CertIFR
Certificate in International Financial Reporting
DiplIFR
Diploma in International Financial Reporting
IFRS
International Financial Reporting Since the formation of the International Accounting Standards Board (IASB) in 2001, the harmonization of financial reporting has become an important driving force for accounting, economic and political reform in many parts of the world. Convergence of financial reporting standards has considerable benefits to preparers of accounts, for listed companies, investors, multinational business and the global economy. Reducing the barriers to multinational investing and promoting a more efficient and transparent capital market requires the adoption of a robust set of principles based financial reporting standards, broadly accepted and supported by the wider international accounting and investing community. Since 2005 all listed companies in the European Union (EU) have been required to prepare consolidated company accounts in compliance with international financial reporting standards (IFRS). In many other parts of the world there is an increased acceleration towards adoption of IFRS or for the harmonization of national accounting standards with IFRS. Furthermore IFRS is the basis for the accounting treatments prescribed within the IFRS for Small, Medium Entities. The Certificate in International Financial Reporting (CertIFR) is an ideal qualification to help you develop an understanding of IFRS or gain formal recognition for and update your existing IFRS skills and knowledge. The material is updated each year and therefore includes: • The latest accounting standards updates and releases • An outline of the work programmes and hence plans for development of accounting regulation The course and assessment are a cost effective and flexible, CertIFR provides a comprehensive introduction and update to the principles of IFRS and is delivered entirely online. Studying for a further qualification can count towards your continuing professional development (CPD) as long as the qualification is relevant to your learning and development needs. This qualification can provide ACCA members with almost a whole year of verifiable CPD if the course and assessment is completed and passed, which is a cost effective way to meet your annual CPD requirements.
The course materials and assessment for the Certificate in International Financial Reporting are available together for £210 or can be purchased separately at a cost of £115 each. ACCA members receive a discount for the Certificate. The course materials and assessment are available together for £168 or can be purchased separately at a cost of £92 each. The discount will be applied automatically when members register online with a valid credit or debit card and enter their ACCA membership number.
Eligibility for Certification: IFRS Training ( Ministry Certificate) Applicable to anybody
Cert IFR
DiplIFR
You do not need to have any experience or formal qualifications in accounting and auditing to apply for this certificate.
3 yr experience or Degree + 2yr experience or CertIFR + 2 yr experience
Certificate in International Financial Reporting CertIFR-Overview and objectives Course overview CertIFR offers a comprehensive introduction and updates to the field of International Financial Reporting and International Financial Reporting Standards, tracing the history of the International Accounting Standards Board (IASB) from its early roots through to the recent changes and future developments. Structured in a readable and user-friendly format, the course distils key information into easy-to-digest bullet points, provides useful summaries and examines, topic-by-topic, specific standards. Frequently asked questions and answers expand on the points covered, while case studies are based on real-life examples. In addition a large number of exercises, multiple-choice questions and sample answers enable you to confidently test your knowledge and guide you as you progress through the course.
Primary course objectives: • To help you understand how International Financial Reporting Standards (IFRS) are used around the world • To explain the workings of the IFRSF/IASB and how these are being changed • To examine the fundamental requirements of IFRS on a standard-by-standard basis for the benefit of preparers, auditors and users of financial statements • To provide guidance on how to use IFRS in practice with the aid of questions, cases and exercises
Exam Pattern & Dates You must pass the one-hour multiple-choice assessment which is online. The pass mark is 50 per cent. If you fail, you are allowed two attempts to re-sit this assessment. All attempts at the assessment must be within three months of access to the online course. If you fail after three attempts at the assessment, you will need to pay a further registration fee and will be offered another three attempts to pass the assessment.
