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The Diploma in International Financial Reporting (DipIFR) examiner reports are one of the most useful resources for understanding where students lose marks. Across multiple sittings, some recurring mistakes show up consistently.
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IAS 36- Impairment of assets- Part 1
In our previous blogs, we discussed methods of fair value measurement and various concepts associated with fair value of asset and liability. With the help of the concepts discussed, one should ensure that an exit price is based on market participants’ assumptions and entity-specific factors are not considered while measuring fair value. In this blog, we’ll discuss on IAS 36: Impairment of…
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IFRS 13: Fair Value Measurement – Part 2
In our previous blog– IFRS 13: Fair Value Measurement- Part 1, we discussed on the definition of fair value and key aspects of which management requires to consider while determining fair value under IFRS 13. Fair value is an exit price, thus while measuring fair value one should consider the price of such asset or a liability on the basis of its units (standalone or within group like CGU) and…
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ACCA DipIFR Remote Exam: Requirement, Set-up & Tips
In our previous blog, we discussed ACCA DipIFR exam utility interface & answer writing tips which will help students to get comfortable with CBE interface and to be familiar with the examination pattern and face it with confidence. This blog is especially for the students who chose Remote examination session i.e., who would appear from home or office instead of centre-based examination. This…
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Enrol for Best IFRS Certification Course through Contetra Pvt Ltd
In India and overseas, you can easily get IFRS Certification Courses through various course providers. But most of them can give only theoretical exam oriented knowledge. If you want to learn the practical implications of the knowledge you are receiving then you need to choose Contetra Pvt ltd. They provide in-depth knowledge of all the important topics that they cover in their weekends-only course. Their next batch of IFRS online certification courses starts on 18th Feb 2023. This course includes physical notes and mock tests for exam preparation. They include their batch participants to a specialized finance community to discuss any issues or problems you face in your industry. Pure content and job opportunities are also shared to keep everyone informed about what is going on in the industry.So if you are looking for a top notch ifrs course in Mumbai then visit : https://contetra.com/diploma-in-ifrs-training/
Enrol in Best IFRS Certification Course Online Through ConTeTra Universal
Dip IFRS is an international qualification developed by ACCA. The IFRS certification course online gives you a competitive edge in the international marketplace, by developing working IFRS knowledge, in-depth understanding & practical application of the concepts and principles of IFRS. Visit our website for more information on IFRS training and the upcoming batches.
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ACCA Diploma IFRS – an examination approach
The ACCA Diploma in International Financial Reporting (DipIFR) is primarily intended for professional accountants working in practice and industry. Many professionals who are qualified in accordance with national accounting standards now need to develop technical awareness of International Financial Reporting Standards® (IFRS Standards) because of the increasing global use of IFRS Standards including India. India Inc is now compliant with Indian Accounting Standards (Ind AS) converged with IFRS. The DipIFR has tried to bridge the knowledge gap regarding IFRS by providing an understanding on various topics of IFRS.
Eligibility for examination:
holders of a nationally recognised accounting qualification (for e.g. a Chartered Accountant in India); or
those who have a relevant degree (B.Com. / M.Com.) plus two-years’ accounting work experience; or
those who hold an ACCA Certificate in International Financial Reporting (CertIFR) plus two-years’ work experience or
anyone (BBA or MBA or any other qualification) with three-years’ accounting work experience.
The DipIFR exam assesses:
The technical preparation of consolidated financial statements.
The identification and explanation of the appropriate financial reporting treatments for a range of specific accounting issues.
The DipIFR examination is three-hour 15-minute computer-based examination (CBE).From December 2020, ACCA is introducing session CBE for the DipIFR exam. DipIFR CBE use the same kind of technology found in today’s workplace, including specially designed spreadsheet and word processing response options. This means the exams closely reflect how a modern finance professional works, boosting candidate’s employability skills.
