Diploma in International Financial Reporting

Diploma in International Financial Reporting

Finance professionals not already familiar with the principles of International Financial Reporting Standards (IFRS) will be faced with the challenge of developing a working knowledge of IFRS as quickly as possible The Diploma in International Financial Reporting (DipIFR) is designed to develop your knowledge of IFRS ¬It providing an understanding of the concepts and principles which underpin them, and their application in the international marketplace.

The syllabus

All listed countries in the European Union are required to prepare consolidated company accounts in compliance with IFRS. IFRS also affects associates and subsidiaries of EU¬listed companies, and with many countries around the world moving towards applying IFRS, the impact of financial reporting is significant. The diploma programme addresses international financial reporting and first time application of international financial reporting standards.

Syllabus aim
To develop knowledge, understanding and application of International Financial Reporting Standards and the concepts and principles which underpin them.

Objectives

On completion of the Diploma candidates should be able to:

• understand and explain the international regulatory framework of financial reporting
• discuss and apply specified International Accounting Standards and International Financial Reporting Standards to practical situations
• prepare financial statements in accordance with specified International Accounting Standards, International Financial Reporting Standards and International Financial Reporting Interpretations Committee (IFRIC) pronouncements
• prepare group financial statements including subsidiaries, associates and joint ventures.

What is examined

Broad syllabus content:

The key topic area headings are as follows:

• International sources of authority
• Elements of financial statements
• Presentation and additional disclosures
• Preparation of external financial reports for single entities
• Preparation of external financial reports for combined entities and joint ventures.

1. International sources of authority

• The structure of the International Accounting Standards Board (IASB)
• The standard setting process
• The role of the International Financial Reporting Interpretations Committee
• Progress towards international harmonisation
• The IASB 'Framework for the preparation and presentation of financial statements'
• The first time application of International Financial Reporting Standards.

2. Elements of financial statements

• Property, plant and equipment
• Intangible assets
• Goodwill
• Current assets including inventories
• Construction contracts
• Liabilities
• Financial instruments
• Provisions and contingencies
• Employment and post¬employment benefits
• Accounting for tax
• Accounting for agriculture
• Share based payment
• IFRS 6: Exploration for and evaluation of mineral resources.

3. Presentation and additional disclosures

• Earnings per share
• Related party disclosures
• Interim financial reporting
• Effects of changes in foreign exchange rates
• Segment reporting.

4. Preparation of external financial reports for single entities

• Income statements and discontinuing operations
• Cash flow statements
• Statement of changes in equity.

5. Preparation of external financial reports for combined entities and joint ventures

• Definitions of subsidiaries, investments in associates and joint ventures
• Exclusions from consolidations
• Preparation of consolidated balance sheets and income statements
• Equity accounting
• Proportionate consolidation and joint ventures.

Excludes Topics

The following topics are specifically excluded from the syllabus:

• Partnership and branch financial statements
• Complex group structures, including sub¬subsidiaries or mixed groups and foreign subsidiaries
• Piece¬meal acquisitions, disposal of subsidiaries and group re¬constructions
• Financial statements of banks and similar financial institutions
• Group cash flow statements
• Schemes of reorganisation and reconstruction
• Company/share valuation
• Accounting for insurance entities
• International financial reporting exposure drafts and discussion drafts
• The international public sector perspective
• Multi¬employer benefit schemes
• Share¬based payment transactions with cash alternatives.

Assessment

DipIFR will be assessed by a single three¬hour closed book written exam, which is held twice a year on June and December at ACCA's exam centres. The pass mark is 50%.

Examinable documents

A definitive list of examinable documents for the Diploma in International Financial Reporting is issued by ACCA in May and in November each year. These examinable documents apply for the next but one exam session.

For example; examinable documents issued in November 2007 will apply to the June 2008 exam session, whereas the examinable documents issued in May 2008 will apply to the December 2008 exam session. These examinable documents contain International Financial Reporting Standards and IFRICs which apply to the syllabus and study guide for the Diploma in International Financial Reporting and operate under the six month rule whereby documents within this list are assessable in six months following the last day of the month in which this list of documents is issued.

Homestudy Courses Offered

This informal way of delivering skills training often appeals to candidates who have heavy personal commitments, people who feel that they cannot attend college on a regular basis, or at the hours that are dictated. . It is good option for anyone who needs flexibility in his or her learning particularly parents with difficulty in arranging childcare. It is good option for someone who is in a job and cannot spare the time to go to college during the day.

We will provide Candidates with:

• Telephone help line to a tutor to seek help when needed
• Regular telephone contact from tutor to student to check progress.
• Where necessary, tutorial workshop at the time and the place suitable to each candidate. (example, candidate's local community Centre, Library or at our Training Centre)
• Well structured, high-quality, up-to-date course materials.