Overview of the Diploma
As the world continues to converge, the boundaries are fast diminishing. With the advent of the World Wide Web, the world is now a global village. As organizations continue to collaborate, roles are getting expanded. The objectives of one’s job are no longer limited to his organization. The world of finance is seeing varying changes too. As a finance professional, one is expected to be well versed with the norms of the world.
International financial reporting training is meant for those who are not already knowledgeable about the details of International Financial Reporting Standards (IFRS). This qualification has a fast and efficient solution to meet your needs.
International Financial Reporting Standards (IFRS) are mandated in more than 100 countries worldwide. All listed companies in the European Union (EU) have to prepare consolidated company accounts that comply with IFRS. It also affects associates and subsidiaries of EU-listed companies. Thus amongst the available finance courses, this one is emerging as a very popular one clearly.
Other countries such as Australia, Hong Kong and South Africa have already adopted IFRS. If not the equivalents as their local Generally Accepted Accounting Principles (GAAP) are being adopted. Many other countries around the world, including India, are moving towards applying IFRS. Thus, this is having a significant impact on financial reporting.
Objectives of the Diploma
The course is designed to develop your knowledge and understanding of International Financial Reporting Standards. It also enables a candidate to learn how to apply them. Alongside it also covers the concepts and principles which underpin them. Completion of the diploma enables a candidate to understand, explain and apply the IASB’s Conceptual Framework for Financial Reporting.
Alongside that it also helps to apply relevant financial reporting standards to key elements of financial reports. The course helps a candidate to identify and apply disclosure requirements. This is done for companies in financial reports and notes. The candidate is further empowered to prepare group financial statements. This is excluding group cash-flow statement and including subsidiaries, associates and joint arrangements.
Audience for the Diploma
The eligible candidates include professional accountants and auditors, working in practice and industry. They should be qualified in accordance with national accounting standards. Official documentation is required to prove eligibility. Practitioners who may not yet be qualified, but who can verify the following, are also eligible:
- A relevant degree plus two years’ work experience, or
- Three years’ work experience, or
- ACCA Certificate in International Financial Reporting plus two years’ work experience.
Structure of the Diploma
The Diploma can be studied online. This enables a candidate to fit his studies around your work and social commitments around it. The diploma can be completed in three to six months. Thus, it is fairly simple to undertake and pass it. The knowledge level and understanding of the student is assessed by a three-hour written exam. This is held twice a year. A candidate is declared pass if he scores 50 per cent or above.