DipIFRDipIFRS Diploma in International Financial Reporting
Course Overview
The Diploma in International Financial Reporting (IFRS) is designed to provide candidates with a comprehensive understanding of the key principles and standards that govern financial reporting on a global scale. This qualification focuses on equipping individuals with the skills and knowledge needed to apply IFRS in real-world scenarios.
Through this course, participants will explore the structure and objectives of IFRS, including the framework and the regulatory bodies involved. The program covers essential accounting standards and techniques used for the preparation, presentation, and interpretation of financial statements. The Diploma in International Financial Reporting (IFRS) is a comprehensive program that includes all essential materials, registration, membership, and the final exam through ACCA.
Key Takeaways
Course Outline
Purpose and scope of IFRS
Key organizations: IASB, IFRS Foundation, IFRIC, IFRS for SMEs
Standard-setting process and convergence with local GAAP
Conceptual Framework for Financial Reporting (2020 update)
Qualitative characteristics of useful financial information
Definitions of assets, liabilities, equity, income and expenses
Activity: Analyze financial statements using the conceptual framework.
Components of financial statements
Statement of financial position and profit/loss and OCI
Notes and disclosures
Going concern and accrual assumptions
Changes in accounting estimates and errors (IAS 8)
Case Study: Restating financials for errors and policy changes.
Revenue recognition (IFRS 15): 5-step model with contract-based examples
Government grants and other income (IAS 20)
Borrowing costs (IAS 23)
Mini-Workshop: Step-by-step construction of revenue recognition for contracts with performance obligations.
Property, Plant and Equipment (IAS 16)
Intangible Assets (IAS 38)
Investment Property (IAS 40)
Asset Impairment (IAS 36)
Non-current assets held for sale and discontinued operations (IFRS 5)
Biological assets (IAS 41)
Practical Task: Assess impairment indicators and calculate recoverable amounts.
Leases (IFRS 16): Lessee and lessor accounting
Financial Instruments (IFRS 9, IAS 32, IFRS 7):
Classification and measurement
Impairment model (ECL)
Hedge accounting
Presentation and disclosures
Scenario Simulation: Journal entries for a complex lease and financial instrument transaction.
Provisions, contingent liabilities/assets (IAS 37)
Events after the reporting period (IAS 10)
Foreign currency transactions (IAS 21)
Case Example: Multinational operations and FX translation effects.
Subsidiaries and control (IFRS 10)
Associates and joint ventures (IAS 28, IFRS 11)
Consolidation principles and procedures
Non-controlling interest, goodwill, and intra-group adjustments (IFRS 3)
Step acquisitions and partial disposals
Simulation: Build a consolidated financial statement from multiple entities.
Income tax (IAS 12): current vs. deferred
Share-based payments (IFRS 2)
Employee benefits (IAS 19)
Activity: Calculate deferred tax on temporary differences.
Operating Segments (IFRS 8)
Related Parties (IAS 24)
Earnings per Share (IAS 33)
Interim Reporting (IAS 34)
ESG, sustainability and integrated reporting alignment
IFRS S1 and IFRS S2 (ISSB Climate and Sustainability Disclosures – overview)
Workshop: Prepare key disclosures for annual and interim reports.
Exam techniques, structure and time management
Mock exam under timed conditions
Discussion of past exam papers
Real-world case studies on IFRS application in different industries (banking, construction, energy)
Capstone Activity: Full IFRS financial reporting cycle for a fictional multinational corporation.
Who Should Attend?
Interested parties who want to take the ACCA DipIFR exam. ACCA DipIFR qualifications are designed to progressively broaden and deepen the knowledge and skills demonstrated by the student at a range of levels through each qualification.
If you are a professional accountant or auditor who works in practice or business, and are qualified according to national accounting standards, then you are eligible to take the qualification. If you are working in practice, but not yet qualified, then you may still be eligible. You will need to prove that you have two years’ relevant accounting experience and hold a degree or CertIFR, or prove that you have threeyears’ relevant accounting experience. Proof of experience comes in the form of a letter submitted from your employer.