Are you an accounting or financial professional working for, or aspiring to work in multinational or global companies? If you’re, then you need to have a superb mastery of International Financial Reporting Standards (IFRS). Since such companies operate across international borders, and various countries have different sets laws, there is a need to synchronize accounting standards across the globe.
The best way to demonstrate your mastery of IFRS is to pursue the Diploma in International Financial Reporting (DipIFR), which is offered by the Association of Chartered Certified Accountants (ACCA).
1. Getting Started
The DipIFR is primarily designed for accountants, auditors and other financial professionals who have met national accounting qualification standards. This means that before thinking of pursuing this diploma, you should be a certified or chartered accountant in your country of practice. You should also be in active employment.
If you don’t meet these requirements, don’t get worried! ACCA also accepts applicants with no accounting qualifications, as long as they can prove that they have at least three years of professional accounting experience. To prove this, you will need to submit a letter from your employers.
IF you possess an undergraduate degree in accounting or a closely related field, you will need two years of accounting experience to qualify for DipIFR.
Without any accounting qualifications or experience, you can start by pursuing ACCA’s Certificate in International Financial Reporting.
2. Becoming a DipIFR Student
Once you determine that you meet the entry requirements, the next step is to apply for registration as a DipIFR Student.
The quickest way to do so it to apply online through the Association’s dedicated registration portal. During the process, you will fill out a form that requires your names, date of birth, nationality, gender and email address. You will also need to pay the diploma fees to complete the registration. The fees vary depending on when the exam is taken and are also subject to change.
You can also make an application by post.
Before fleshing out the contents of the diploma, it is important to note that exams are typically offered on designated dates in June and December. If you wish to sit the exams in December, you must submit your application three months earlier. (Deadlines are usually provided by the Association).
3. Studying for the DipIFR Examinations
If you have a solid educational background in accounting, you will find most DipIFR topics strikingly familiar, only that they are taught in relevance to international accounting standards. You will learn about the presentation of financial documents, consolidation techniques and international sources of authority among other topics.
You can choose to study by yourself, or seek training from commercial training providers. ACCA accredits training providers, so be sure to research and determine whether your preferred provider is accredited.
ACCA provides past examination papers, which you should study to enhance your chances of passing.
On average, you need three to six months to ready yourself adequately for the examinations.
4. Taking the Exams
The final step to getting the DipIFR is to, of course, pass the examination.
The tow-section DipIFR exam lasts three hours, and should be taken at an ACCA examination center.
After attaining at least 50 percent – which is the passing score – you will be awarded the diploma.
There you go! With the diploma, you will not only able to apply relevant international accounting practices to your work, but also enhance your career advancement prospects.
Have you taken the DipIFR exam? How challenging did you find it?