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Don't let them hold you back! Join our FREE live online query resolution sessions for the Diploma IFRS June 2025 exam. Limited spots available – register now and ace your prep! On image- update Contact Us Now:-+91 8421438047

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Struggling to navigate the complexities of IFRS? FinPro Consulting offers clear, concise, and comprehensive IFRS training tailored for finance professionals. Whether you’re new to international standards or seeking to sharpen your expertise, our expert-led guidance helps you stay compliant and confident. Discover the smarter way to learn IFRS—start your journey with FinPro today. Contact us now:- +91 8421438047

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CONTINUOUS LEARNING: A KEY TO CAREER DEVELOPMENT

The job market is evolving at an unprecedented pace. Automation, artificial intelligence, and digital transformation are reshaping industries, making traditional skills obsolete while increasing demand for new expertise. Employers today value more than just degrees; they prioritize adaptability, problem-solving skills, and a willingness to learn. Whether you aim to rise within your current job, transition to a new field, or launch your own business, committing to learning is key to achieving lasting success. By investing in up skill development, professionals can confidently navigate these shifts and remain competitive in their industry.

Benefits of Continuous Learning:

With rising competition across industries, staying Competitive in the Job Market is necessary. Employers today are on the search for team members who can adapt to new technologies and demanding working trends. Continuous knowledge enhancement includes mastering new software, acquiring language skills, or developing industry-relevant expertise. Not only does this strengthen your resume, but it also broadens your career prospects.

Continuous learning surpasses technical skills; it's about critically evaluating and enhancing creative thinking abilities. When a person is exposed to new ideas, they develop different viewpoints and start to evaluate challenges more proficiently. These skills are relevant across various sectors, including healthcare, technology, manufacturing, engineering, etc. A professional who embraces learning brings fresh perspectives and innovative solutions, making them an asset in any organization.

Professionals who invest time in up skilling and reskilling often get rewarded for their efforts and have better career growth opportunities. The individuals who constantly enhance their knowledge are often entrusted with greater responsibility and are considered for senior-level positions. By learning the relevant skills in the market, one not only showcases their professional growth but also their personal growth. For those looking to take control of their careers, skill development programmes provide valuable insights into developing and managing a successful business.

Embracing Continuous Learning: Practical Approaches:

The rise of e-learning platforms, including Coursera, Udemy, LinkedIn, and Internshala, offers a wide range of online courses and certifications across various fields. The courses allow one to learn at one's own pace. Earning a certification in skills like data analytics, project management, digital marketing, cyber security, UX designing, etc., can significantly enhance your career opportunities.

Simultaneously, attending workshops and industry seminars can assist you in gaining practical knowledge and provide beneficial networking opportunities. Engaging with experts and fellow professionals allows you to share insights and stay informed about the latest industry trends.

Reading books, blogs, articles, and reportscan keep you updated on the emerging industry trends and best practices within your field. Regular reading will not only make you an expert in your field but will also sharpen your critical thinking and decision-making abilities.

Lastly, learning from seasoned professionals can provide invaluable guidance that accelerates your growth. A mentor can share their experiences, offer insights, and help you navigate various challenges. Additionally, actively seeking feedback from mentors, colleagues, and supervisors can help you pinpoint areas for improvement and foster your professional development.

Inference

In today’s fast-changing job market, continuous learning isn’t just beneficial, it’s essential for long-term success. Whether you aim for career advancement, job security, or entrepreneurship, staying committed to lifelong learning ensures long-term success. Investing in an up-skilling program can open doors to new opportunities and greater professional fulfilment. By embracing learning as an on-going journey, you can future-proof your career and achieve sustained growth. Connect with Yashaswi Group today and take the next step towards a successful career! Invest in yourself with skill-building programs those open doors to new opportunities. Don’t wait! Start your journey towards growth, confidence, and lasting career success.

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IAS 38 Made Simple: Intangible Asset Recognition for ACCA DipIFR Students

Learn how to easily understand and apply IAS 38 for recognizing intangible assets. A simplified guide by Finpro Consulting designed for ACCA DipIFR students and IFRS learners.

Target URL:-https://finproconsulting.in/blog/intangible-assets-recognition/

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Vital examination tips on ACCA’s Diploma IFRS for June 2025 attempt. Open for One & All!! Join the LIVE Webinar by CA Amit Darekar on Friday, 11th April-2025 @ 05:30 pm only for ₹ 99. Click here to Register: https://rzp.io/rzp/ZIChd67z

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Recognition and Initial Measurement of Property, Plant and Equipment (PPE) as per IAS 16

Tangible fixed asset is a key resource for any business and generally represents a significant portion of the net worth captured on the balance sheet. These fixed assets help businesses to run its operating activities and thereby generating revenue. Apart from generating future economic benefits, amount of such tangible assets is also used in various vital ratios which are regularly analysed by the users of financial statements. IAS 16 -“Property, Plant, and Equipment” (PPE), is a basic and vital International Financial Reporting Standard (IFRS) that provides guidelines on the accounting of tangible fixed assets. IAS 16 provides the accounting principles for recognition, initial and subsequent measurement, presentation, derecognition and disclosure for the PPE in the financial statements.

