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IFRS Exam 2024: Understanding Exam Pattern, Syllabus, and Professional Opportunities

Anna Nikova 22 Apr, 20249.1k
Does IFRS, i.e., the International Financial Reporting Standards course, pique your interest? Want to pursue an IFRS course? Huge volumes of data mining, cleansing, processing, and validating financial reports are not easy tasks. AI and machine learning have stepped in to take care of the regular grind that professionals dealing with financial reports face. Presenting facts and figures in the appropriate format as per the global standards of financial reporting is crucial to winning over clients' confidence. 
To be an ace in financial reporting, you need to choose a diploma or a certification course and then sit for the IFRS exam. To fast-track your learning journey so that you can dive into the professional world quickly, NorthStar Academy can help you clear the IFRS exam. 


IFRS Eligibility Criteria

To be eligible for the Diploma in IFRS ACCA, you must meet certain qualifications. These include holding:
  • An ACCA or equivalent qualification, such as CA, CPA, etc. 
  • A relevant Bachelor's or Master's degree from a reputable university with at least 2 years of work experience in the accounting domain,
  • Relevant professional qualifications with at least 3 years of accounting work experience. 


IFRS Exam Syllabus

There are two IFRS courses that the ACCA organization certifies:

DipIFR 

You can gain vital knowledge and skills for resolving financial reporting complexities in the IFRS framework. The course covers essential concepts, underlying principles, and application methods, aiming to provide a thorough understanding of IFRS. 

Cert IFR 

This course provides a comprehensive introduction to IFRS and accounting principles, offering insights into the global application of financial reporting. It covers the evolution of the International Accounting Standards Board, offering detailed analyses, real-life case studies, and exercises to facilitate effective knowledge application for worldwide IFRS implementation.
The syllabus for the IFRS exam encompasses vital subjects, including:
  • Financial statement elements
  • International regulatory frameworks
  • Financial statement presentation
  • Supplementary disclosures 
Further, it covers external financial reporting for associates, combined entities, and joint arrangements. You should have proficiency in these domains to execute accounting and finance duties aligned with IFRS standards. Preparing for this examination can pose challenges. Online resources, such as an online training institute, can help you prepare more effectively.

IFRS Exam Pattern

The IFRS exam pattern depends on the specific program you choose to pursue. 
  • For the DipIFR, the examination spans 3 hours and 15 minutes. They conduct it as a single computer-based test.
  • Conversely, the Cert IFR features multiple-choice questions. It consists of a 1-hour exam. Completing the Cert IFR course requires approximately 20 hours of study. 
You can consider these distinct formats and durations when you prepare for the IFRS exams. You need to have a tailored study approach and exam-cracking strategy.
Each program has a unique structure. This presents candidates with varying challenges and requirements. These reflect the depth of knowledge and skills required to meet international financial reporting standards.

IFRS Subjects to Study

The DipIFR exam assesses candidates in critical areas, including:
  • International sources of authority, 
  • Financial statement elements, 
  • The account presentation includes additional disclosures.
  • External report preparation for combined associates, entities, and joint arrangements.

IFRS Study Materials

You must access world-class IFRS study materials while preparing for the Diploma in International Financial Reporting. When you enroll in a well-known online training institute, you can quickly access the study guide and syllabus there, which can greatly aid in planning your studies. These materials help you prepare effectively by providing the following:
  • Detailed information about the exam evaluation criteria is provided.
  • The extent of the assessment of documents that can be examined. 
You get well-crafted study materials tailored to IFRS preparation, including video lectures, practice test papers, and interactive learning modules. 
You gain valuable insights and can improve your understanding of complex topics, which ultimately boosts your chances of success in the IFRS exams. Moreover, taking mock exams that simulate the exam environment can further assess your readiness and bolster your preparation for the actual exam.

