Certificate in International Financial Reporting
ACCA Certificate in International Financial Reporting (Cert IFR)
Introduction
The ACCA Certificate in International Financial Reporting is a specialised qualification designed to provide knowledge and understanding of International Financial Reporting Standards (IFRS) and their application. It is offered by the Association of Chartered Certified Accountants (ACCA), one of the world’s largest and most recognized professional accountancy bodies.
It is suitable for professionals working in finance, accounting, or auditing who want to strengthen their knowledge of IFRS and be able to apply it confidently in practice.
Who can take it?
Target Audience:
- Professional accountants or auditors who already have experience in financial reporting.
- Accountants qualified under national standards who want to switch to IFRS.
- Finance managers, analysts, and consultants working in multinational environments.
- Graduates or part-qualified accountants seeking a specialized certificate.
Entry Requirements:
- There are no formal entry requirements, but having some background in accounting/financial reporting is strongly recommended.
Course Objectives
By the end of the course, learners will be able to:
- Understand the history, structure, and objectives of the IASB and IFRS framework.
- Apply IFRS in preparing financial statements for individual companies and groups.
- Compare IFRS with other accounting frameworks such as US GAAP or local GAAP.
- Stay updated with recent developments and convergence projects.
Learning Outcomes
- Students completing Cert IFR will be able to:
- Explain and interpret IFRS standards.
- Prepare financial statements in compliance with IFRS.
- Handle accounting for complex areas (e.g., leases, financial instruments, consolidations).
- Disclose relevant financial information properly.
- Recognize differences between IFRS and national GAAP.
Syllabus Coverage
The syllabus is comprehensive and covers the entire IFRS framework:
1. The International Accounting Standards Board and IFRS Accounting Standards
- Origins of the IASB
- Structure of the IFRS Foundation
- The IAS (International Accounting Standards) and IFRS (International Financial Reporting Standards) currently in issue
- The Conceptual Framework for Financial Reporting
2. IFRS Accounting Standards – global convergence and continued development
- Adoption of IFRS in different jurisdictions
- Growth of the IASB
3. Revenue, presentation and profit
- IAS 1: Presentation of Financial Statements
- IFRS 15: Revenue from Contracts with Customers
- IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors
4. Accounting for non-current assets
- IAS 16: Property, Plant and Equipment
- IAS 40: Investment Property
- IAS 23: Borrowing Costs
- IFRS 5: Non-current Assets Held for Sale and Discontinued Operations
5. Accounting for assets, impairments and grants
- IAS 38: Intangible Assets
- IAS 36: Impairment of Assets
- IAS 20: Accounting for Government Grants and Disclosure of Government Assistance
- IAS 2: Inventories
6. Accounting for leases and specialised assets
- IFRS 16: Leases
- IAS 41: Agriculture
- IFRS 6: Exploration and Evaluation of Mineral Resources
7. Accounting for financial instruments
- IAS 32: Financial Instruments: Presentation
- IFRS 9: Financial Instruments
- IFRS 7: Financial Instruments: Disclosures
- IFRS 13: Fair Value Measurement
- IFRS 4 and IFRS 17: Insurance Contracts
8. Accounting for liabilities
- IAS 37: Provisions, Contingent Liabilities and Contingent Assets
- IAS 19: Employee Benefits
- IAS 12: Income Taxes
- IFRS 2: Share-based Payment
9. Group accounting – part 1
- IFRS 10: Consolidated Financial Statements
- IAS 27: Separate Financial Statements
- IFRS 3: Business Combinations
10. Group accounting – part 2
- IFRS 11: Joint Arrangements
- IAS 28: Investments in Associates and Joint Ventures
- IFRS 12: Disclosure of Interests in Other Entities
- IAS 21: The Effects of Changes in Foreign Exchange Rates
- IAS 29: Financial Reporting in Hyperinflationary Economies
11. Disclosure standards and first-time adoption
- IAS 7: Statement of Cash Flows
- IFRS 8: Operating Segments
- IAS 24: Related Party Disclosures
- IAS 33: Earnings Per Share
- IAS 34: Interim Financial Reporting
- IAS 10: Events after the Reporting Period
- IFRS 1: First-time Adoption of IFRS
12. IFRS Accounting Standards and other reporting frameworks
- The IFRS for SMEs Standard
- The FASB and US GAAP
- Principal differences between IFRS and US GAAP
- Indian GAAP (or local GAAP / other)
Exam & Assessment
- The certificate is assessed through a computer-based online exam.
- Format: Multiple-choice questions and objective tests.
- Exam duration: 1–2 hours.
- Passing mark: 50%.
- The exam can be taken anytime online, giving flexibility.
Certification
- On passing, candidates receive the ACCA Certificate in International Financial Reporting.
- Recognized globally as proof of IFRS knowledge.
Benefits
- Enhances career prospects for accountants in multinational companies.
- Equips professionals to handle global reporting requirements.
- Increases credibility with employers and clients.
- Bridges the gap for accountants transitioning from local GAAP to IFRS.
- Serves as a pathway to more advanced ACCA qualifications.
Practical Applications
- Preparing consolidated financial statements under IFRS.
- Applying IFRS standards to complex areas like revenue recognition and financial instruments.
- Ensuring compliance in industries such as banking, insurance, real estate, and multinational corporations.
- Supporting advisory roles in auditing, consulting, and corporate reporting.