#ifrs

[progensiscom]

What is the best IFRS software 

Best International Financial Reporting Standards (IFRS) software because the choice of software depends on the specific needs and requirements of the organization. Different companies may have distinct preferences based on factors such as size, industry, complexity of financial reporting, and integration capabilities with existing systems. 

However, there are several reputable software solutions that are commonly used for IFRS reporting and compliance. Keep in mind that the landscape might have changed, and new solutions may have emerged since my last update.  

Workiva: 

Workiva offers cloud-based solutions for finance, compliance, and data management. It is known for its collaborative and workflow management features. 

Tagetik (owned by Wolters Kluwer): 

Tagetik provides a unified platform for financial performance management, including IFRS reporting. It is designed to streamline funds processes and improve compliance. 

Oracle Financial Services Analytical Applications (OFSAA): 

Oracle's OFSAA suite includes modules for various budgetary functions, including regulatory info. It is designed to help wealthy institutions comply with IFRS and other reporting standards. 

SAP S/4HANA: 

SAP's ERP solution, S/4HANA, includes financial modules that can support IFRS. SAP is widely used in large enterprises across various industries. 

Datar ails: 

Data Rails offers a platform that automates funds reporting, budgeting, and forecasting. It is designed to improve the accuracy and efficiency of income processes. 

Hubble (by insight software): 

Hubble is an integrated suite of performance management apps. It provides solutions for financial reporting, analytics, and planning. 

OneStream Software: 

OneStream offers a unified CPM (Corporate Performance Management) platform that includes solutions for financial consolidation and planning, supporting IFRS compliance. 

When choosing an IFRS software solution, it's essential to consider factors such as the organization's specific information needs, budget, scalability, ease of use, and integration capabilities with existing systems. Additionally, staying informed about updates and reviews in the financial software market is crucial to ensuring that the chosen solution meets the latest standards and regulations. 

[shasat-uk]

Shasat Debuts IFRS Course Tailored for Energy & Mining Industries

In a bid to address the complex accounting requirements specific to the Oil & Gas, Power, Utility, and Mining industries, Shasat, a leading education provider, has unveiled a comprehensive two-day program on International Financial Reporting Standards (IFRS). This specialized course aims to equip professionals with the knowledge and skills necessary to navigate the intricacies of financial reporting within these sectors.

The Oil and Gas industry, integral to global economies, grapples with challenges like high capital costs, long project lead times, and substantial environmental impact. Shasat's program recognizes the importance of understanding how to evaluate commercial viability, technical feasibility, and mitigating environmental concerns within this industry.

Similarly, the mining sector, with its substantial capital investments and intricate processes, faces environmental challenges and geopolitical risks. The utility industry, providing essential services like electricity, natural gas, and water, is continually adapting to changing consumer demands and sustainability goals.

To effectively address the unique accounting demands of these industries, Shasat's program delves into critical IFRS standards such as IFRS 6 for Exploration and Evaluation of Mineral Resources, IAS 23 for Borrowing Costs, IFRS 15 for Revenue Recognition, IFRS 16 for Leases, IFRS 9 for Financial Instruments, and more. These standards play a pivotal role in ensuring accurate and transparent financial reporting, benefiting stakeholders across the Oil & Gas, Power, Utility, and Mining sectors.

The Upstream, Mid-Stream, and Down-Stream industries within the Oil & Gas sector face distinctive accounting challenges. From reserves and resources to revenue recognition and disclosure of reserves, Shasat's program covers a wide range of accounting topics tailored to industry-specific needs. The course ensures that professionals in these sectors are well-equipped to handle complex financial matters, including production-sharing agreements and concessions.

Shasat's two-day program is designed for professionals working in the Oil & Gas, Power, Utility, and Mining industries, including auditors and consultants. By participating, attendees will gain valuable insights into the latest accounting issues, challenges, and best practices. Furthermore, the program offers networking opportunities with industry experts and peers, fostering a collaborative learning environment.

Here is the schedule of upcoming programs by Shasat. However, we recommend you continue to visit Shasat's website for the most up-to-date program schedules.