Syllabus & Assessment updates Information on Syllabus & Materials Updates and Assessment ACCA reserves the right to examine anything contained within the syllabus of the Certificate. This includes knowledge, techniques, principles, theories, and concepts as specified in the syllabus and in the examinable documents contained within the syllabuses For the Certificates in International Financial Reporting and International Auditing Standards ACCA updates the materials and the syallabus, including the examinable documents once a year to indicate exactly what regulations and legislation could potentially be assessed. The updated syllabuses, examinable documents, materials and assessments are uploaded on the ACCA website in or around January 1st each year. Regulation issued or legislation passed on or before 30th September annually, will be assessed within the certificates from early in January until December 31st of the following year. Regulation issued or legislation passed in accordance with the above dates may be examinable even if the effective date is in the future. The term issued or passed relates to when regulation or legislation has been formally approved. The term effective relates to when regulation or legislation must be applied to entity transactions and business practices. The syllabus and materials offer more detailed guidance on the depth and level at which examinable documents will be assessed. The study guide should therefore be read in conjunction with the syllabus and the examinable documents listed within the relevant syllabus.
Eligibility The target audience is professional accountants and auditors, qualified in accordance with their national accounting standards. However, it is possible for those with experience, but no formal qualifications in accounting and auditing to register for this Certificate
FAQs 1. What is the target¬ audience for the Certificate in International Financial Reporting? The target audience is professional accountants and auditors, qualified in accordance with their national accounting standards. However, it is possible for those with experience, but no formal qualifications in accounting and auditing to register for this Certificate. 2. When can I register? Students can register online at any time throughout the year – there are no closing dates. 3. How can I pay for the Certificate in International Financial Reporting? The current method of payment for the online courses is by credit or debit card. 4. How is the course assessed? It is assessed by online multiple-choice assessment. It is only possible for candidates to take the multiple-choice assessment online and marking is also administered and conducted electronically. The score for the assessment will be available on screen for the candidate immediately after taking the assessment. 5. Do I need to attend an exam centre to sit the assessment? No, the assessment is sat online. As long as you have access to a computer then you can sit the assessment anywhere. 6. How many attempts do I have at the assessment? Each student has three attempts. If a student fails all three attempts at the assessment, they will be required to pay a further registration fee and will be given another three attempts to pass the assessment. All attempts at the assessment must be conducted within the three months of access to the online course. Students may repeat their assessment immediately if they wish. However, they are strongly advised to leave sufficient time before a re-test in order to review the course and to consolidate their learning. 7. How long is the assessment? The assessment is one hour long and there are 25 multiple choice questions. 8. What is the pass mark? The pass mark is 50%.
How to register Individuals: You can register for the Certificate in International Financial Reporting online, either for the course and assessment together, or register for just the course or assessment only.
CertIFR Syllabus 1. The nature and operations of the IASB -Structure of the IFRSF/IASB -Extant standards of the IASB -The framework 2. The status and use of IFRSs around the world -The use of IFRS around the world -The IASB roadmap -The annual IASB bound volume and its use 3. Presentation and profit -IAS 1, Presentation of financial statements -IAS 18, Revenue -IAS 8, Accounting policies, changes in accounting estimates and errors 4. Asset recognition and measurement -IAS 16, Property, plant and equipment -IAS 38, Intangible assets -IAS 40, Investment Property -IAS 36, Impairment of assets -IAS 23, Borrowing costs -IAS 20, Accounting for government grants and disclosure of government assistance -IAS 2, Inventories -IAS 11, Construction contracts -IAS 17, Leases
-IAS 32, Financial instruments - presentation -IAS 39, Financial instruments - recognition and measurement -IFRS 9 Financial instruments -IAS 41, Agriculture -IFRS 7, Financial instruments: disclosures -IFRS 6, Exploration for and evaluation of mineral resources -IFRS 5, Non-current assets held for sale and discontinued operations 5. Accounting for liabilities -IFRS 2, Share-based payment -IAS 37, Provisions, contingent liabilities and contingent assets -IAS 10, Events after the reporting period -IAS 19, Employee benefits -IAS 12, Income taxes 6. Group accounting -IAS 27, Consolidated financial statements and accounting for investment in subsidiaries -IFRS 3 Business Combinations -IAS 28, Accounting for investments in associates -IAS 31, Joint ventures -IAS 21, The effects of changes in foreign exchange rates -IAS 29, Financial reporting in hyperinflationary economies 7. Disclosure standards -IAS 7, Statement of cash flows -IAS 24, Related party disclosures -IAS 33, Earnings per share -IAS 34, Interim financial reporting -IFRS 4, Insurance contracts -IFRS 1, First time adoption of IFRS -IFRS 8, Operating segments 8. Principal differences between key national GAAP and IFRS 9. Proposals for change
Diploma in International Financial Reporting DiplIFR-Overview and objectives Course objectives • To help you understand how International Financial Reporting Standards (IFRS) are used around the world • To explain the workings of the IFRSF/IASB and how these are being changed • To examine the fundamental requirements of IFRS on a standard-by-standard basis for the benefit of preparers, auditors and users of financial statements • To provide guidance on how to use IFRS in practice with the aid of questions, cases and exercises. On completion of the Diploma candidates should be able to: • Understand and explain the structure of the framework of international accounting • 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 ventures.