IFRS Preparation Tips

You must successfully prepare for IFRS. This involves several essential tips to ensure comprehensive understanding and effective exam performance. 
  • You should have a strong foundation in accounting and financial reporting fundamentals, including concepts such as depreciation, accruals, and financial statement analysis. 
  • You should access reliable study materials tailored specifically for IFRS preparation, such as online courses, comprehensive textbooks, and practice question banks. This is vital. To maintain accuracy, make sure to refer only to constantly amended and revised study materials.
  • You need to create a structured study plan with proper timelines, goals, and dedicated study sessions. This is imperative. 
  • You need to break down the syllabus into manageable sections. It is essential to set realistic completion targets while understanding IFRS standards and principles. Try to understand rather than simply memorize. This involves analyzing practical examples and case studies. 
  • You need to comprehend the application of IFRS principles in real-world scenarios. It can enhance your information retention and problem-solving skills.
  • Try to complete mock exams or practice tests. Objectively analyze performance to identify areas for improvement and prioritize revision accordingly. This is crucial. 
  • It would be best to use feedback from practice exams to improve weak areas. Proficiency in unfamiliar topics is essential. 
  • You must also fine-tune study strategies and address comprehension gaps from time to time. 
Use these tips to effectively prepare for IFRS. A comprehensive grasp of the IFRS standards would help you achieve success in the examination.

Jobs After IFRS

You can become:
  • Financial Analyst
  • Consultant
  • Auditor
  • Finance Advisor
  • Finance Tutor
  • Audit Manager &
  • There are other professionals in the finance field.
With an IFRS certification in these domains, you can easily secure jobs:
  • Auditing, 
  • Budgeting, 
  • Accounting, 
  • Financial Statement Analysis 
  • and the like. 
An IFRS certification can help you have a deeper understanding of international financial reporting standards.


Bank on NorthStar Academy for IFRS Preparation!

You need guidance from the best online training institute to enhance your learning process and skillfully apply the knowledge you've gained, and NorthStar Academy is the ideal choice. Make the most of the guidance from this online training institute, which has been helping students and professionals excel in finance. Check out why you must opt for NorthStar Academy. 
  • Faculty members have loads of experience and expertise.
  • Comprehensive study materials from official learning partners.
  • The digital format of lectures and complex topic discussions makes for easy absorption. 
  • Study assistance, practice test papers, and revision kits offer well-rounded learning support. 
  • Interactive learning sessions encourage discussion of the pain points for candidates. 
  • Top mentors offer personalized mentoring, emotional support, and more. 
  • Guidance about career, resume-building, job placement, and more.
  • A higher percentage of pass rates is a confidence booster. 


FAQs

  1. How do I study for the IFRS exam?

Understanding how to excel in IFRS exams requires consistent practice and familiarity with the exam format. You have to dedicate ample time to solving practice questions, past papers, and mock exams, and an online training institute can make it easy for you. It can help assess your comprehension and identify areas for improvement. 

  1. What is the passing mark for the IFRS exam?

A single 3-hour, 15-minute computer-based exam evaluates the Diploma in IFRS. It has a passing score of 50 percent. Earning this diploma may pose challenges. However, you can attain success with dedication, preparation, and academic support.

  1. Is IFRS tough or easy?

You can master IFRS standards easily if you have a basic understanding of accounting. You have to learn one standard at a time, focusing on those pertinent to your business. Do not rely on rote learning. Rather, strive to grasp the principles underlying each question.


Conclusion 

NorthStar Academy's sole purpose is to support students wholeheartedly in achieving their academic goals. Our online training institute has been standing tall, helping students weave their success stories. When we talk to the experts before enrolling in the IFRS course, you can get a fair idea of why you will choose the course and how it can open up new prospects for you in the professional domain. You can also go to a demo class if you wish to. 
Apart from making the most of the congenial online learning environment, group studies, and one-on-one personalized sessions with educators, you can communicate with the team via WhatsApp, thus ensuring academic help is at your fingertips. Choose NorthStar Academy and take advantage of this online training institute's unparalleled academic support. 

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