In essence, IAS 16 provides in depth guidance on the topics like when to recognise PPE in the financial statements, how to measure asset initially i.e. measurement basis (viz. cost), which expenses incurred will form part of the cost of an asset (for e.g. borrowing costs, dismantling and restoration expenses, directly attributable costs etc.), how to measure assets on subsequent reporting date, i.e. measurement basis (cost or revaluation model), how to determine the asset’s useful life, depreciation methods, impairment of assets etc., where to present such assets in financial statements, when to derecognise and which disclosures are required in the financial statements.

For students pursuing a Diploma in IFRS, having in depth knowledge on IAS 16 is fundamental. This standard forms the backbone for accounting of tangible asset in the financial reporting and helps in better analysing the financial statements of any entity. It is vital for ensuring accurate and reliable financial reporting, which in turn enhances the credibility of an entity’s financial statements.

Considering the fact that the topic is vast, in this blog, we will discuss about recognition and initial measurement principle of PPE as per IAS 16.

Definition of PPE:

 – Ind AS 16 defines property, plant and equipment as:

Tangible fixed asset is a key resource for any business and generally represents a significant portion of the net worth captured on the balance sheet. These fixed assets help businesses to run its operating activities and thereby generating revenue. Apart from generating future economic benefits, amount of such tangible assets is also used in various vital ratios which are regularly analysed by the users of financial statements. IAS 16 -“Property, Plant, and Equipment” (PPE), is a basic and vital International Financial Reporting Standard (IFRS) that provides guidelines on the accounting of tangible fixed assets. IAS 16 provides the accounting principles for recognition, initial and subsequent measurement, presentation, derecognition and disclosure for the PPE in the financial statements.

In essence, IAS 16 provides in depth guidance on the topics like when to recognise PPE in the financial statements, how to measure asset initially i.e. measurement basis (viz. cost), which expenses incurred will form part of the cost of an asset (for e.g. borrowing costs, dismantling and restoration expenses, directly attributable costs etc.), how to measure assets on subsequent reporting date, i.e. measurement basis (cost or revaluation model), how to determine the asset’s useful life, depreciation methods, impairment of assets etc., where to present such assets in financial statements, when to derecognise and which disclosures are required in the financial statements.

For students pursuing a Diploma in IFRS, having in depth knowledge on IAS 16 is fundamental. This standard forms the backbone for accounting of tangible asset in the financial reporting and helps in better analysing the financial statements of any entity. It is vital for ensuring accurate and reliable financial reporting, which in turn enhances the credibility of an entity’s financial statements.

Considering the fact that the topic is vast, in this blog, we will discuss about recognition and initial measurement principle of PPE as per IAS 16.

Definition of PPE:

 – Ind AS 16 defines property, plant and equipment as:

Initial Measurement of Property, Plant and Equipment

All PPE shall be measured initially at ‘COST’.

Which expenses will form part of costs will depend on the mode of its acquisition i.e.

Separate acquisition,

Internally generated

In exchange of another non-monetary asset

In business combination

Government grant (covered separately in IAS 20)

Leases (covered separately in IFRS 16)

Following is the summary of expenses that will form part of the cost of PPE based on its mode of acquisition.

01.

External acquisition

Purchase price

Import duties and non-refundable taxes

All directly attributable expenditure (viz. transportation, site preparation, installation, transit insurance etc.)

Borrowing costs (as per Ind AS 23)

Dismantling and restoration costs

Deductions from costs:

Discounts and rebates

Imputed cost of interest in case of deferred credit arrangement

02

 Self-constructed

Direct material + non-refundable taxes

Direct labour (ignore abnormal losses)

Direct Overheads (ignore indirect overheads)

All directly attributable expenditure

Borrowing costs (as per Ind AS 23)

Dismantling and restoration costs

Deductions from costs:

Discounts rebates

Imputed cost of interest in case of deferred credit arrangement

Examples of costs that are not directly attributable: training costs, costs of opening a new facility, costs of conducting business from new territory, administration and general overheads.

 03

Business combination

COST = Acquisition date Fair Value

Recognition is possible since:

“Probability” criteria is assumed to be satisfied and

“Reliable measurement of cost” criteria is satisfied if fair value can be measured reliably.