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16001 | London: Oct. 17-18, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16003 | Abu Dhabi: Dec. 18-19, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16004 | Kuala Lumpur: Dec. 13-14, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16009 | Zurich: Oct. 23-24, 2023 

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16010 | Singapore: Dec. 15-16, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16012 | New York City: Oct. 4-5, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16013 | Toronto: Nov. 1-2, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16014 | Sydney: Nov. 22-23, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16015 | Dubai: Nov.r 14-15, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16000 | Online | Available on Request

For more details and to enrol in Mastering IFRS for Oil & Gas, Power, Utility, and Mining Industries, please visit:

https://shasat.co.uk/product-category/mastering-ifrs-for-oil-gas-power-utility-and-mining-industries-2-days/

By enrolling in Shasat's IFRS course, participants will enhance their accounting skills, improve their understanding of industry-specific financial reporting requirements, and elevate their careers to new heights. Don't miss this opportunity to stay ahead in the dynamic world of financial reporting within the Oil & Gas, Power, Utility, and Mining sectors.

Shasat looks forward to welcoming professionals eager to enhance their expertise in IFRS for these essential industries.

[bhumi1]

Ready to master IFRS in just 3 months? Let’s get started!

Ready to master IFRS in just 3 months? Let’s make it happen with Zell Education by your side. Whether you’re just getting started or looking to sharpen your skills, we break things down in a way that actually makes sense. Our IFRS Classes are practical, flexible, and designed to fit into your busy schedule. Whether you're a student or a working professional, Zell’s got your back let’s get you confident with IFRS!

[accountingally]

How to Simplify Foreign Financial Reporting for International Companies.

Globalized economy, international companies face the complex task of managing financial reporting across multiple jurisdictions, each with its own regulatory requirements and accounting standards. Simplifying foreign financial reporting is crucial for ensuring compliance, enhancing transparency, and facilitating strategic decision-making. This article explores effective strategies to streamline financial reporting processes, emphasizing the role of financial accounting outsourcing services and outsourced financial controllers in achieving efficiency and accuracy.

Understanding the Challenges of Foreign Financial Reporting

International companies often operate in diverse markets, each subject to unique financial reporting standards and tax regulations. The primary challenges include:

Diverse Accounting Standards: Countries may follow different accounting frameworks, such as the International Financial Reporting Standards (IFRS) or the U.S. Generally Accepted Accounting Principles (GAAP), leading to inconsistencies in financial statements.​

Regulatory Compliance: Navigating varying tax laws and reporting requirements can be daunting, with stringent penalties for non-compliance.​

Data Consolidation: Aggregating financial data from multiple subsidiaries requires significant effort, especially when dealing with different currencies and financial systems.​

Resource Constraints: Managing cross-border financial reporting demands specialized expertise and substantial resources, which may strain internal teams.​

Strategies to Simplify Foreign Financial Reporting

Adopt a Unified Accounting Framework

Implementing a consistent accounting framework across all operations can significantly reduce complexity. The International Financial Reporting Standards (IFRS) offer a principles-based approach that enhances comparability and transparency in financial reporting. As of August 2019, IFRS Standards are required or permitted in 166 jurisdictions, including major markets like Australia, Brazil, Canada, the European Union, India, and Singapore. Aligning with IFRS can streamline reporting processes and facilitate cross-border financial analysis.​

Leverage Financial Accounting Outsourcing Services

Outsourcing financial accounting functions to specialized service providers can offer numerous benefits, including cost savings, access to expertise, and improved efficiency. By entrusting routine financial tasks to external experts, companies can focus on core business activities while ensuring accurate and timely financial reporting. For instance, BDO India's Finance and Accounting Outsourcing team assists businesses in streamlining processes, managing statutory compliances, and achieving transformational objectives. ​

