As Sri Lanka gets ready for compliance with the International Financial Reporting Standards, finance professionals may wish to update and certify their knowledge through ACCA’s Diploma in International Financial Reporting Standards (Dip IFRS). ACCA and the Institute of Chartered Accountants of Sri Lanka have collaborated to make this qualification available in Sri Lanka to enable finance professionals to update their knowledge and also certify the competency gained in this specialized field.

Over 113 countries require or permit the use of International Financial Reporting Standards (IFRS) for publicly-traded companies. All listed companies in the European Union (EU) have to prepare consolidated company accounts that comply with IFRS. It also affects associates and subsidiaries of EU-listed companies. Other countries such as Australia, Hong Kong and South Africa have already adopted IFRS or equivalents as their local Generally Accepted Accounting Principles (GAAP). And many other countries around the world are moving towards applying IFRS, which is having a significant impact on financial reporting.

The Dip IFRS addresses international financial reporting and first time application of international financial reporting standards and is designed to develop one’s knowledge of IFRS – providing an understanding of the concepts and principles which underpin them, and their application in the international marketplace.

Professional accountants and auditors, working in practice and industry, qualified in accordance with national accounting standards, are eligible to take this qualification. The course covers key topic areas such as, international sources of authority, elements of financial statements, presentation and additional disclosures and preparation of external financial reports for combined entities and joint ventures.

On completion of the Diploma candidates should be able to: understand and explain the structure of the international professional and conceptual framework of accounting, apply relevant financial reporting standards to key elements of financial reports, identify and apply disclosure requirements for companies relating to the presentation of financial reports and notes, prepare financial statements of single entities and account for their key elements complying with specified International Financial Reporting Standards and other related pronouncements and prepare group financial statements (excluding group cash flow statements) including subsidiaries, associates and joint ventures.

The Diploma in International Financial Reporting (DipIFR) can be studied online and is therefore a qualification which is flexible to your timetable, enabling you to fit your studies around your work and social commitments, and can be completed in three to six months.

It is supported by an open-learning course, and ACCA has worked with the specialist publisher ATC International – as its official publisher – to produce study materials for the diploma which are specifically designed to prepare you for the DipIFR exam. Focusing on the practical implementation of IFRS in the real reporting world, they can be used as a comprehensive self-study resource or by tuition providers to complement classroom-based tuition. A number of ACCA Approved Learning Partners also offer tuition for DipIFR and study materials from ACCA's Approved Learning Partners at gold status are also available.

ACCA has long-believed in the importance of international accounting and financial reporting standards in global business, and was the first organization to offer globally-available online and open-learning qualifications in international financial reporting and auditing.

One can apply to register for the Diploma in International Financial Reporting (DipIFR) at any time. However to sit exams at a specific session, it will be needed to receive the registration form and all supporting documentation by the following closing dates:

Registration to be received by April 15 for the June exams and by October 15 for the December exams. The quickest way to register as a DipIFR student is to go online. However supporting documentation is still required to finalize the application. In order to sit exams at a specific session these will need to be received by ACCA by the closing dates mentioned above. 

For more information you can log on to the website :- http://www.accaglobal.com/members/qualifications/dipifr/