Level of difficulty:
The level of difficulty lies between ACCA Qualification Papers Financial Reporting (FR) and Strategic Business Reporting (SBR). The paper contains four compulsory questions all worth 25 marks. This is a change from previous papers where question 1 was worth 40 marks and the remaining three questions were worth 20 marks each. Care should therefore be taken when using past papers as part of the preparation for future examinations.
The change in format has occurred because of the past tendency for few candidates to focus their studies almost exclusively on the preparation of consolidated financial statements.
Under the previous format, candidates produced near perfect answers to question one and then very unsatisfactory answers to questions two, three and four. Such candidates often achieved a pass performance based on their score in question one. The examiner believes that successful candidates should have acquired and demonstrated the breadth and depth of knowledge, and the ability to apply their knowledge of IFRS Standards that the qualification demands. The change in format will ensure successful candidates will be those who can demonstrate and articulate a deeper and wider knowledge of a range of IFRS Standards in all four questions. The level of technical difficulty in each question is unchanged.
Structure of a question paper:
Question 1 will require candidates to prepare the consolidated statement of financial position or the consolidated statement of profit or lossand other comprehensive income and may occasionally include the consolidated statement of changes in equity. Questions on preparation of the consolidated statement of cash flows will not be part of question paper. A key purpose of this question is to assess technical consolidation skills. However, the question may also require candidates to adjust for transactions that have been incorrectly or incompletely accounted for in the financial statements of group entities (usually the parent entity). In order to make these adjustments candidates will need to apply the provisions of relevant IFRS Standards. In Question 1 the emphasis will be on application rather than explanation.
In questions 2, 3 and 4 there will be more emphasis on identification and explanation of financial reporting issues rather than of financial statements preparation. Practicing these questions from the past exam papers is very good exam preparation. Past experience shows that candidates find the narrative style questions more challenging than the numerical style of question. These past papers continue to be relevant,however, the new format may present an additional query on an additional IFRS Standard as new format of question paper contains 25 marks instead of 20 marks earlier.
Question 2 will often present candidates with two or three reasonably complex issues and require them to prepare a narrative answer that shows the appropriate financial reporting of those issues. This question will usually involve a little more computational work than Questions 3 and 4 and the requirements will normally be presented as ‘explain and show’ which means the answer should describe the required financial reporting treatment but also give workings for the actual figures to be recognised or disclosed. Examples of issues that could be examined in this question include, but are not restricted to, accounting for retirement benefit schemes or share-based payment schemes, impairment calculations for a cash-generating unit, computation of the cost of a constructed item of property, plant and equipment, and accounting for a decommissioning provision relating to an asset such as a nuclear power station.
Question 3 will usually deal with one or two particular IFRS Standards in some detail. Such a question would require candidates to describe key features of the IFRS Standard and apply it to two or more situations that the question describes. In contrast with Question 1, there will be a limited number of marks available for technical preparation of financial statements extracts and the majority of marks are available for identifying and quantifying the appropriate adjustments. However, it is expected that candidates can explain how these adjustments will affect line items in the financial statements.
Question 4 will often present candidates with a scenario or a range of scenarios for which the correct financial reporting treatment is complex or uncertain. Often the question will place the candidate in a ‘real-life’ role, for example chief accountant reporting to the chief executive officer or senior accountant supervising an assistant. The question frequently requires candidates to address a series of questions that have been posed by the other party in the scenario. The question will often ask candidates to present a reply or report that deals with the appropriate financial reporting of the issues raised in the scenario. The primary skill in this question is identifying and describing the issues, rather than the detailed computation of numbers.
Thousands of accounting, audit and finance professionals apply for diploma in IFRS every year, and the biggest intimidation that a majorit...
DipIFR students typically come up with questions like how much time does it take to complete DipIFR syllabus before the examination, is it possible for non-CA professionals to get well versed with IFRS (International Financial Reporting Standards) within such a short time span and how many hours should be dedicated to DipIFR study on a daily basis. Aspirants are often concerned about the magnitude and complexity of syllabus. Despite being professionals in the field of accounting, finance and audit, most of these students feel the pressure of writing the exam paper and completing the same within just three hours!