Engage an Outsourced Financial Controller

An outsourced financial controller brings strategic oversight to financial operations without the overhead of a full-time executive. This role involves overseeing financial reporting, ensuring compliance with international standards, and providing insights for informed decision-making. Outsourced controllers can help harmonize financial reporting across different jurisdictions, implement best practices, and navigate complex regulatory environments. RSM's financial management services, for example, assist organizations in transforming their finance departments to enhance efficiency and effectiveness. ​

Implement Robust Financial Systems and Technology

Investing in integrated financial systems can automate data collection, processing, and reporting, reducing manual errors and saving time. Technologies such as Robotic Process Automation (RPA) can handle high volumes of transactions with minimal resources, enhancing accuracy and efficiency. OATS, for example, offers RPA solutions as part of their finance and accounting outsourcing services, enabling businesses to streamline operations and improve financial visibility. ​

Standardize Financial Reporting Processes

Developing standardized reporting templates and procedures ensures consistency and comparability of financial statements across different regions. This includes a uniform chart of accounts, consistent currency translation methods, and standardized reporting formats. Standardization simplifies the consolidation process and enhances the reliability of financial data.​

Enhance Data Management and Integration

Effective data management is crucial for accurate financial reporting. Integrating financial data from various sources into a centralized system allows for real-time monitoring and analysis. Utilizing technologies like eXtensible Business Reporting Language (XBRL) facilitates the efficient exchange of financial information, ensuring accuracy and compliance with regulatory requirements. 

Regular Training and Development

Continuous training of finance teams on international accounting standards, regulatory changes, and technological advancements ensures that staff are equipped to handle complex reporting requirements. This investment in human capital enhances the quality of financial reporting and supports strategic business objectives.​

Establish Strong Internal Controls

Implementing robust internal controls helps prevent errors and fraud in financial reporting. This includes segregation of duties, regular reconciliations, and comprehensive audit trails. Strong internal controls enhance the reliability of financial statements and build trust with stakeholders.​

Maintain Open Communication with Regulatory Authorities

Engaging proactively with tax authorities and staying informed about regulatory changes in different jurisdictions helps anticipate and address compliance challenges. This includes participating in industry forums, subscribing to regulatory updates, and consulting with local experts.​

Conduct Regular Financial Audits

Regular audits provide assurance that financial statements are accurate and comply with relevant standards. Audits also identify areas for improvement in financial reporting processes, contributing to continuous enhancement of reporting practices.​

Conclusion

Simplifying foreign financial reporting is essential for international companies striving for operational efficiency, regulatory compliance, and strategic growth. By adopting a unified accounting framework, leveraging financial accounting outsourcing services, engaging outsourced financial controllers, and implementing robust financial systems, companies can navigate the complexities of cross-border financial reporting with confidence. These strategies not only streamline reporting processes but also provide valuable insights that drive informed decision-making and enhance global business performance.

[aicountly]

What Are Accounting Standards and Why Do They Matter?

Accounting standards are essential guidelines set by regulatory bodies to ensure consistency and transparency in financial reporting. Indian Accounting Standards (Ind AS) align with international norms, specifically the IFRS, to enhance the accuracy and comparability of financial statements. Developed by the Ministry of Corporate Affairs (MCA), Ind AS applies in phases based on company size and net worth, ensuring businesses adopt globally accepted practices while considering Indian regulatory requirements.

What are accounting standards?

Accounting standards are the guidelines issued by certified accounting bodies or by the government or other regulatory agency dealing with the aspects of identification, evaluation, management, presentation, and declaration of accounting transactions in financial statements.

What are Indian Accounting Standards (Ind AS)?

Indian Accounting Standards (Ind AS) are the standards that are used by certain Indian companies that provide assurance regarding the alignment of financial statements with international standards. Ind AS are merged with International Financial Reporting Standards (IFRS) by the Central Government of India. These standards are formed with the assistance and guidance of the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) and also by the guidance of the National Financial Authority (NFRA). ASB was formed in 1977, and it manages the formulation as well as the applicability of Ind AS, making them the main accounting guidelines that Indian businesses use.

List of Indian Accounting Standards (Ind AS List)

We have included the main set of Indian Accounting Standards in the table.

