How to get certified in International Financial Reporting Standards (IFRS)? (1)

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HOW TO GET CERTIFIED IN INTERNATIONAL
FINANCIAL REPORTING STANDARDS(IFRS)?

• International Financial Reporting Standards,
  commonly called IFRS, are accounting standards
  that are issued by the IFRS Foundation. The IFRS
  course offered by the Association of Chartered
  Certified Accountants (ACCA) is one of the most
  appreciated and respectable qualifications across
  the globe.
• The diploma course by ACCA is designed mainly to
  develop ones knowledge and understanding of
  IFRS. The other main objectives of this course
  are
• To apply relevant financial reporting standards
  for the key elements of financial reports.
• To prepare financial statements which include
  subsidiaries, associates and
• joint arrangements but this excludes group cash
  flow statements.
• To Identify assets and liabilities recognition
  criteria.
• To understand the role of financial reporting.
• What is the eligibility criteria for DipIFR
  course?
• Suppose you are qualified according to national
  accounting standards and are a professional
  auditor or accountant who works in practice or
  business. In that case, you are eligible to take
  this ACCA IFRS course.
• Although, if you are working in practice, but not
  yet qualified, then you may still be eligible.
  You will have to prove that you have any one of
  the
• following requirements
• Two years relevant accounting experience and an
  ACCA Certificate in International Financial
  Reporting
• Three years relevant accounting experience
• ACCA affiliate status

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IFRS COURSE DETAILS A three-hour exam
determines the Diploma in International Financial
Reporting (DipIFR), 15 minutes written
examination. You need to achieve 50 or above to
get through the paper successfully. This exam is
held twice a year which is mostly in June and
December at ACCAs exam centres. The exam
requires both calculations and written
answers. There are two sections of the paper
which are divided and marked as follows
Section Type of question Marks
A One groups question 40
B Three scenario questions 60
(20 marks each) 100

• SYLLABUS
• The main topics that would be tested for the
  DipIFR exam are as follows
• International sources of authority
• Elements of financial statements
• Presentation of accounts and additional
  disclosures
• Preparation of external reports for combined
  entities, associates and joint arrangements.
• TOTAL COST OF THE IFRS DIPLOMA COURSE
• The total cost of the IFRS course ranges mostly
  from 15K to 20K. The additional cost of the
  books would be around 3000 the cost to sit for
  the exam will be
• around 17K which can get reduced by ACCAs offers.

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• SALARY
• IFRS professionals working in some of the top
  global auditing firms earn a starting annual
  package of Rs 8 lacs to Rs 15 lacs per annum.
  Other reports show that most of the accounting
  consultants specialized in IFRS work in India
  have an average salary of Rs 15 lacs to Rs 16
  lacs per annum, and it can shoot up to 19 lacs
  also in a few cases.
• After your specialization in IFRS for 6-8 years,
  you gain more experience within this period, and
  you can expect a salary in the range of Rs 20-25
  lacs per annum.
• WHAT ARE THE ADVANTAGES OF THE IFRS COURSE?
• As the implementation of IFRS has already started
  in India, the demand for people who are skilled
  in it is going to increase in the next few years.
  You can get attractive salary packages if you
  have a certification in IFRS.
• Getting certified and having the skills will
  place you in a great position to get
  opportunities to work with some of the top
  organizations.
• There is a demand for IFRS professionals across
  the financial and banking
• industry. They need skilled professionals who can
  implement IFRS in their financial reporting.
  With a certification, you can improve your
  chances of a promotion or getting a better
  position.
• As an IFRS expert, you can start a successful
  career in the financial education industry. This
  is a lucrative industry, and you can always join
  as
• an expert in institutions offering IFRS courses.
• CONCLUSION
• Having a certification always has its advantages,
  and if you are looking to start a career as a
  finance manager, an IFRS certification can really
  help you.
• Large and/or Multinational companies usually
  prefer hiring people who are already skilled in
  IFRS.
• IFRS knowledge will be mandatory even for the
  smaller companies, so this
• course would definitely be an advantage.
• If you know basic accounting, learning IFRS is
  not very tough. You can learn one standard at a
  time and focus on those relevant to your
  business.

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