What is the full form of IFRS? What is IFRS Certification?
The IFRS stands for International Financial Reporting Standards, which is akin to the universal language of accounting regulations. There are several rules that businesses all over the world follow when disclosing their financial performance. IFRS lays the foundation for international financial reporting uniformity and transparency. Take IFRS as the playbook that ensures the financial industry speaks the same language the next time you hear about it.
What is the importance of IFRS?
The International Accounting Standards Board (IASB) publishes International Financial Reporting Standards (IFRS), which have steadily gained traction in the financial industry as more nations change their legal frameworks every day to comply with IFRS.
How does an IFRS diploma help in career growth?
Professionals can enhance their accounting knowledge in the global marketplace and work in the new IFRS environment with the help of the widely recognized IFRS certification in Dubai and around the world. It offers a brief course that gives students the framework and knowledge of international accounting standards. For this reason, several ACCA and CA students choose to enroll in this certificate program in addition to their longer-term professional courses.
What is the difference between IFRS and GAAP?
Global accounting methods are based on the generally accepted accounting principles (GAAP) and the International Financial Reporting Standards (IFRS).
Although the goal of both systems is to present accurate financial data, their approaches to accounting standards are very different. One important difference is in the underlying principles: GAAP is rules-based, which frequently leads to more intricate laws and stricter compliance requirements, while IFRS is mostly principles-based, encouraging flexibility and interpretation by businesses.
What are the eligibility criteria to pursue IFRS?
You can take the IFRS certification in Dubai, whether you are a qualified professional accountant or auditor who works in a firm or practice and meets national accounting requirements.
You can also be eligible if you are employed in practice but are not yet qualified. You must hold one of the following:
- A degree that demonstrates at least ACCA qualification exemptions for the Applied Knowledge and Corporate and Business Law (LW) tests, as well as two years of relevant accounting experience
- An ACCA Certificate in International Financial Reporting and two years of related accounting experience
- Three years of experience in relevant accounting, with ACCA affiliate status
What is the topic weightage of different topics in the IFRS syllabus?
- International Sources of Authority: 25% of the total
- Financial Statement Components: 25%
- Presentation of Additional Disclosures and Financial Statements: 25%
- Creating External Financial Reports for Associates and Combined Entities: 25%
How can I get my IFRS Certification in Dubai?
- Step one: To schedule your exams, register with ACCA Global and create an account.
- Step two: Prepare for your exam with Mirchawala’s online IFRS course in Dubai; study through live sessions and practice questions through its platform to get started on your preparation.
- Step three: After completing your training, take the IFRS examinations in June or December. Make sure to obtain at least the minimum passing percentage to qualify for this exam.
Students, affiliates, and members can obtain transcripts from ACCA attesting to their performance on the ACCA exams. If your account is active, these transcripts are given to you at no cost.
What is the IFRS Certification exam pattern?
The IFRS exam takes three hours and fifteen minutes. You need to get a score of 50% or above to pass the exam. Twice a year, in June and December, the IFRS exams are scheduled either remotely or at ACCA exam sites. Calculations and written responses to four questions, each worth 25 marks, are required for the exam.
What are the career options after IFRS certification in Dubai?
There are numerous career options available to you once you have your IFRS diploma. The following are some of the most common career paths chosen following the completion of an IFRS diploma:
External Auditor
- Finance Controller
- Financial Consultant
- IFRS Expert
- Finance Tutor
- Financial Planning and Analysis Manager
- Analyst Corporate Finance
Why should you choose Mirchawala?
Mirchawala today stands among the best institutes for IFRS certification in Dubai due to many good reasons:
- There is a team of expert IFRS tutors who are highly skilled professionals with extensive backgrounds in their fields.
- The institute’s live classes allow learners to study as per their convenience.
- Access video materials, practice questions, and live class announcements all in one place.
- Along with our personalized success slides, the institute offers highly regarded study materials from throughout the journey.