Indian Accounting Standards

Description

Ind AS 1

Representations of Financial Statements

Ind AS 2

Inventories

Ind AS 7

Statement of Cash Flows

Ind AS 8

Accounting Policies, Alterations in Accounting Estimates, and Errors.

Ind AS 10

Events occurring after reporting period

Ind AS 11

Construction Contracts

Ind AS 12

Income Taxes

Ind AS 16

Property, Plant and Equipment

Ind AS 17

Leases

Ind AS 18

Revenue

Ind AS 19

Employee allowances

Ind AS 20

Accounting related to government grants and reporting of government facilitation

Ind AS 21

The Impacts of alterations in Foreign Exchange Rates

Ind AS 23

Borrowing Costs

Ind AS 24

Related Party Disclosures

Ind AS 27

Splitting of Financial Statements

Ind AS 28

Investments in Associates and Joint Ventures

Ind AS 29

Financial Reporting in Extreme inflationary Economies

Ind AS 32

Financial Instruments: Presentation

Ind AS 33

Earnings per Share

Ind AS 34

Interim Financial Reporting

Ind AS 36

Impairment of Assets

Ind AS 37

Provisions, Contingent Liabilities and Contingent Assets

Ind AS 38

Intangible Assets

Ind AS 40

Investment Property

Ind AS 41

Agriculture

Ind AS 101

First-time Adoption of Ind AS

Ind AS 102

Share-Based Payments

Ind AS 103

Business Combinations

Ind AS 104

Insurance Contracts

Ind AS 105

Non-Current Assets and Discontinued Operations Held for Sale

Ind AS 106

Investigating and Assessing Mineral Resources

Ind AS 107

Financial Instruments: Disclosures

Ind AS 108

Operating Segments

Ind AS 109

Financial Instruments

Ind AS 110

Consolidated Financial Statements

Ind AS 111

Joint Arrangements

Ind AS 112

Disclosure of Interests in Other Entities

Ind AS 113

Fair Value Measurement

Ind AS 114

Regulatory Deferral Accounts

Ind AS 115

Revenue from Contracts with Customers

Applicability of Indian Accounting Standards

An extensive summary of the applicability of Indian Accounting Standards (IND AS) is provided below:

Phase-Wise Adoption of IND AS:

To bring Indian Accounting Standards (IND AS) closer to the current accounting standards, the Ministry of Corporate Affairs (MCA) has adopted a phased approach. Businesses of all sizes and complexity levels may move smoothly thanks to this staged adoption.

Phase I (Effective from 1st April 2016)

Mandatory for: Firms, both listed and unlisted, having a net value of at least ₹500 crore (as determined for the fiscal years 2013–14, 2014–15, and 2015–16).

Phase II (Effective from 1st April 2017)

Mandatory for: Companies with a net value of between ₹250 crore and ₹500 crore (estimated for the fiscal years 2013–14, 2014–15, 2015–16, and 2016–17) that are listed or in the process of listing (as of March 31, 2016).

Phase III (Effective from 1st April 2018)

Mandatory for: Banks, insurance firms, and non-banking financial businesses (NBFCs) with a net value of at least ₹500 crore (as determined for the fiscal years 2015–16, 2016–17, and 2017–18).

Note: A distinct set of IND AS for banks and insurance businesses will be announced by the Insurance Regulatory and Development Authority of India (IRDA).

Phase IV (Effective from 1st April 2019)

Mandatory for: NBFCs between ₹250 crore and ₹500 crore in net value (estimated for the fiscal years 2015–16, 2016–17, and 2017–18).

Important Note:

Regardless of their net worth, a company's subsidiaries, holding companies, affiliated firms, and joint ventures must all implement IND AS if it becomes subject to it.

For standalone financial accounts, Indian firms operating abroad may still employ their jurisdictional accounting rules. For consolidated financial reporting, these businesses must, nevertheless, provide their Indian parent firm with IND AS-adjusted statistics.

