IFRS Diploma Course: Career Scope, Salary, Eligibility, and Skills

IFRS Diploma Course: Career Scope, Salary, Eligibility, and Skills

IFRS (International Financial Reporting Standards) will become a significant benchmark for accounting professionals worldwide in 2024. The certification demonstrates that you possess the skills and knowledge required to excel in working with financial statements in accordance with IFRS rules.

The IFRS course is offered by the ACCA as a short-term course to educate students on the foundational understanding of international accounting standards. It is one of the most esteemed and prestigious certifications in International Financial Reporting Standards worldwide.

The Objectives of the IFRS Course

The objective of the ACCA diploma course is to improve your knowledge and understanding of IFRS. This course will help you get ready for the Diploma in IFRS (DipIFR) exam. The course provides you with a comprehensive overview of finance and an understanding of its global application. Here are some other courses in the IFRS diploma course:

• to understand how the worldwide accounting system is put together.
• recognizing and implementing disclosure standards for businesses in financial notes and reports.
• putting pertinent financial reporting standards to use on important financial report components.
• preparing group financial statements that include subsidiaries, associates, and joint arrangements (but not group cash-flow statements).

The Scope of the IFRS Diploma Course

Over the past few years, there has been a significant increment in demand for IFRS diplomas in Pakistan and worldwide. Renowned firms, like PwC, Deloitte, KPMG, EY, Grant Thornton, BDO, etc., hire candidates.

The work economy has a growing demand for people who can comprehend and apply IFRS, with the introduction of Ind-AS and IFRS.

You can change, adapt, and upskill yourself in the dynamic international environment with the help of the IFRS diploma. 

IFRS Course Details – At a Glance 

There is only one written exam, lasting three hours and fifteen minutes, for the Diploma in International Financial Reporting (DipIFR). To qualify for the paper, you need to score at least 50%. The exam is taken twice a year at the ACCA exam sites, in June and December.

The paper consists of two sections that call for a combination of written responses and calculations. The division of the assessment marks is as follows:

IFRS Diploma Fee

About $15,000 to $20,000 is spent on each IFRS attempt. Any further coaching or course tuition will incur additional costs. Mirchawala’s Hub of Accountancy offers a comprehensive IFRS training course online as well as in its campus. The training comes with a comprehensive course cover, study materials, a mock test, a previous paper review, and a lot more to assure your success.

Skills Required to Become an IFRS Diploma Holder

If you wish to become an IFRS expert, you need to focus on acquiring several skills, such as:

• Thorough understanding of financial reporting and accounting.
• Keeping abreast of changes to the reporting standards
• A strong memory to get all the guidelines and standards.
• Figuring out how to apply the new changes

 IFRS Career Scope

There is a long list of job options for IFRS diploma holders; a few of them are listed below:

• Individual accountant
• Financial Consultant
• Public Accountant
• IFRS Specialist in Finance
• Finance, Planning, and Analysis Teacher
• Supervisor
• Business Analyst

Salary after IFRS Certification

Accountants with an IFRS diploma working at the top international auditing companies begin with an annual package of $94,543 on average.

You can earn more after working in this profession for six to eight years and obtaining a good deal of experience. Consider enrolling in Mirchawala for the IFRS diploma course and learn under the guidance of expert teacher and industry professional  Mustafa Mirchawala.

Who Should Enroll in the IFRS Diploma Certification Course?

• Company secretaries
• ICWAs
• Chartered accountants
• Financial experts.
• Finance managers
• Chief accountants.

Criteria for Enrolling in the IFRS Diploma Course

You can take the ACCA financial reporting certification if you are a qualified auditor or professional accountant who works for a company or practice and meets national accounting requirements. Additionally, even if you are not yet qualified but are employed in the field, you might still be qualified for the DipIFR. To be eligible for the Diploma in IFRS by ACCA, one of the following requirements must be met:

Having a degree and two years of relevant accounting experience, with at least ACCA qualification exemptions F1–F4.

An ACCA Certificate in International Financial Reporting and two years of relevant accounting experience are required.

Three years of relevant experience in accounting.

 Enrolling in the IFRS Diploma: The Key Advantages

Having an IFRS diploma has been shown to be beneficial in securing career opportunities at big audit companies, since these firms tend to favor these candidates over others. Learning about IFRS could be an additional factor if you are already a certified public accountant. Being current and at ease with the standards will be very beneficial if your company works with foreign and multinational businesses.

 Summing Up…

The IFRS diploma course can help you have a successful career in the field of international accounting, whether you are learning to become a globally renowned chartered accountant or just want to increase your knowledge in this subject. We offer a Diploma in International Financial Reporting Standards (IFRS) course. If you have decided to enroll in it and want to learn more about the subjects covered in this difficult but amazing course, contact us now. We will be happy to help you.