All About IFRS Diploma and Course for Finance Professionals

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IFRS Diploma and Course

International Financial Reporting Standards (IFRS) is a set of accounting standards developed by the International Accounting Standards Board (IASB) to bring uniformity in accounting principles and financial reporting globally. IFRS diploma and course equips finance professionals with deep knowledge of these standards to prepare, evaluate, interpret and analyze IFRS-based financial statements. 

The IFRS course is gaining popularity in India with increasing globalization and entities looking to raise capital abroad. Companies in India have the option to voluntarily adopt IFRS or continue following the Indian Accounting Standards. However, knowledge of IFRS is becoming an imperative skill for finance professionals as more and more companies embrace it.

IFRS Eligibility and Syllabus  

The eligibility criteria to pursue an IFRS certification course are:

  • Graduation in any stream 
  • Existing working professionals from accounting and finance background

Some of the major topics covered in an IFRS course are:

  • Overview of International Accounting Standards  
  • Basic introduction to IFRS and key concepts
  • Important differences between Indian GAAP and IFRS
  • IFRS-based financial statement preparation 
  • Accounting for property, plant, and equipment as per IFRS
  • Revenue recognition methods as per IFRS 15
  • Accounting for financial instruments using IFRS 9
  • Accounting for income taxes as per IAS 12
  • Accounting for provisions and contingencies as per IAS 37
  • Accounting for business combinations as per IFRS 3
  • Disclosure requirements under various IFRSs

The candidates develop the capacity for IFRS-compliant financial reporting by learning such concepts through case studies and examples from the real world.

IFRS Course Duration  

The duration of the IFRS diploma and course in India may range from 30-40 hours of lectures, practical training and project work spread over 2-3 months. This may vary based on the course type selected by the candidate – classroom, online or distance learning.  

Classroom mode requires attending physical classes as per a fixed schedule. Online mode offers flexibility to access video lectures and study material anytime, anywhere, at your own pace. Distance learning mode provides self-paced study material that candidates can read to clear exams.

Candidates enrolled in either mode are equipped with the necessary knowledge and skills pertinent to the application of IFRS principles.

IFRS Course Fees in India 

The fee for IFRS courses may differ depending on the mode of learning preferred, the certifying authority selected by the candidate and the components included in the course fee structure. An overview of the fee components is provided below:

  • Registration Fee:

This one-time fee paid at the time of booking your seat includes registration and enrollment for the course. It may range from INR 500 – INR 1500 depending on offline/online mode.

  • Subscription Fee:  

The IFRS diploma and course fee paid towards accessing study material, video lectures, mock tests, and other program resources may vary between INR 10,000 and INR 50,000. Certain platforms offer customized packages. 

  • IFRS Certification Exam Fees:

The awarding bodies, namely, decide the fees for certification exams:

• ICAI exam fee – INR 1800 to 3300

• ACCA exam fee – INR 8000 per paper

• CPA Canada – INR 200000 per paper

Candidates may choose to clear one or more papers as suitable for their career plans.

  • Exam Exemption Fees:

Some institutions offer exemptions from a few IFRS exam papers for candidates who have cleared certain qualifications like CA, CMA, M.Com etc. You need to pay the exemption fees as applicable to avail of these benefits.

  • Other Charges: 

Goods & Service taxes, practical training fees (if applicable), outstation exam charges (if applicable), lubrication charges etc, may need to be paid in addition to the above fees.

IFRS Exam Pattern

IFRS certification exams aim to assess the conceptual clarity and practical application potential of candidates on IFRS principles. While patterns may slightly differ based on the awarding body, it majorly consists of the following components: 

  • Written theoretical exam with a mix of multiple-choice questions, case studies and calculation problems. Negative marking may be applicable. 
  • Project work/viva based evaluation 
  • Demonstration of problem-solving through financial reporting software tools

While ICAI focuses more on compliance with the Indian regulatory context, international bodies like ACCA and CPA Canada test the ability to apply IFRS for entities across global locations. With a fair grasp of concepts and sufficient practice, it is easy to clear IFRS certification exams.

Career after IFRS

As the FRM course focuses on risk management, the IFRS course specializes in accounting and reporting standards indispensable for finance professionals. Here are some of the leading career opportunities after completing an IFRS diploma and course:

  • Work as IFRS experts/consultants in accounting firms like EY, PwC, KPMG, Deloitte
  • Transition existing roles to IFRS-focused profiles like IFRS accountant, IFRS analyst etc.
  • Apply for managerial posts in corporate accounting and reporting teams. 
  • Manage global operations involving subsidiaries that are subject to the IFRS standard as well.
  • Work as an independent –licensed assurance practitioner / IFRS advisor/ auditor for statutory and internal audits
  • Academic proposals to establish IFRS concepts in universities and coaching places.

IFRS course being a widely accepted financial credential worldwide, one can also help seeking work overseas. The standard salary package after acquiring IFRS certification is comparable to rates between 8 lakhs and 15 lakhs per annum, but this might vary according to the total years of experience.

Conclusion

Being a global accounting pursuit, finance and accounting practitioners need to order such a course due to the development of everyday competencies. As India will now be headed towards convergence with IFRS, this career-oriented global Finance and Accounting course will facilitate the successful implementation of candidates into a rewarding profession.

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