Voluntary Adoption of IND AS:

For their financial reporting periods starting on or after April 1, 2015, companies have the option to voluntarily adopt Ind AS. A company that chooses to voluntarily adopt Ind AS must also provide a comparative report for the periods ending March 31, 2015, or later, in order to clearly compare the new and old accounting standards. However, a business cannot go back to the old accounting rules after it has switched to Ind AS.

Difference between Ind AS and IFRS

Some of the key distinctions between IND AS and IFRS are listed below.

Characteristic

IFRS

IND AS

Definition

Internationally accepted accounting norms.

IFRS adaptation in India.

Created by

International Accounting Standards Board (IASB).

Ministry of Corporate Affairs (MCA), India.

Enforced by

144 nations worldwide.

Only used in India.

Declaration

Companies are required to declare their adherence to IFRS.

No such obligation to disclose.

Elements of Financial Statement

Statement of financial position. Statement of profit and loss Statement of changes in equity Statement of cash flows

Balance Sheet

Profit and loss account

Cash flow statement

Statement of changes in equity

Notes to financial statements Disclosure of accounting policies

Format of Balance Sheet

Particular rules for both current and non-current categorization.

There are presenting rules but no particular format constraints.

Questions to Understand your Ability

What’s the primary reason for adopting Indian Accounting Standards (Ind AS)?

A) To provide clear financial statements for investors B) To make financial statements match international standards C) To help companies pay less tax D) To outline company ownership rules

Answer: B) To make financial statements match international standards Why: Ind AS helps Indian companies align their financial reporting with global standards (IFRS), making them more transparent and consistent.

Who’s in charge of creating and applying Ind AS?

A) ICAI (Institute of Chartered Accountants of India) B) Ministry of Corporate Affairs (MCA) C) National Financial Authority (NFRA) D) Accounting Standards Board (ASB)

Answer: B) Ministry of Corporate Affairs (MCA) Why: MCA sets the rules for adopting Ind AS in India and ensures they’re in line with international standards.

How does India roll out Ind AS?

A) Based on the size of the company’s team B) According to the company’s net worth C) Based on the company’s market share D) Based on a company’s revenue growth

Answer: B) According to the company’s net worth Why: Ind AS adoption happens in phases depending on a company’s net worth, starting with the largest companies and moving to smaller ones.

Who's required to adopt Ind AS as of 1st April 2019?

A) Every listed company in India B) Companies with net worth between ₹250 crore and ₹500 crore C) Only multinational companies D) Companies with net worth below ₹250 crore

Answer: B) Companies with net worth between ₹250 crore and ₹500 crore Why: From 1st April 2019, Ind AS became mandatory for NBFCs (Non-Banking Financial Companies) with net worth between ₹250 crore and ₹500 crore.

What’s the big difference between Ind AS and IFRS?

A) Ind AS is mandatory everywhere, while IFRS is optional B) Ind AS is only for India, while IFRS is used globally C) Ind AS is created by the IASB (International Accounting Standards Board) D) Ind AS is optional, but IFRS forces companies to follow it

Answer: B) Ind AS is only for India, while IFRS is used globally Why: Ind AS is India's version of IFRS, made specifically for Indian businesses, while IFRS is followed in over 140 countries worldwide.

Conclusion

Indian Accounting Standards (Ind AS) align financial reporting with international norms, ensuring consistency and transparency. Developed by the Ministry of Corporate Affairs (MCA) and based on IFRS, these standards apply to companies based on their net worth and are implemented in phases. While Ind AS adopts global principles, it also considers Indian regulations, ensuring that businesses comply with both international and national financial reporting requirements, enhancing reliability and comparability of financial statements.

[zeynepom3r]

📊 Unlock Advanced Skills in Public Sector Financial Management! 🌍

Navigating financial management in the public sector can be complex. Whether it's understanding IFRS or mastering IPSAS, public sector finance requires specialized expertise. That's where our Financial Management and Reporting for the Public Sector course comes in!

💼 Why Attend?

✅ Master IFRS & IPSAS: Understand the global standards for public sector financial reporting.

✅ Strategic Financial Management: Learn how to align financial reporting with strategic goals in the public sector.

