About IFRS Course
The International Financial Reporting Standards, i.e. IFRS are the accounting standards and the principles that are set by the International Accounting Standard Board or IASB and are becoming the international standards for the preparation of the financial statements. Most of the countries are converting their standards towards the IFRS or are adopting IFRS to be eligible for uniform reporting. India is a step closer to the convergence with the IFRS and has adopted Ind-AS.
The perks of establishing international accounting standards are that a sole format will be easier to use for the financial statements across the organizations globally. This will make it simpler for the organizations to compete abroad and raise capital as well as win international contracts by offering consistent as well as comparable financial information.
Perks of studying IFRS
- Multiple IFRS profiles are being provided in numerous sectors of industry that include software, ITES, pharmaceuticals, professional advisory enterprises, auto spare part, banking industry, auditing firms, KPOs, insurance industry, etc.
- Qualified and experienced IFRS professionals can establish their personal consultancies to assist organizations migrate to IFRS.
- Practical knowledge of the global standards will open the doors internationally as 100+ countries have given green signals in their own accounting boundaries.
- Application of the global standards is complicated and time-taking which underlines the importance of IFRS experts.
- Constant modifications in the mentioned standards by the regulators is creating requirement for IFRS experts with complete comprehension of the mentioned standards.
Who should pursue this particular certification?
- The students who pursue graduation, masters in the field of commerce or are qualified experts such as CAs, MBAs, CSs, CFPs, or any other pertinent course in the sector of finance can select for this certification in IFRS.
- Accounting experts who want to supplement his or her capability sets by learning the fresh accounting standards to shift the job or simply to get updated with the current norms.
- A candidate who wishes to commence a career in the field of financial reporting.
After the completion of this certificate or the program, the candidate will be able to:
- Receive additional certifications in the Ind-AS as well as 10 hours of training for the Dip IFRS or ACCA from the BRICS Academy that too at no extra charges.
- Attempt for the Cert IFRS examination or CCA without any additional coaching.
- Apply for pertinent financial reporting standards to essential elements of financial reports.
- Identify as well as apply for the disclosure necessities for enterprises in financial reports and notes to the accounts.
- Structure group financial statements that exclude the group cash-flow statements but include the subsidiaries, joint arrangements and associates.
Certificate in IFRS
- To help you understand how International Financial Reporting Standards (IFRS) are used around the world.
- To explain how the International Financial Reporting Standards Foundation (IFRSF) / International Accounting Standards Board (IASB) work and how these are being changed
- To examine the fundamental requirements of IFRS on a standard-by-standard basis
- To provide guidance on how to use IFRS in practice.
Eligibility – An educational or vocational background in financial reporting is recommended before starting the Cert IFR.
Duration & Exam
Typically, a student should take 20 hours to work through the course.
No. of Attempts
The exam fees cover two attempts to re-sit the assessment if you fail but must be taken within six months. 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.
Diploma in IFRS
- Understand, explain and apply the IASB’s Conceptual Framework for Financial Reporting.
- Apply relevant financial reporting standards to key elements of financial reports.
- Identify and apply disclosure requirements for companies in financial reports and notes.
- Prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates and joint arrangements.
- Two years relevant accounting experience and a relevant degree (B.Com).
- Two years relevant accounting experience and an ACCA Certificate in International Financial Reporting.
- Three years relevant accounting experience.
- ACCA affiliate status (Someone who is through all the 14 papers of ACCA.
Duration & Exam
The diploma can be completed in three to six months. Dip IFR is assessed by a 3 hours & 15 minutes written exam held twice a year (June& December).
No. of Attempts – 1 attempt