International Financial Reporting Standards (IFRS)

IFRS Overview

International Financial Reporting Standards (IFRS) are mandated in more than 100 countries worldwide. All listed companies in the European Union (EU) have to prepare consolidated company accounts that comply with IFRS. It also affects associates and subsidiaries of EU-listed companies.

Other countries such as Australia, Hong Kong and South Africa have already adopted IFRS or equivalents as their local Generally Accepted Accounting Principles (GAAP). And many other countries around the world, including India, are moving towards applying IFRS, which is having a significant impact on financial reporting.

Course Outcome

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.

On completion of the Diploma candidates should be able to:

  • 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
  • Prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates and joint arrangements.

Eligibility Criteria

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 this ACCA financial reporting 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 one of the following:

  • Two years' relevant accounting experience and a relevant degree (attracting at least ACCA qualification exemptions for the Applied Knowledge and Corporate and Business Law (LW) exams)
  • Two years' relevant accounting experience and an ACCA Certificate in International Financial Reporting
  • Three years' relevant accounting experience
  • ACCA affiliate status

Exam details

There is ONE exam of 3 hour, 15 minute written exam.There will be just 4 question of 25 marks each. You will need to achieve a 50% or above to complete the paper. The exam is held twice a year - in June and December at ACCA's exam centres.

Exams are generally held on the first Friday of June and December.

There are 5 start times available to choose from

  • Zone 1 - 08:00
  • Zone 2 - 10:00
  • Zone 3 - 14:00
  • Zone 4 - 15:00
  • Zone 5 - 17:00

In order to sit for exams at a specific session, you will need to fill registration form and all supporting documentation by a closing date. Please note that you will also have to make your exam entry online by this date with your application fully processed.

Fees to be paid to ACCA-UK

The below mentioned fees are to be paid directly to ACCA on their website once you are ready to sit for an exam.

Initial Registration & Subscription fees (one time) is GBP 89* Exam Fees is GBP 117*

*Please note that these fees vary from country to country. The fees given above are applicable for students giving the exam in India. In case you are giving the exam from some other country, please get back to us and we will help you with the fees applicable for that particular country.

DipIFR Course Contents

International Sources of Authority

  1. The International Accounting Standards Board (IASB) and the regulatory framework

Elements of Financial Statements

  1. Revenue recognition
  2. Property, plant and equipment
  3. Impairment of assets
  4. Leases
  5. Intangible assets and goodwill
  6. Inventories
  7. Financial instruments
  8. Provisions, contingent assets and liabilities
  9. Employment and post-employment benefits
  10. Tax in financial statements
  11. The effects of changes in foreign currency exchange rates
  12. Agriculture
  13. Share-based payment
  14. Exploration and evaluation expenditures
  15. Fair value measurement

Presentation of Financial Statements and Additional Disclosures

  1. Presentation of the statement of financial position, the statement of profit or loss and other comprehensive income and the statement of changes in equity
  2. Earnings per share
  3. Events after the reporting period
  4. Accounting policies, changes in accounting estimates and errors
  5. Related party disclosures
  6. Operating segments
  7. Reporting requirements of small and mediumsized entities (SMEs)

Preparation of External Financial Reports for Combined Entities, Associates and Joint Arrangements

  1. Preparation of group consolidated external reports
  2. Business combinations – intra-group adjustments
  3. Business combinations – fair value adjustments
  4. Business combinations – associates and joint arrangements
  5. Complete disposal of shares in subsidiaries

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