Identifiable IA, even if not recognised in the books of acquiree, are recognised separately from goodwill.

If not identifiable, amount is subsumed in goodwill.

 04

Asset exchange

COST = Fair Value (of an asset which is more reliably measurable),

* Transaction shall not lack commercial substance

Sequence to determine cost:

Fair value of an outgoing asset (if FV of both the assets are measurable with equal reliability)

Fair value of an incoming asset (if fair value of outgoing asset cannot be measured reliably)

Carrying value of an outgoing asset (if fair value of both the assets is not measurable reliably or transaction lacks commercial substance)

At FinPro Consulting, we focus on providing training, GAAP conversion services, and other consulting support for financial reporting under IFRS, Ind AS, and US GAAP. We are also a Registered Learning Partner (RLP) with ACCA, UK, and have successfully conducted over 30 retail training sessions for the Online DipIFR course.

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Accelerate your ACCA DipIFR exam preparation with Finpro Consulting’s recorded video lectures. Designed for the June 2025 exam, our expert-led sessions provide flexible learning, comprehensive coverage of IFRS standards, and practical insights. Study at your own pace and gain the confidence to excel in your finance career.

Contact Us Now:-8421438047

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Scope of IFRS and Objective, Growth and Skilling in IFRS

What is the Scope of IFRS?

As per the survey by IASB, more than 140 countries mandate or allows the use of IFRS for the financial reporting purpose of their publicly accountable entities. This includes the European Union, many countries in Asia and Latin America, and Canada etc. In U.S.A., they use US GAAP (Generally Accepted Accounting Principles) for financial reporting purposes of the publicly listed entities. However, U.S. allows foreign private issuers to present their financial statements using IFRS for reporting purposes.

Objectives of IFRS: Why They Matter

The purpose of IFRS is to bring harmony in the accounting language and bring ease in doing business internationally by standardising financial reporting across the globe. Accordingly, making it easier for investors, regulators, and other stakeholders through the financial statements which are reliable, transparent and comparable even from different organizations from various countries.

India made a commitment to G20 nations in their summit in 2009 towards convergence to IFRS. Accordingly, India decided to adopt a reporting framework similar to IFRS i.e., Ind AS, Indian Accounting Standards Converged with IFRS (conversion approach). Ind AS to be adopted in a phased manner from the financial year 2016-17 with comparatives for the year financial year 2015-16 for certain class of companies. Currently all publicly listed companies (including NBFCs) and companies in the process of listing along with their subsidiaries, JV and associates are covered within the ambit of Ind AS. Further, private limited companies with net worth of 250 crores or more along with their subsidiaries, JVs and associates are also required to comply with Ind AS.

Growth Opportunities in IFRS for Professionals

As many countries allow the use of IFRS for financial reporting purpose, private companies can choose to use IFRS in many jurisdictions. Small companies may also use IFRS depending on the jurisdictional requirements. Some countries may have separate guidelines or simplified standards for smaller entities, such as IFRS for SMEs (Small and Medium-sized Entities) as issued by IASB.

Knowledge of IFRS for a professional working in accounts and finance department is must in today’s world. Professionals with expertise in IFRS can become a global accountant. Such a professional can pursue a variety of career paths for skilling and training in IFRS including:

·        Financial Accountant (accounts and fiancé department of any company)

·        Financial Analyst

·        Statutory Auditor

·        IFRS Consultant

·        Financial Controller

·        Chief Financial Officer (CFO)

Many multinational companies, auditing firms, and financial institutions today prefer an accounting professional with IFRS knowledge or experience.

As more companies are adopting IFRS standards which is increasing the demand for trained professionals, in many areas, including accounting, auditing, consulting, and advisory services. Over 140 countries have adopted IFRS, which means there are more job opportunities worldwide for those who are certified. Also, the transition to IFRS is complex and time-consuming, so companies need highly skilled professionals to help with implementation.

To protect their financial health and reputation, companies need solid risk management. Being IFRS-compliant helps with this, making financial reports clear and accurate­. This lets companies spot and deal with risks early. Professionals with an IFRS Diploma have skills for dealing with financial risks effectively and help make good decisions for businesses to grow sustainably.

ACCA’s Diploma in International Financial Reporting (DipIFR) provides qualified accountants or graduates who have relevant country specific qualifications or work experience with an up to date and relevant conversion course. The Diploma provides practical and detailed knowledge of the key international financial reporting standards and how they are interpreted and applied.

Salary and Growth:

Salaries vary by country, experience and role, but typically:

·        Entry-level positions (1-3 years of experience): INR 3 lakhs to 6 lakhs per year.

·        Mid-level positions (4-8 years of experience): INR 7 lakhs to 15 lakhs per year.

