The Diploma in International Financial Reporting (DipIFR) builds on the technical and/or practical knowledge acquired from recognised country-specific accountancy qualifications or relevant work experience.

The syllabus introduces candidates to the wider international framework of accounting and the system of standard-setting. The Dip IFR concentrates on the application of conceptual and technical financial reporting knowledge that candidates have already obtained to the specific requirements of financial reporting under IFRS Standards.

The DipIFR also provides essential international financial reporting knowledge and principles that will equip candidates to operate in an increasingly global market place.

The Diploma is awarded by ACCA Ireland and Professional Accountancy Training (PAT). The prerequisite knowledge for DipIFR can either come from a country-specific professional qualification, from possessing a relevant degree (giving exemptions from Accountant in Business (AB); Management Accounting (MA) and Financial Accounting (FA) and Corporate and Business Law (LW) of the ACCA qualification) and two years’ accounting experience, or by having three years’ full-time relevant accounting experience, supported by an employer’s covering letter.

Key areas of the syllabus:

International sources of authority

• The International Accounting StandardsBoard (IASB) and the regulatory framework

Elements of financial statements

• Revenue recognition
• Property, plant and equipment
• Impairment of assets
• Leases
• Intangible assets and goodwill
• Inventories
• Financial instruments
• Provisions, contingent assets and liabilities
• Employment and post-employment benefits
• Tax in financial statements
• The effects of changes in foreign currency exchange rates
• Agriculture
• Share-based payment
• Exploration and evaluation expenditures
• Fair value measurement

Presentation of accounts and additional disclosures

• Presentation of the statement of financial position, the statement of profit or loss and other comprehensive income and the statement of changes inequity
• Earnings per share
• Events after the reporting period
• Accounting policies, changes in accounting estimates and errors
• Related party disclosures
• Operating segments
• Reporting requirements of small and medium-sized entities (SMEs)

Preparation of external reports for combined entities, associates and joint arrangements

• Preparation of group consolidated external reports
• Business combinations – intra-group adjustments
• Business combinations – fair value adjustments
• Business combinations – associates and joint arrangements
• Complete disposal of shares in subsidiaries

The full ACCA DipIFR syllabus and study guide can be found here.

The ACCA DipIFD timetable can be found here.

Examination:

The syllabus is assessed by a three-hour fifteen-minute exam. Most questions will contain a mix of computational and discursive elements. All questions are compulsory. All questions will attract 25 marks.

Some IFRS Standards are very detailed and complex. In the DipIFR exam, candidates need to be aware of the principles and key elements of these Standards. Candidates will also be expected to have an appreciation of the background and need for international financial reporting standards and issues related to harmonisation of accounting in a global context. The overall pass mark for the Diploma in International Financial Reporting is 50%.