✅ Risk Management: Develop skills to manage financial risks and governance practices.

✅ Practical Knowledge: Gain insights into real-world challenges, from transitioning to accrual accounting to implementing IPSAS.

✅ Global Case Studies: Study IPSAS implementation in global organizations like the UN.

📅 10-Day In-Depth Course: Comprehensive and practical training for public sector professionals.

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💬 Have you encountered challenges with IFRS or IPSAS in your work? Share your experiences and let's discuss! 👇

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IFRS 9 Expected Credit Loss (ECL) Modelling

Join this intensive course on IFRS 9 Expected Credit Loss (ECL) modelling. Learn to calculate 12-month and lifetime PD, LGD, and EAD for financial statements and capital stress testing. Ideal for credit risk managers, quants, auditors, and investors. Enroll now!

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IFRS Course In India

The goal of the International Financial Reporting Standards (IFRS) course in India is to give professionals a thorough understanding of the standards and how they are applied in the Indian environment. Important subjects covered in the course include the IFRS framework, financial statement preparation, financial instrument accounting, leases, revenue recognition, and how IFRS affects Indian companies. It is intended for finance professionals, auditors, accountants, and students who want to learn more about international accounting standards. After finishing, participants are ready to use IFRS in their companies, guaranteeing adherence to worldwide financial reporting standards and giving them a competitive advantage in the global labor market.

[harry999997]

IFRS Certification

A specialist certification known as IFRS certification attests to a thorough comprehension of International Financial Reporting Standards (IFRS) and how they are used in international financial reporting. Accounting professionals, auditors, finance managers, and other stakeholders engaged in the preparation and analysis of financial statements are the target audience for this qualification. It addresses important IFRS subjects such financial statement presentation, revenue recognition, financial instruments, and lease treatment. Acquiring an IFRS certification guarantees adherence to international financial reporting standards, boosts professional reputation, and improves job possibilities. This certification gives people the abilities to satisfy changing international accounting standards as businesses embrace IFRS more and more for transparency and comparability.

[dhruvmishra]

Professionals can comprehend and use IFRS in financial reporting thanks to the International Financial Reporting Standards (IFRS) course, which offers thorough knowledge of worldwide accounting concepts. It addresses important principles such lease accounting, financial statement format, and revenue recognition. For accountants and other financial professionals who want to become more knowledgeable about worldwide financial reporting standards, this course is crucial.

[sumitsahu999]

[finprocounsulting]

ACCA Dip-IFRS Exam Structure & Time Management Tips

The ACCA Diploma in International Financial Reporting (Dip-IFRS) is a globally recognized qualification, where the syllabus is rich and practical, however, many students find the mode of examination (Computer Based Examination – CBE) and time pressure to be challenging hurdles. Further, per the examiners’ report over past many years, it is an observation of examination team that frequently students lack in understanding the question or what is expected in the answer. Also, students do not explain their numeric answers adequately.

To overcome the above hurdles or challenges, first important step is to understand the exam structure or structure of the question paper. Second step is to understand how the examination utility looks on a computer machine and how to navigate through the various exhibits in question scenario and how to answer without losing time in navigation. The third most important and last step is to practice on such platform in order to reduce time required to solve the question paper. In this blog, we’ll focus on the first step to overcome the hurdles i.e. understanding structure of the exam.

Let us break down and analyse the exam paper pattern and try to understand what ACCA on a broad level expects from the students of Diploma IFRS examination. This will help students to plan their revision based on the expectations of examiner and more importantly to plan 3 hours of examination. Student has 3 hours and 15 minutes at his disposal. Student can use it as per his own convenience for reading questions and writing answers. However, our suggestion is to keep total 15 minutes for reading and planning the question paper and another 10 minutes as a buffer. Thus, out of 195 minutes, remaining 170 minutes can be utilised to solve the question paper. Thus, 1.7 minutes per mark can be used as a very broad level guideline for the time management. However, considering the level of difficulty of a particular question, this time may be revised.

Exam consists of 100 marks with 4 questions, each attracting 25 marks. All questions are compulsory, and no alternative is available for any question.

