IFRS Course Details | Who how and what you need to know

by Vicky Sarin

Are you looking for a course that can help you gain an understanding of the International Financial Reporting Standards (IFRS)? If so, then you may want to consider enrolling in a Diploma in IFRS course. This type of course can provide you with the knowledge and skills you need to be successful when working with financial statements prepared in accordance with IFRS. In addition, many employers prefer candidates who have earned this credential. So, if you are looking to improve your career prospects, this may be the perfect option for you.

What is IFRS?

IFRS Foundation and the International Accounting Standards Board (IASB) stated objective is to develop a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles.

 At the time of writing, more than 100 countries now require or permit IFRS use. China has moved its national standards significantly towards IFRS. In recent years, all other major economies, such as Japan and the United States, have moved towards IFRS or established timelines for convergence or adoption shortly.

Why Adding a Diploma in IFRS to your CV is important?

IFRS Trained professionals are some of the most in-demand globally, and the skills shortage is particularly challenging. Employer demand for the right mix of finance skills in financial reporting is growing faster than what major labour markets can fill. In addition, 45% of CFOs think that attracting qualified or suitable talent is one of the top local challenges.

A diploma in IFRS (International Financial Reporting Standards) can be extremely helpful in boosting your CV and making you more attractive to potential employers. Here are top reasons why:

1. Having an ACCA Diploma in IFR demonstrates that you have the knowledge and skills required to understand and apply relevant financial reporting standards. This can be valuable for businesses that operate in multiple jurisdictions, or who plan to expand their operations internationally.

2. Understanding IFRS can help you become a more effective financial decision-maker.

2. IFRS touches almost every area of accounting standards. A strong understanding of these standards can help you make better financial decisions both for yourself and for the businesses you work for.

3. By having a diploma in IFRS, you can show potential employers that you are up-to-date with the latest accounting standards. This can give you a competitive edge when applying for jobs, or when negotiating salary and benefits packages.

4. Having a diploma in IFRS on your CV can make you more attractive to potential employers, especially if they operate internationally or are looking for someone with experience in applying these standards.

Who is eligible for the exams?

To be eligible for the ACCA DIPIFR exam, you must be either one of the below.

  • Qualified Chartered Accountants
  • Anyone with 3 years of relevant work experience in finance and accounting.
  • Students pursuing CA and have finished their article ship

How are the exams held?

What are the IFRS course topics?

ACCA will provide you with a comprehensive understanding of the interdependency between Financial reporting and accounting and equip you with the applied technical skills to remain relevant and competitive in today’s dynamic and regulatory-driven landscape.

The program will deliver technical and financial reporting skills across a range of standards to provide you with the confidence to apply the reporting skills in large MNCs or complex businesses. Students will also understand using accounting standards for unique Industries and frameworks and what it means to be an ethical professional.

Every December, the syllabus is changed to test students on the latest IFRS standards. The syllabus covers all the standards except complex applications of IFRS under consolidation and financial instruments, IAS 7 cash flows and IFRS 17 – Insurance.

What's the scope of Diploma in IFRS?

There are primarily four factors driving the demand for IFRS skilled professionals.

  1. With the recent surge of IPOs globally between 2021 and early 2022, companies are now required to report results quarterly as against annually to the regulators. This has expanded the scope of accounting and regulatory compliances significantly.
  2. Companies are expanding their operations internationally and outsourcing accounting functions to markets like India, Hungary and Poland. They need IFRS experts who can understand complex consolidation issues and reporting requirements.
  3. With the US regulators converging USGAAP with IFRS, IFRS professionals are in demand by US-based MNCs due to the close similarity of IFRS and USGAAP.
  4. Finally, post-COVID, with no migration happening between 2020 and 2021, Theres a massive talent crunch of skilled finance professionals in markets like Australia, England, Singapore and the Middle East. Accounting and finance professionals with a certification from a global accounting body can easily attract a lot of recruiters in these markets.

These trends have created a highly competitive environment for companies seeking to hire IFRS skilled professionals. Many firms are finding that they need to offer higher salaries and better benefits packages to attract and retain such talent.

Students with knowledge of IFRS and who hold either the ACCA Diploma in IFRS or the AICPA certification in IFRS are in high demand. Naukri.com, India's leading job portal, lists anywhere between 4500 to 6500 IFRS jobs at any time.

The average salary of an IFRS-trained professional with 1-2 years of work experience in India is around Rs. 7-8 lakh per annum. This figure goes up by 20% to 40% if you are a chartered accountant or a  CIMA professional

 

The Eduyush IFRS Experience

 The Eduyush program has been designed with the busy working professional in mind and offers you a learning environment where you can learn each course at your own pace or by attending our live lectures. This means you can qualify in as little as 3-5 months to leverage the employer demand sooner.

We have one of the highest pass rates for this course. Our program comes with a no question asked pass guarantee.

We enrol students globally, with most of our students coming from India, the Middle East and Egypt.

Our collection of study materials does give you the edge in applying IFRS in real Industry applications.

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Summary:

The ACCA Diploma in IFRS is a globally recognised qualification that offers accountants the opportunity to develop their knowledge and understanding of financial reporting standards. Adding this qualification to your CV can be extremely beneficial when looking for new opportunities, as it demonstrates your commitment to professional development and your ability to apply international accounting standards. Eduyush can help you achieve this qualification by providing expert tuition and support throughout your studies. If you're interested in learning more about the ACCA Diploma in IFRS, or any of our other courses, please don't hesitate to speak to one of our counsellors.