·        Senior positions (8+ years of experience, such as CFOs or IFRS consultants): INR 15 lakhs onwards.

This is merely an indicative range, and actual salaries may differ depending on the skillset of a candidate.

Professional salaries increase up to 20-30% at major corporations based on the IFRS certification. Predicted growth is at an annual rate of 10%. The IFRS skills contribute to more career development in relation to business convenience in aligning with globalised norms.

Future of IFRS and Career Pathways

ACCA Diploma in IFRS is not just a qualification; it is a passport to a challenging but rewarding career with high growth potential and a Diploma in IFRS salary in India is also impressive. Moreover, with FinPro Consulting by your side, the road to international financial reporting is going to be very rewarding..

So, if you are still wondering what qualifies one for the ACCA Diploma in IFRS, then do not hesitate to

reach out to us at 84214 38047 / 83291 19908 for Free Guidance and details

Your total investment in learning IFRS is less than the cost of your smart phone, which is depreciable, however, knowledge will remain with you for life long!!

Thank you for reading the article and stay tuned to our next blog!

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Live vs. Self-Paced IFRS Online Classes: Which One Is Right for You

Introduction As financial training has changed its methodologies, IFRS online classes are now crucial for those professionals who are looking to upskill. Among the most popular learning formats are live and self-paced IFRS online classes. Choosing the right format depends on your goals, schedule, and learning style. You can read on and decide how to learn IFRS online: through live or self-paced classes. IFRS Classes: Live and Online Live IFRS classes are conducted virtually but in real-time in which participants can interact directly with both their instructors and peers online. These interactive sessions in virtual classrooms run with preset schedules and structured guidance.

Features:

The best features of IFRS courses for professionals include:

Live instructor-led courses

Live Q&A sessions for instant doubt clarification

Varied opportunities for group discussions and networking

Benefits:

Real-time learning allows immediate feedback

Makes venues for collaborative experiences

Provides a structured, goal-oriented environment

Overview of Self-Paced IFRS Online Classes

Self-paced IFRS courses are for learners who want flexibility in their schedules. These programs, often a common feature of autonomous education systems, present pre-recorded lectures and study material allowing students to learn and implement at their own speed.

Features:

On-demand training via video lessons

Flexible learning options for working professionals

Students get lifetime access to study materials

Benefits:

Online study facilitates anytime, anywhere education

This system is ideal for revisiting tough-to-understand portions of the lessons

Key Factors to Consider When Choosing Between the Two

Learning preferences: If you are a self-motivated individual, then there are many self-paced learning benefitsthat you can realize. The live classes are designed to provide structured education.

Time management: Whereas fixed schedules suit those who can commit to regular timings, flexible schedules is the best fit for busy professionals.

Cost of IFRS courses: The fees charged for self-paced IFRS courses are affordable. The extra cost, if any, can be attributed to advantagessuch as personalized support and real-time learning.

Pros and Cons of Live IFRS certification courses

Pros:

Personalized guidance from high-quality instructors

Active networking via online education

High engagement in classes through real-time support

Cons:

Flexibility may be limited

Higher costs when compared to self-paced instruction options

Live IFRS course challenges  (e.g., time-zone restrictions)

Pros and Cons of Self-Paced IFRS Online Classes

Pros:

Offers a lot of flexibility in learning

Affordable IFRS classes are ideal for budget-conscious students

Ability to review content in a repetitive manner

Cons:

Autonomous study drawbacks (e.g., real-time assistance not available)

Strong self-discipline is required

Limited or no interaction with either instructors or peers

Who Should Choose Live Classes

Live class learners include those who function and perform best in interactive learning environments and require real-time support. Professionals seeking accountability and are looking for opportunities to network are the best candidates for live IFRS classes.

Who Should Choose Self-Paced Classes

Self-paced learning is ideal for thoseindividuals who have packed professional schedules, such as ones working on a job. It’s also best-suited for those keen on independent study and all others seeking on-demand IFRS courses on a budget.

Hybrid Learning: The Best of Both Worlds

Some IFRS learning platforms offer options for students seeking hybrid learning. This is a method that combines live Q&A sessions packed with IFRS pre-recorded sessions. This blended education approach infuses flexibility while simultaneously retaining some of the structured elements.

Conclusion

As observed, live IFRS classesandself-paced IFRS courseshave distinct formats and advantages. Live classes for IFRS providestructured educationand engagement, while self-paced options give more priority toflexible learning formats.

About choosing the right course for you, it is crucial to assess your learning preferences, schedule, and career goals. If you seek structured, interactive learning, online IFRS training through live classes is best advised.

Choose wisely to make the most of your IFRS education and achieve your financial job/training goals!

For more information aboutlive IFRS certification courses, visit our website or contact us.