IFRS Study Materials: A Complete Guide

Introduction

The International Financial Reporting Standards (IFRS) are accounting standards accepted worldwide by various national and international organizations. The IFRS Foundation sets these standards; however, given the small size of the IFRS Foundation, the International Accounting Standards Board, or IASB, overlooks the main work related to such standards. As the standards have global recognition, most accounting professionals endeavor to get a diploma or certification in IFRS.

Scope of IFRS
While IFRS has been a crucial aspect of the accounting world for decades, given its global status, the increase in international trade in recent years, and the fact that most international accounting firms perceive it, the demand for IFRS professionals has increased significantly. 
IFRS defines different accounting rules to standardize accounting and account reporting globally. Standardizing accounting practices will increase consistency and transparency within the accounting community worldwide and improve communication among accounting professionals.
Over 140 jurisdictions worldwide, including the European Union, the UK, Australia, Brazil, Malaysia, South Africa, and Singapore, currently follow the IFRS standards, creating job opportunities in various sub-segments within accounting. Some of the most common job opportunities for professionals excelling in IFRS are:
 

External Auditor

An external auditor oversees a company's financial terrain, identifying and reporting any discrepancies or anomalies encountered in its operations. This vigilance is crucial for maintaining transparency and safeguarding against potential fraud or inconsistencies within the organization's financial infrastructure.
 

Finance Controller

Your job as a finance controller will require you to analyze a firm’s financial documents and ensure smooth internal operations. They also need to ensure compliance with the standard rules and regulations. This position is suitable for highly experienced IFRS professionals. 
  

IFRS Expert

As an IFRS expert, you provide suggestions and advice to your clients on their daily financial management. These experts can ensure a company’s financial operations are in line with global financial reporting standards. Firms that are on their way to globalization also seek the help of IFRS experts.
 

IFRS Diploma

The Diploma in International Financial Reporting Standards (DipIFR) is an International Financial Reporting Standards course by the Association of Chartered Certified Accountants (ACCA). It is an international diploma certifying expertise in various accounting standards the IFRS Foundation sets. While it is an excellent choice for students trying to create a career in accounting and auditing, especially internationally, the DipIFR is also very useful for seasoned accounting professionals, as completing the diploma will enhance their professional skills and further their careers. For students considering the DipIFR, the following resources offer the best IFRS study materials:

 

The Association of Chartered Certified Accountants

Students should prioritize the resources the Association of Chartered Certified Accountants offers for optimal IFRS study materials. As ACCA administers the DipIFR, it furnishes quality IFRS study materials, which ensures that the DipIFR candidates have the essential materials and guidance for successful exam preparation. While such resources are rigorous and extensive, they are easily accessible on ACCA's official website.
 

International Accounting Standards Board 

The IASB is the main body that looks into IFRS-related matters. Apart from providing official IFRS study materials, the IASB provides several other forms of guidance to its students. They regularly host in-person and remote sessions for students to introduce them to the course and resolve their queries. The sessions include in-person conversations with the institute's technical staff and interactive sessions with students from various international universities.

 

Why NorthStar Academy?

NorthStar Academy is one of the most popular ACCA-approved learning partnerships. The academy guarantees its students' academic excellence by achieving a high passing percentage compared to the industry standard relatively quickly. At Northstar Academy, students learn from industry experts using top-notch IFRS study materials. 
NorthStar Academy has partnered with BPP Learning Media, an ACCA-approved publisher, to ensure its students' best IFRS study material. Their study materials are comprehensive and ensure 100% syllabus coverage. What sets NorthStar's materials apart is their accessibility; students can learn anytime, anywhere, facilitating convenient and flexible study.
 

Various IFRS Study Materials

While such diplomas or certifications are not difficult to get, they require rigorous study and quality IFRS study materials to qualify. Quality IFRS study materials will always include various resources like the IFRS Practice Platform, IFRS practice materials, IFRS Study Guide, etc. Following are the few trusted IFRS study materials students turn to the most:
 

ACCA Official Materials

When seeking the best IFRS study materials for ACCA-DipIFR, students should prioritize resources provided by the Association of Chartered Certified Accountants and its approved partners. ACCA offers many free resources tailored to DipIFR students, including study support guides, examination team guidance on exam technique, syllabus information, specimens and past exams, technical articles, study hub access, and more. These comprehensive resources ensure that DipIFR candidates can access essential materials and guidance for exam preparation and success.
 

Kaplan

Kaplan Books has long been a leading figure in the ACCA-DipIFR study material sphere. Renowned for their excellence, they offer top-notch resources, including the best IFRS books, pocket notes, revision kits, past exam papers, and concise video lectures. Kaplan regularly updates their materials, which you can conveniently convert into PDF format for on-the-go study. Kaplan, an ACCA-approved publisher, has firmly established its reputation for quality and reliability, offering students the assurance of premium content specifically tailored for DipIFR preparation.
 

BPP Material

BPP Learning Media Publication is an ACCA-approved publisher that produces high-quality study materials in collaboration with the ACCA. Renowned for its commitment to excellence, BPP consistently delivers comprehensive resources tailored to exam preparation. Their range includes study texts, workbooks, and practice and revision kits to support students' exam success. While individuals can access BPP's DipIFR study materials online, students enrolled at NorthStar Academy, also an ACCA-approved learning partner, receive them as part of their registration.
 

Other Resources

Similarly, students pursuing ACCA-DipIFR can access many resources from industry experts, including books and other study materials, apart from the ACCA-official IRFS study materials. Numerous institutions specialize in training students for the IFRS diploma courses and publish their study materials, such as IFRS books and preparation guides. Students should exercise caution when selecting IFRS study materials that are not ACCA-approved, as their quality and reliability may vary.

 

Conclusion

The IFRS standards are globally recognized accounting standards employed by various accounting firms worldwide. As various national and international organizations use them, the demand for professionals with extensive knowledge and experience in IFRS has increased exponentially in the past few years. Unsurprisingly, experienced accounting professionals and freshmen have enrolled in various IFRS diploma and certification courses in large numbers. 
So, if you are a student embarking on the journey of becoming an IFRS expert, or even if you are an experienced accounting professional looking to enhance your skills with an IFRS diploma further, NorthStar Academy is your trusted partner for the best IFRS study materials. As a trusted BPP Learning Media partner, NorthStar Academy provides its students with the best IFRS study materials with remote access to ensure that they can engage in on-the-go learning.
For more information or if you have any queries, contact our experts on WhatsApp.
 

FAQs

1. How do I study for IFRS?

To study for the IFRS diploma courses, students must register with reputed institutions that provide extensive preparation and the best IFRS study guide. Students must also evaluate the quality of the IFRS study materials they are using, as it can highly impact their overall performance. 

2. What is the best source for learning IFRS?

While there are several IFRS material sources, some of the best sources are the various official institutions like the IFRS Foundation, the International Accounting Standards Board, and the Association of Chartered Certified Accountants, followed by some leading publishers like BPP and Kaplan and their authorized partners like NorthStar Academy.

3. How do I prepare for IFRS?

Worldwide application of the IFRS standards necessitates thoroughness, extensiveness, and consistency in IFRS preparation. Students must enroll with reputed learning partners while ensuring they only use quality IRFS study materials and the best IFRS books throughout their preparation.
 
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