Diploma in IFRS Exam
The International Financial Reporting Standards (IFRS) course is a well-respected course and for which exam is held by the Association of Chartered Certified Accountants (ACCA) twice a year. This course is performed by the candidates so that they can gain more knowledge regarding the IFRS.
About IFRS Course
The IFRS course which is set by the International Accounting Standard Board i.e. IASB is to gain an understanding of the standard of accounting and the principles which are set by them. The course has now reached the global standard when it comes to preparing for the financial statements. Presently India has taken a step ahead toward IFRS standard and adopted the Ind-AS.
What is the purpose of all coming to one platform?
The biggest advantage is to achieve the Global Accounting Standards in one single format. This will further be useful for international companies in terms of financial statements.
IFRS Exam Format and Pattern
The Diploma in IFRS Examination is a single 3 hrs 15 minutes written exam that takes place twice every year. (June and December)
There are two parts to the paper which requires a mix of calculations and written answers.
Question pattern - 4 questions of 25 marks each. (Total 100 marks)
You will need to achieve a 50 mark or above to pass the exam.
The result is announced within 6 weeks after the examination.
Diploma in IFRS Exam fees
Each attempt of IFRS exam costs between 13000 INR to 15000 INR.
The exam fees have to be paid 3 months before the exam window.
IFRS Exam Eligibility
a) If you are a professional i.e CA, CMA, CS then we require a certificate of Membership.
b) If you are a Bcom/Bcom graduate then we require a Bcom graduation certificate and 2 years of working experience certificate.
c) If you are a non-Commerce graduate then we require 3 years of working experience certificate.
IFRS Examination Centers
In the present date, 120 countries have already permitted the IFRS.
There are exam centres available all over the world.
IFRS Exam Pass percentage
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Tips to Pass IFRS Examination
The course requires 200 hrs of study time to complete the preparations. So you need to plan accordingly.
Below are the few details on how you can plan your exam -
1. Study Style
The candidates can follow the previous year's question pattern and the questions. This will help them to identify the important questions and topics that they should give more importance before the exam.
2. IFRS Formats
You will understand the Financial Statement Format once you check out the previous year's question paper. This is important in case of questions related to Q1.
3. IFRS Theory
Only understanding the practical won't help the candidate. Along with it, they must have proper knowledge of the theory. Understanding everything conceptually is very important for the IFRS Examination.
4. Practice past IFRS Papers
You need to get 50% to pass. Practising can make you perfect and try to practice properly with pen and paper just the way you would during the main exam.
5. Time yourself
Do personally four full question papers under exam conditions of 3h 15 minutes at the same IST times 2:30 pm-5 45pm. It may sound awkward, but when you get the benefits it's worth it! However, individually when we practice consolidation questions, that need to be timed as well to strategize our exam plan whether to take up Q1 at the end or not.
6. Attempt full 100 marks
Extremely vital and important is to attempt the full paper which increases the pass chances definitely and get yourself good scores for the effort you've put in!
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