enhanced Disclosure

Exploring elements of optimal financial data presentation. This section discusses a variety of topics, including segment reporting and related party disclosure, how to calculate earnings per share, how to format published financial statements for clarity, reporting standards for small and medium-sized enterprises (SMEs), and how to effectively communicate financial performance.

Preparation of External Financial Reports for Combined Entities and Joint Arrangements

This section addresses the challenges associated with joint ventures and consolidated companies' external reporting. Accounting for associates, establishing a group's organizational structure, generating consolidated financial statements, comprehending joint arrangement accounting procedures, putting together consolidated profit and loss statements, and generating comprehensive income statements are all components of the section

The goal of a DipIFRS is to provide you with a thorough grasp of these important facets of financial reporting standards so you may successfully negotiate the complexities of contemporary financial reporting settings.

Duration and Fees of Diploma in IFRS

Depending on the nature of the course, whether the course is a diploma or a full-time IFRS course, duration and fees vary greatly based on the number of specifics, manner of delivery, and institution sponsoring the entire course. Typically, such courses last from a few weeks to several months.

Corporate Reporting:

Professionals who hold a DipIFR can make a substantial contribution to the clear and transparent reporting of financial information. Maintaining confidence among investors and guaranteeing regulatory compliance is contingent upon it.

Audit and Assurance:

Assessing a company's financial statements for compliance with international accounting standards may be done efficiently by auditors who have a thorough understanding of IFRS. This can give audit reports more legitimacy and give stakeholders insightful information.

Consulting and Advisory:

DipIFRS holders are in high demand because of their understanding of intricate accounting matters. They can offer advisory services to businesses going through mergers and acquisitions or complex financial reporting difficulties.

Accounting limits exist in the standards around the world in 120 countries, the implementation of the standards is subject to constant revisions, and these instructions by regulators have created the demand for IFRS-certified professionals to have an explicit comprehension of IFRS course details.

Course Type	Price Range
Certificate IFRS	INR 20,000 to INR 1,00,000
DipIFR	INR 10,000 to INR 50,000
Online IFRS	INR 500 to INR 20,000

Impact and Scope of IFRS Certification

International Financial Reporting Standards (IFRS) are critical in promoting consistency, openness, and comparability in worldwide financial markets. The IFRS credential provides professionals with the necessary abilities to successfully utilize and implement fundamental principles, develop their understanding of the global economy, and allows them to work through new-age IFRS situations. The IFRS course is widely accepted in India and throughout the world, opening the door to a variety of job prospects. The course duration, price, and eligibility criteria vary to accommodate a wide spectrum of hopefuls. As the need for IFRS-certified personnel grows, understanding these standards becomes more valuable, providing attractive career opportunities while also contributing to the integrity and efficiency of global financial reporting procedures.

Frequently Asked Questions (FAQs)

Who is eligible for a Diploma in IFRS course?

Candidates with a background of two years in accounting and a graduate or postgraduate degree in a field are eligible. Besides the exemptions granted by ACCA, which range from F1 to F4, it is advisable to consider pursuing ACCA. Those with three years of accounting experience are eligible for the IFRS course eligibility

What is an IFRS qualification?

The International Financial Reporting Standards (IFRS) are an amalgamation of accounting standards for public businesses that have the goal of ensuring that corporate financial statements are straightforward, transparent, consistent, and can be readily compared throughout the world.

What are the fees for IFRS?

IFRS courses are offered at both the certificate and diploma levels. The certificate program in IFRS can cost around INR 20,000 to INR 1,00,000, whereas diploma fees can range between INR 10,000 to INR 50,000.

Is IFRS in demand?

Professionals with IFRS expertise are highly sought after in India. Those in the finance field holding an IFRS certification stand out from the crowd due to their understanding of accounting norms.

What is the subject of the IFRS course?

The Diploma IFRS course is designed to help participants grasp and clarify the structure of the accounting framework. It involves applying financial reporting standards to components of financial reports and understanding and implementing disclosure requirements for companies in financial reports and notes.

Is IFRS a good career?

A skilled IFRS professional can earn a salary in the industry, with the national average annual income being Rs 9.5 lakhs. Individuals employed in leading institutions have the potential to make up to Rs 15 lakhs.