Study Zone

Going international

The ACCA's Diploma in International Financial Reporting (DipIFR) is a hidden gem. It is available to all NQs and could make you more employable

The work of the International Accounting Standards Board (IASB) is far from complete and, as it interacts with the European Union and the regulatory authorities in North America, new standards and many revisions to old and recent standards will continue to be issued. A number of unsettled issues have arisen as a result of the circumstances created by the financial crisis, not least of these is the huge impact of fair value reporting, and their resolution may take some time.
With Canada, India and the United States not due to adopt IFRS until at least 2011, and the difficulties of realignment (on both sides) that may arise in each case, the process of securely embedding IFRS is a very long way from completion.
This means that many accountants still have a lot to learn about IFRS and its implementation in the global financial reporting environment. Those who qualified under their national GAAPs (including UK GAAP) still need to get up to speed with the new reporting regime, while those who qualified under IFRS must continue to update their knowledge on a regular basis.
The Diploma in International Financial Reporting (DipIFR) is a qualification managed by the ACCA and has been designed as a conversion tool for those accountants who may have qualified under a local GAAP based set of exams. 'Understanding' and 'practical application' of IFRS are the headlines of the DipIFR. It is not an academic product; it is technical and professional and helps accountants do their jobs.
The qualification is made up of a study programme followed by a single three-hour written exam relating to International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). ACCA's official study materials are provided by ATC International through whom training courses can also be arranged.
The qualification is open to all accountants not just those who have qualified with ACCA. The exam comprises two sections, section A is a compulsory 25-mark question and section B comprises four 25-mark questions, of which three must be attempted. The exam can be taken in either June or December each year, with results notified to candidates in August and February.
A major benefit of the qualification is that it counts towards CPD hours that all accountancy bodies require their members to fulfil, as an example, as an ACCA member, you can claim up to 30 verifiable units of continuing professional development (CPD) for studying for the DipIFR and a further 12 hours of verifiable units upon passing, as long as IFRS is relevant to your training and development needs. Additional verifiable units of CPD (in excess of 21 verifiable units) can be carried forward to the following year. Those members of other accountancy bodies would need to check with their body as to how many hours CPD the qualification would give.
The other major benefit of the qualification is that it keeps members up-to-date on the financial standards that many companies are now required to adopt. The additional qualification will prove very useful if and when employers require their employees to have some form of exposure to IFRS.
For more information on the DipIFR qualification either visit the ACCA website at www.accaglobal.com or the ATC International website, which is at www.atc-global.com, or email info@atc-global.com.

* Ronnie Smith, Director of Special Projects, ATC International

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