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Faq

Diploma in IFRS from ACCA UK

Who is eligible to take the course ?

Chartered Accountants

Commerce graduates with 2 years of experience in the Finance and Accounts department 3. Graduates from any other field with 3 years of experience in the Finance and Accounts department

What are the passing marks ?

The pass mark is 50%

Does the syllabus cover all the IFRSs, IFRICs and SICs ?

It covers all IFRS, 27 out of the 29 IAS, 8 out of 17 IFRICs,5 out of 11 SICs.

The following is not covered:

IAS 29 Financial reporting in hyperinflationary benefit plans
IAS 26 Accounting and reporting by retirement benefit plans
IFRIC 2 Members shares in Co-operative entities and similar instruments
IFRIC 4 Determining whether an arrangement contains a lease
IFRIC 6 Liabilities arising from participating in a specific market - waste electrical and electronic equipment
IFRIC 7 Applying the restatement approach under IAS 29 financial reporting in hyperinflationary economies
IFRIC 8 Scope of IFRS 2
IFRIC 9 Reassessement of embedded derivatives
IFRIC 16 Hedges of a net investment in a foreign operation
IFRIC 17 Distributions of non cash assets to owners
IFRIC 18 Transfers of assets from customers
SIC 7 Introduction of the Euro
SIC13 Jointly controlled entities - non monetary contributions by venturers
SIC 21 Income taxes - recovery of revalued non depreciable assets
SIC 25 Income taxes - changes in the tax status of an entity or its shareholders
SIC 27 Evaluating the substance of transactions involving the legal form of a lease
SIC 29 Service concession arrangements - disclosures

IFRS - International Financial Reporting Standards

What is IFRS ?

International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.

ICAI has announced transition to IFRS by 2011. Companies would need to ensure IFRS preparedness as early as April 2010. Therefore, there exists a substantial opportunity for Indian CAs and commerce graduates with 2 years of relevant experience.

International Financial Reporting Standards (IFRS) is becoming bigger and bigger subject in coming days. There is a huge demand for the professionals in the industry with right kind of training and orientation on IFRS.

US will converge by 2014-2016. India will converge in 2011.International Financial Reporting Standards (IFRS) is becoming bigger and bigger subject in coming days. There is a huge demand for the professionals in the industry with right kind of training and orientation on IFRS.

What is the IASB ?

The IASB is an independent accounting standard-setting body, that consists of 14 members from nine countries. This organisation took over from the International Accounting Standards Committee in 2001. It has members from nine countries and is based in London.

It is funded by contributions from major accounting firms, private financial institutions and industrial companies, central and development banks, and other international and professional organizations throughout the world.

Is IFRS very different than Indian GAAP?

Yes - there are conceptual differences, with the focus also being different.