International Financial Reporting Standards (IFRS)

Course details

Course Overview

Diploma in IFRS by the ACCA (The Association of Chartered Certified Accountants) is one of the most respectable and appreciated qualifications in IFRS across the globe. More than 113 countries now require or permit the use of IFRS holders. Over 7,000 public companies in the European Union have complied with IFRS since 2005. The course is designed to develop your knowledge and understanding of International Financial Reporting Standards. You will also learn how to apply them, as well as the concepts and principles which underpin them It can also provide eligible Continuing Professional Development units for ACCA members, as required under their CPD scheme.

Learning Outcome

• Understand, explain and apply the IASB's Conceptual Framework for Financial Reporting
• Apply relevant financial reporting standards to key elements of financial reports
  
• Identify and apply disclosure requirements for companies in financial reports and notes
  
• Understand the complex financial reporting standards like financial instruments, consolidation, share-based payments, etc.
  
• Prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates, and joint arrangements.
  

IAS 1: Presentation of Financial Statement

• IAS 1 sets out overall requirements for the presentation of financial statements, guidelines for their structure, and minimum requirements for their content. It requires an entity to present a complete set of financial statements at least annually, with comparative amounts for the preceding year (including comparative amounts in the notes).

IAS 2: Inventories

• IAS 2 provides guidance for determining the cost of inventories and the subsequent recognition of the cost as an expense, including any write-down to net realizable value. It also provides guidance on the cost formulas that are used to assign costs to inventories.

• IAS 8 prescribes the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates, and corrections of errors.

IAS 10: Events after the Reporting Period

• IAS 10 prescribes when an entity should adjust its financial statements for events after the reporting period; and the disclosures that an entity should give about the date when the financial statements were authorized for issue and about events after the reporting period.

IAS 12: Income Taxes

• IAS 12 prescribes the accounting treatment for income taxes. Income taxes include all domestic and foreign taxes that are based on taxable profits.

Chartered Accountants, Management AccountantsFinance Managers, Chief AccountantsOther finance professionals.