Diploma in IFRS

Course Description:

The Diploma in International Financial Reporting Standards (IFRS) by the Association of Chartered Certified Accountants (ACCA) is designed for finance professionals who want to enhance their knowledge and skills in the application of IFRS. 

Course Outline:

The Diploma in IFRS by ACCA covers the following topics:

• Introduction to IFRS:

This module provides an overview of the history and development of IFRS, the structure of the IFRS framework, and the key principles underlying IFRS. Learners will gain an understanding of the importance of IFRS and how it differs from local GAAP.

• Presentation of Financial Statements:

This module covers the requirements of IAS 1, which sets out the principles for presenting financial statements. Learners will understand the format and content of financial statements, the rules for recognizing and measuring assets and liabilities, and the principles for disclosing information in financial statements.

• Financial Instruments:

This module covers the requirements of IFRS 9, which sets out the principles for the recognition, measurement, and disclosure of financial instruments. Learners will gain an understanding of the different types of financial instruments, how they are classified and measured, and the rules for recognizing gains and losses on these instruments.

• Revenue Recognition:

This module covers the requirements of IFRS 15, which sets out the principles for recognizing revenue from contracts with customers. Learners will understand the criteria for identifying a contract, the principles for allocating transaction price, and the rules for recognizing revenue over time.

• Leases:

This module covers the requirements of IFRS 16, which sets out the principles for the recognition, measurement, and disclosure of leases. Learners will understand the definition of a lease, the different types of leases, and the rules for recognizing and measuring lease assets and liabilities.

• Consolidation and Group Accounts:

This module covers the requirements of IFRS 10, 11, and 12, which set out the principles for the consolidation of financial statements, accounting for joint arrangements, and disclosure of interests in other entities. Learners will gain an understanding of the rules for identifying a subsidiary, the principles for consolidating financial statements, and the rules for accounting for joint arrangements.

• Business Combinations:

This module covers the requirements of IFRS 3, which sets out the principles for accounting for business combinations. Learners will understand the principles for identifying a business combination, the rules for recognizing and measuring assets and liabilities acquired in a business combination, and the principles for disclosing information about a business combination.

• Disclosure and Presentation:

This module covers the requirements of IAS 7, which sets out the principles for disclosure and presentation of cash flow statements, and IAS 8, which sets out the principles for accounting policies, changes in accounting estimates and errors. Learners will understand the principles for presenting cash flows, the rules for selecting accounting policies, and the principles for making changes to accounting policies.

Final Exam:

The Diploma in IFRS by ACCA is assessed through a combination of assignments, case studies, and a final exam. Learners must achieve a minimum of 50% in the final exam to receive the diploma.