Certificate in International Financial Reporting Standards (CertIFR): Preparation Course

The Certificate in International Financial Reporting Standards (CertIFR) is a certification provided by the Association of Certified Chartered Accountants (ACCA) in the UK. This course offers a broad introduction to International Financial Reporting Standards (IFRS) and provides an opportunity to focus on the preparation for the certificate with the help of the proper tools and material. The course begins by tracing the history of the International Accounting Standards Board (IASB) from its early roots to the most recent changes and provides updates on future developments. In addition, this preparation course underlines key information, provides useful summaries, and examines specific standards topic-by-topic. It includes case studies which are based on real-life examples, exercises, multiple-choice questions, and sample answers for you to test your knowledge as you progress through the course. You will get ready during this intensive course to sit for the certification exam which can be taken at the end of the course or anytime in the future, based on your study schedule.

You do not need to have any experience or formal qualifications in accounting and auditing to apply for this certificate. During the course, you will be given hard copy material, and once you subscribe online, you will have access to online material and assessments for six months. The certificate is assessed through a one-hour exam with multiple-choice questions and a pass mark of 50%.

This preparation course uses a mix of interactive techniques such as brief presentations by the consultant, application of theories, group exercises, case studies and multiple choice questions to exchange experience and get familiar with how questions are administered during the certificate exam.

By the end of the course, participants will be able to:

• Describe how IFRS are used around the world
• Explain how the IASB works and how standards are developed
• Examine the fundamental requirements of IFRS on a standard-by-standard basis
• Appraise and properly account for transactions affecting current assets and liabilities, non current assets and liabilities, revenues and expenses in accordance with IFRS
• Apply professional judgment in applying IFRS for matters relating to non recurrent business transactions
• Guide their staff and department on how to use IFRS in practice

If you are a professional accountant or auditor seeking to enhance your international accounting knowledge then this is the qualification for you. You do not need to have any experience or formal qualifications in accounting and auditing to apply for this certificate.

• Understanding financial statement accounts
• Financial reporting for account balances and transactions
• Applying IFRS
• Describing updates and amendments
• Accounting for assets
• Accounting for liabilities

The fees cover two attempts to re-sit the assessment if you do not pass on the first attempt. However, all attempts must be taken within six months of accessing the online course. If you do not pass after three attempts, you will need to pay another registration fee of £130 to attempt the assessment again. This gives you a further three attempts to pass.