Question One

This question will involve the preparation of a consolidated financial statement, as examinable within the syllabus. This question will often include issues that will need to be addressed prior to performing the consolidation procedures for e.g. procedures mentioned in IFRS 3 – Business Combinations viz. calculation of purchase consideration, NCI, goodwill etc. Generally, these issues will relate to the financial statements of the parent entities prior to their consolidation. A key purpose of this question is to assess technical consolidation skills. However, the question may also require candidates to adjust for transactions that have been incorrectly or incompletely accounted for in the financial statements of group entities (usually the parent entity). In order to make these adjustments candidates will need to apply the provisions of relevant IFRS Standards. In Question one, the focus will primarily on application rather than explanation. No explanations are expected in the question number

Question Two

This question will often be related to a scenario in which questions arise regarding the appropriate accounting treatment and/or disclosure of a range of issues. In this question candidates may be asked to comment on management’s chosen accounting treatment and determine a more appropriate one, based on circumstances described in the question. This question will also contain an ethical and professional component related to the accounting treatment that is being examined.

Question Three

This question will usually deal with one or two IFRS Standards in some detail. Such a question would require candidates to describe key features of the IFRS Standard and apply it to two or more situations that the question describes. In contrast with Question 1, there will be a limited number of marks available for technical preparation of financial statements extracts and the majority of marks are available for identifying and quantifying the appropriate adjustments. However, it is expected that students can explain how these adjustments will affect line items in the financial statements.

Question Four

This question will often present candidates with a scenario or a range of scenarios for which the correct financial reporting treatment is complex or uncertain. Often the question will place the candidate in a ‘real-life’ role, for example chief accountant reporting to the chief executive officer or senior accountant supervising an assistant. The question frequently requires candidates to address a series of questions that have been posed by the other party in the scenario. The question will often ask candidates to present a reply or report that deals with the appropriate financial reporting of the issues raised in the scenario. The primary skill in this question is identifying and describing the issues, rather than the detailed computation of numbers. Questions 2, 3 and 4

will be more about identification and explanation of financial reporting issues rather than of financial statements preparation. Practicing these questions from the past exam questions is very good exam preparation as generally candidates find the narrative style questions more challenging than the numerical style of question one. These past papers continue to be relevant, but students should bear in mind that sometimes additional query or explanation of an additional IFRS Standard can be demanded.We hope knowing the ACCA Dip-IFRS exam structure will help you approach the exam with a clear plan. Understanding the types of questions, marks distribution, and how the paper is set will make it easier for you to focus on your study and manage your time during the exam.

Best wishes from Team FinPro!

Thank you for reading our blog, stay tuned for such insightful tips.

Thank you for reading our blog. Stay tuned for more such insightful tips. If you have any questions or need assistance, feel free to contact us.

[bhumi1]

IFRS: Full Form & Course Details | Zell Education

IFRS, or International Financial Reporting Standards, is a globally accepted framework for financial reporting. It helps businesses maintain transparency, consistency, and comparability in their financial statements. If you're in the finance or accounting field and want to level up your career, learning IFRS can be a game-changer!

Zell Education offers a well-structured IFRS course that covers everything from the fundamentals to advanced financial reporting concepts. The program is designed for finance professionals, CA aspirants, and graduates who want to gain practical knowledge and a globally recognized certification. With expert-led training, real-world case studies, and an industry-focused curriculum, Zell Education ensures you're job-ready. If you're looking to boost your financial expertise and stay ahead in the corporate world, Zell’s IFRS program is the perfect choice!

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Complete Guide to IFRS Course: Duration, Fees, and More

They offer a comprehensive IFRS course that equips students with the necessary knowledge of global accounting standards. Their program includes essential IFRS course details, such as duration and fees, to help learners make informed decisions. A Team Commerce Academy is dedicated to providing quality education that aligns with industry standards for financial professionals.

Enroll Today at - A Team Commerce Academy

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IFRS Lease Accounting Simplified: Your Beginner’s Guide to Understanding Key Concepts