The International Financial Reporting Standards (IFRS) diploma from the Association of Chartered Certified Accountants (ACCA) is a certification process that takes about eight days to complete. New accountants should not pursue an ACCA diploma in IFRS; only those with experience should pursue this certification. An ACCA IFRS diploma can help accountants get a better job or earn more money, but some current jobs may require this certification to stay employed. Although certification is not usually required, it can be beneficial.
Despite the fact that it is called a diploma, the ACCA IFRS diploma is more of a certification process. The course lasts eight days on average, and the work is divided into several modules, beginning with introductions and ending with an official exam. Accountants usually have to pay for this course, and they may not be reimbursed by their employer, especially if they fail the final exam. There is usually an ACCA registration fee in addition to the tuition. The course work entails advanced reporting procedures based on the International Financial Reporting Standards (IFRS).
Accountants do not need to be qualified to take this course because they can take it for as long as they pay, but it is not intended for new accountants. Obtaining an ACCA diploma in IFRS is more appropriate for accountants with at least a few years of experience, as they should already be familiar with the fundamentals of general accounting and be able to easily transition into more advanced knowledge. Because the main IFRS principles and reporting skills are brought up frequently during coursework, this course is sometimes taken as a refresher for seasoned professionals.
The desire for a better job is a common motivation for accountants seeking their ACCA diploma in IFRS, as many higher accounting positions require this certification. Depending on the employer’s attitude toward its value, this could also be used to get more money at a current job. Some employers will not pay accountants more if they obtain certification; instead, they will expect accountants to obtain certification so that they can perform their jobs more effectively.
Outside of high-level positions, most accountant jobs do not require an ACCA IFRS diploma. Aside from the potential for more money, this certification is typically beneficial because it allows the accountant to perform more tasks and with greater understanding. This certification also prepares accountants to work internationally, which is often more useful than a domestic accountant.