Eligibility If you are a professional accountant or auditor who works in practice or business, and are qualified according to national accounting standards, then you are eligible to take this ACCA financial reporting qualification. If you are working in practice, but not yet qualified, then you may still be eligible. You will need to prove that you have one of the following: 1. Three years' relevant accounting experience (by submitting a letter from your employer) 2. A relevant degree plus two years' work experience 3. An ACCA Certificate in International Financial Report ing plus two years' work experience.
Exam Pattern & Dates Exams The Diploma in International Financial Reporting (DipIFR) is assessed by a single three-hour written exam. You will need to achieve a 50 per cent mark or above to complete the paper. The exam is held twice a year - in June and December at ACCA's exam centres. Please see below for the exam dates are 11 June 2013 & 10 December 2013
The Syllabus A. International sources of authority
1) The International Accounting Standards Board (IASB) and the regulatory framework
B. Elements of financial statements
1) Revenue recognition 2) Property, plant and equipment 3) Impairment of assets 4) Leases 5) Intangible assets and goodwill 6) Inventories and construction contracts 7) Financial instruments 8) Liabilities – provisions, contingent assets and liabilities 9) Accounting for employment and postemployment benefits 10) Taxation in financial statements 11) The effects of changes in foreign currency exchange rates 12) Agriculture 13) Share-based payment 14) Exploration and evaluation expenditures
C. Presentation and additional disclosures
1) Presentation of the statement of financial position, income statement and statement of comprehensive income 2) Earnings per share 3) Events after the reporting date 4) Accounting policies, changes in accounting estimates and errors 5) Related party disclosures 6) Operating segments 7) Reporting requirements of small and medium sized entities (SMEs)
D. Preparation of external financial reports for combined entities, associates and joint ventures
1) Preparation of group consolidated external reports 2) Business combinations – intra-group adjustments 3) Business combinations – fair value adjustments 4) Business combinations – associates and joint ventures
Examinable documents A list of examinable documents for the Diploma in International Financial Reporting (DipIFR) is issued by ACCA once a year. The current list of examinable documents is available below. You will need to have knowledge of new examinable regulations issued by 30 September each year, as you will be examined on them the following calendar year*. You may still be examined on these documents even if the effective date is in the future. The study guide details the depth and level at which you will be examined on these documents. Download the study guide from the Related documents section at the bottom of the page. *For example, June 2011 and December 2011 will be based on examinable regulation issued by 30 September 2010.
About Zabeel Institute
Zabeel Institute established in 1988, is a leading education and Training institute for executives working in Dubai and is accredited by Ministry of education, Dubai. We offer Training Programs to professionals from various industries like administration, Engineering, Constructions, Projects, Finance & Accounts and Management, Languages etc.
The Zabeel Advantage • 25 Years Experience in training Professional executives • Achiever of many Quality Awards for training from 1988 till date. • Qualified & certified trainers. • Sophisticated Lab with High End machines and Licensed Softwares. • Certificate attested by Ministry by MoE, UAE • Vats Resource of materials for reference and course. • Free online Support & further Assistance • Free follow up orientation seminars & Workshops & Placement Assistance.
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