Benefits of ACCA Certificate/ Diploma in IFRS for CA Professionals

Over 113 countries require or permit the use of International Financial Reporting Standards (IFRS) for publicly-traded companies. Many other countries around the world are moving towards applying IFRS.

BENEFITS OF IFRS

Applying national accounting standards meant amounts reported in financial statements might be calculated on a different basis.

One of the basic disadvantages of this approach is that if a company recognizes profits under one set of national accounting standards, it may recognize losses under another.

IFRS Standards address this challenge by providing a high-quality, internationally recognized set of accounting standards that bring transparency, accountability, and efficiency to financial markets around the world.

• transparency – The IFRS Standards enhance the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions.
• Accountability – The IFRS Standards strengthen accountability by reducing the information gap between the providers of capital and the people to whom they have entrusted their money.

The Standards provide information that is needed to hold management to account. As a source of globally comparable information, IFRS Standards are also of vital importance to regulators around the world.

• Efficiency – IFRS Standards contribute to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation.

For businesses, the use of a single trusted accounting language lowers the cost of capital and reduces international reporting costs.

ACCA CERTIFICATE IN IFRS

ACCA’s Certificate in International Financial Reporting Standards (CertIFR) offers a broad introduction to the field and aims to help you understand how they are used globally.

The course and assessment are separate so if you are already applying IFRS at work and want formal recognition of your skills, you can apply to take the online assessment only.

But if you just want extra knowledge in the field you can choose to take the course only, or you can complete both. This course is more macro in nature and may not provide a detailed perspective especially the application of standards.

ACCA DIPLOMA IN IFRS

ACCA’s Diploma in International Financial Reporting (DipIFR) is for finance professionals who need to acquire more a detailed understanding of IFRS.