In this competitive era, where the job market is competitive, there is a constant need for upskilling. One education alone is not enough to get you into higher education. Therefore, a diploma and a valid certification come into the scene. Such as Ifrs diploma in Nepal can unlock numerous opportunities for you. It will not only polish your skills but also take you to higher designations and job roles. This guide will help you in creating an understanding of the IFRS diploma in Nepal, its purpose it and the career you can have after its completion.
What is ifrs diploma?
The IFRS diploma, formerly called the Diploma in International Financial Reporting, is a specialized qualification offered by the Association of Chartered Certified Accountants. Its main focus is to help finance and accounting professionals understand and apply international financial reporting standards, the global accounting standards used in more than 180 countries.
Purpose of the IFRS Diploma
An IFRS diploma helps get the practical knowledge and understanding of how IFRS is used in financial statements
- Work in accounting or auditing
- Deal with companies reporting under IFRS
- Want to move into roles that require international accounting knowledge
- Plan to work for multinational companies or abroad
Eligibility criteria for IFRS Diploma
The eligibility criteria offered by ACCA for IFRS are quite flexible. Still, there is a need for some prior accounting knowledge to complete the diploma.
Professionals accountants
Professional accountants are the primary audience for this course, including:
- Acca
- Icaew
- Icap
- CIMA, cpa, CMA, or any other recognized accounting body
If you are a qualified accountant, you are automatically eligible for the IFRS.
Graduates with an accounting background
If you have previous accounting knowledge and a graduate degree in accounting and finance, you will be eligible to do the diploma.
Partially qualified accountants
If you are a student of ACCA, CIMA, cpa, and have completed the financial reporting paper, you are still eligible to apply.
Experienced professionals
Even if you are not formally qualified, you are still eligible for this diploma. For this, you should have relevant working experience of three years in accounting and finance. Acca may allow you to enroll. Examples included are
- Internal auditor
- Finance executive
- Finance manager or analyst
- Assistant accountants
Important note:
You do not have to be an ACCA member or student to apply for this diploma. Anyone who meets the eligibility criteria can use the ACCA or approved learning partners.
Career paths after ifrs diploma in Nepal
Here are some of the top careers you can have after you finalize your diploma in IFRS.
Financial analysts
As a financial analyst, you can measure the company’s performance using ifrs-complinance financial data, assist in investment decisions, and prepare valuation reports.
Ifrs specialist/ consultant
Help companies transition from local GAAP to IFRS, separate financial statements, and ensure compliance with the global standards.
Finance manager
As a finance manager, you oversee financial reporting, budgeting, and internal controls while also making sure company statements meet the IFRS standards.
Accounting manager
After becoming the accounting manager, you can supervise accounting operations, ensure proper recognition and measurement of financial transactions under IFRS.
Tax consultant
A tax consultant gives the assurance that tax reporting standards must be aligned with the principles of IFRS. As a tax consultant, you will work on tax consulting and tax planning.
Statutory auditor
They will review the audit financial statements to identify potential discrepancies and compliance with the IFRS standards.
Finance controller
Manage the overall financial health of an organization, focusing on the IFRS standards.
Corporate reporting manager
The corporate reporting manager will be responsible for the preparation of financial statements and annual reports for the multinational organizations
Risk and compliance officer
Evaluate and manage risk related to financial reporting, governance, and compliance with international standards.
Big 4 audit and advisory roles
Join firms like PwC, ey, Deloitte, or KPMG in auditing, advisory, or financial consulting divisions focusing on IFRS implementation
Possible institutes/ organizations to check
Here are some of the places in Nepal that might offer IFRS/ accounting standards.
Educational/ professional bodies
- Bankers in Nepal Association (NBA), organizes training/ seminars related to IFRS banking.
- The Institute of Chartered Accountants of Nepal (ICAN), may offer seminars or courses on IFRS or collaborate with ACCA learning partners.
- Universities (for example, Tribhuvan University, Kathmandu University), through their business faculties, may also host workshops or courses.
Acca learning partners in Nepal
Acca has approved learning partners, who deliver ACCA-designated courses. Some of them may offer an IFRS diploma or related training. You can check the ACCA website for approved learning partners in Nepal, and contact them to see if they offer IFRS diploma preparation.
Private training and coaching centers
Local cpa/CA/accounting training firms many run short courses on IFRS updates or workshops.
Firms that provide continuing professional education(CPE) for accountants may have periodic IFRS-focused classes.
How to choose a good institute for IFRS preparation
When selecting the institutes, you must look for the following features
- Are they an ACCA-approved learning provider for the Diploma in International Financial Reporting?
- Do they offer mock exams and practice questions
- Timing and schedule
- Cost and fee in your range
- Quality of instructors
- Feedback, mentorship, and guidance.
Conclusion
In summary, to stay in the competition, you have to pursue this IFRS diploma in Nepal. By getting the maximum information on the career paths and helpful ways to study, you can easily complete this qualification. Not only can you move forward with the high-paying career but also your communication and analytical skills will be improved after completion of this ifrs diploma in the nepal.
Frequently asked questions
List the brief eligibility criteria for the IFRS diploma in Nepal?
The diploma in international financial reporting(DIPIFR), primarily offered by the ACCA (Association of Chartered Certified Accountants), has specific requirements. Usually, you need to be a professional accountant or auditor qualified under the national accounting standards. If you are not formally qualified, you may be eligible if you have three years of relevant working experience and acca affiliate status.
How does an IFRS diploma unlock high-paying and international career opportunities in Nepal?
The IFRS diploma equips you with a deep understanding of the global accounting language (IFRS Standard), which is necessary in over 100 countries and increasingly in Nepal ( through the Nepal Financial Reporting Standards.
Which professional body is responsible for offering the IFRS diploma in Nepal?
The globally recognized IFRS diploma, known as the diploma in international financial reporting (DIPIR), is offered by the ACCA (Association of Chartered Certified Accountants)
