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Important Analysis - DIPIFR

The document provides an overview of the Diploma in IFRS (Dip IFR) certification. It discusses the eligibility requirements, preparation materials, exam format, and tips for studying and taking the exam. Specifically: - The Dip IFR develops knowledge of International Financial Reporting Standards and has eligibility requirements including a relevant degree/experience and ACCA qualifications. - Students can self-study using materials from ACCA, Becker, or BPP, or take classes, with exams consisting of 4 computational questions worth 25 marks each focused on applying IFRS to scenarios. - Proper preparation is key and should involve classifying standards by importance, thoroughly understanding each, practicing past papers, and re

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56 views

Important Analysis - DIPIFR

The document provides an overview of the Diploma in IFRS (Dip IFR) certification. It discusses the eligibility requirements, preparation materials, exam format, and tips for studying and taking the exam. Specifically: - The Dip IFR develops knowledge of International Financial Reporting Standards and has eligibility requirements including a relevant degree/experience and ACCA qualifications. - Students can self-study using materials from ACCA, Becker, or BPP, or take classes, with exams consisting of 4 computational questions worth 25 marks each focused on applying IFRS to scenarios. - Proper preparation is key and should involve classifying standards by importance, thoroughly understanding each, practicing past papers, and re

Uploaded by

parvez ansari
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Introduction to Dip IFR:

Diploma in IFRS (Dip IFR) is an international finance certification provided by ACCA,


which helps to develop knowledge in the area of International Financial Reporting
Standards (IFRS).

The eligibility for Dip-IFR is as follows:

- Two years’ relevant accounting experience and a relevant degree (attracting at


least ACCA qualification exemptions for the Applied Knowledge and Corporate and
Business Law (LW) exams

- Two years’ relevant accounting experience and an ACCA Certificate in


International Financial Reporting

- Three years' relevant accounting experience

- ACCA affiliate status

You can get more details on ACCA website (www.accaglobal.com). The certification costs
around GBP 185K, which is INR 18k to 19k approximately.

What material to refer?

- You can refer to Becker/BPP/Material provided by the trainers (I used Becker


material for my preparations)

Whether to go for Self-study or take up DIP-IFR classes?

- If you are a finance professional and have knowledge on IFRS, then self-study
would be sufficient to get certified.

- If you are completely new to IFRS and need some guidance on the subject, you
can take up classes for Dip- IFR. However, classes contribute to around 25% and the
balance 75% is based on your preparations. The classes can help you understand the
standards better. However, practice is the key in clearing Dip-IFR exam.

Preparation part:

- Set up a proper plan for preparation, say, 3 full months of preparation


(Preparation, Practice and revision)
- Do not start your studies without a proper plan (Picking up a random IFRS and
studying does not help in any way)

- Classify each topic based on importance based on past exam questions


(Disclaimer: Every topic is equally important from exam point of view. The question can
be from any IFRS/IAS). Based on the importance of topic, you can plan for preparation.
Based on past exam questions, I had the below classification of topics.

High - Consolidation Problems, IFRS 16, IFRS 2, IFRS 9, IAS 16, IFRS 15, IFRS 8, IFRS 5,
IAS 37, IAS 21, IAS 24, IAS 38, IAS 12, IAS 8, IAS 12, IAS 8, IAS 41, IAS 33

Medium - IAS 1, IAS 2, IAS 40, IFRS 6, IAS 19, IFRS 1, IFRS for SMEs

Low - IAS 20, IAS 23, IAS 36, IAS 10.

- Start off with each IFRS and understand every concept under the standard

- Take proper notes while studying, so that you can rely on your own notes during
revision.

- Have an in-depth understanding of each topic. In case of any doubts, you have
lot of resources online. You can refer to those resources and get it clarified.

- Once you are thorough with the IFRS/IAS provisions, attempt the
illustrations/activity questions which are part of the study material

- Once you have completed the study material, work out the past exam question
papers. The past exam questions papers are available in ACCA website
(https://www.accaglobal.com/my/en/student/exam-support-resources/dipifr-study-
resources.html)

- Attempt each question and verify your answer with the suggested answer and
check wherever you have gone wrong and understand the expectation from the
examiner point of view.

- Make note of your mistakes and if it requires more understanding of the


standard, please visit the study text again and correct your understanding

- Refer to the technical articles published in the ACCA website, which speaks on the
recent amendments/ changes in the standards
(https://www.accaglobal.com/my/en/student/exam-support-resources/dipifr-study-
resources/technical-articles.html).
Revision stage

- Once you are thorough with the concepts, do not refer to the study text again
and again

- Refer to the notes that you have taken during your preparation. This will help you
to revise the concepts better.

- Prepare a proper plan for revision.

- Work out the past exam question papers again and ensure that you have
corrected the mistakes that you made during the preparation stage.

- Make a separate note of the mistakes that you make, so that it is easy to refer
during the final revision.

- The Dip IFR exam is now computed-based examination (CBE). So, ensure that
your laptop is tested for the exam requirements well in advance.

- Take up the specimen test available in ACCA website for DIP IFR, so that you are
comfortable with the platform on the exam day.

On the exam day

- Ensure that you login half-an-hour before the exam start time.

- It will take 15 minutes to complete the exam formalities.

- Ensure that you have uninterrupted internet connection. If your internet is slow,
you will lose your time during the exam

- Ensure that you have attempted the specimen test, so that you are on how to
navigate through the platform

- Make sure that you have identity proof on your table.

- Read through the instructions clearly and you will be assigned a proctor during
your exam time

- The proctor will be available throughout your examination and he/she can be
approached at any time during the exam through the chat option
- Don’t take up consolidation problem as your first question, since you tend to take
more time in it. I would personally suggest to take up questions from Question No. 4 to
Question No. 1.

- You have 3 hours and 4 questions. Each question carries 25 marks. So, on an
average, 40 to 45 minutes per question.

- Except Question 1, all the three questions will have sub-parts.

- Read the question fully, understand the requirement of the question. While
answering, first brief on the provision of the IFRS/ IAS. Then, apply that provision in the
given scenario.

- After you have completed answering each question, review the answers and make
corrections if required.

- The answer can be in Word/ excel format with auto-saving facility, you need not
save the answers every now and then.

- Once you have completed reviewing the answers, Press the end exam button, you
will get the message as – successfully submitted.

Consistence and Perseverance is the key for success and there is no shortcut. Work hard
and give your best.

All the best and Good luck! Happy learning!

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