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Diplomate in International Financial Reporting Standards

Are you prepared for IFRS Convergence?
Become an IFRS Specialist
to make your transition easier and more efficient
Acquire a Canadian Diploma Qualification in IFRS
March 23 - May 5, 2012 (8:30 am - 12:30 pm) / Oakwood Premier Joy~Nostalg Center

The International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB) have been developed to provide a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards. All major economies have established timelines to converge with, or adopt the IFRS.

Keeping in view the convergence, undergone by the major economies of the world such as United States of America, China and Canada, of the International Financial Reporting Standards with respective local GAAP, the demand for IFRS specialists is increasing. IAT Canada in cooperation with National Institute of Accounting Technicians (NIAT) is introducing a Diploma in IFRS to prepare the candidates to avail such opportunities in the global market.

Program Objectives

Designed for accountants, financial managers, auditors and other professionals, such as bankers and investment advisers, who want to develop their knowledge and understanding of IFRS. Participants’ on the Diploma course will also gain and benefit from attaining a working knowledge of IFRS, the DipIFRS aims to:

  • Develop expertise in the application of accounting concepts under the International Financial Reporting Standards;
  • Create avenues of international mobility through the credential DipIFRS; and
  • Provide an opportunity to candidates of taking their accounting skills to highly advanced level and be able to progress within various accounting support roles as IFRS specialists.

To Whom Does IFRS Apply?

The DipIFRS program provides a detailed review of all significant technical IFRS requirements. It includes case studies, examples, exercises, coverage of IFRSs, and interactive hands-on participation from the participants. This comprehensive workshop helps participants to acquire the tools necessary to understand and apply IFRS and prepare IFRS financial statements. The program includes the latest pronouncements, and participants are brought up-to-date on all topics.

This program is ideal for individuals at all levels within an organization who need to have detailed knowledge of IFRS. In essence, it is an opportunity to transfer a crucial new skill set to those responsible for making accounting decisions and preparing, reviewing or approving IFRS financial statements. The program is generic and does not focus on any one particular industry.

The DipIFRS program answers questions such as:

  • What are the current and likely future requirements of IFRS?
  • What is the probable impact of adopting such requirements?
  • How are IFRS recognition and measurement rules applied?
  • What are the requirements for presentation of IFRS financial statements and related disclosures?
  • Where can up-to-date information about IFRSs be obtained?
  • How can complex or unique situations be researched?

Program Syllabus

The DipIFRS course is structured into six (6) modules covering all the standards and its latest pronouncements. The course comprises of six (6) class room lecture sessions spread over two (2) months.

Essence of IFRS
  • IFRS and the economic crisis – What are the issues?
    • The Framework – theory vs. practice
    • The issue of “fair value”
  • Lessons from the latest compliance issues
  • The IASB’s work programme and convergence
  • The IFRS for SME’s – is this the way ahead?

Module 1

  • Accounting Policies changes in accounting
    estimates and errors (IAS 8)
  • Events after the balance sheet date (IAS 10)
  • Related Party Disclosures (IAS 24)
  • First-time adoption of IFRS (IFRS 1)
  • Interim financial reporting (IFRS 34)

Module 2: Income Statement – Profit & Loss Account

  • Revenue (IAS 18)
  • The effects of changes in foreign exchange rates (IAS 21)
  • Employee benefits (IAS 19)
  • Borrowing Cost (IAS 23)
  • Accounting for government grants (IAS 20)
  • Income taxes/ current tax/ deferred tax (IAS 12)
  • Discontinuing operations (IFRS 5)
  • Earnings per share (IAS 33)

Module 3: Balance Sheet

  • Property plant and equipment (IAS 16)
  • Investment property (IAS 40)
  • Intangible Assets (IAS 38)
  • Impairment of assets (IAS 36)
  • Inventories /Stock (IAS 2)
  • Constructions contracts / Long term WIP (IAS 11)
  • Leases – off balance sheet finance (IAS 17)
  • Provisions, contingent liabilities and contingent assets (IAS 37)

Module 4: Statement of Cash Flow
Accounting for Groups and Investments

  • Business Combinations (IFRS 3)
  • Consolidated and separate financial statements (IAS 27)
  • Accounting for investments in associate (IAS 28)
  • Financial reporting of interests in joint ventures (IAS 31)
  • Operating Segments / Segments reporting (IFRS 8)
 Module 5: Specialized Industries and other situations
  • Accounting and reporting by retirement benefit plans (IAS 26)
  • Insurance and contracts (IFRS 4)
  • Exploration for and Evaluation of Mineral Resources (IFRS 6)
  • Agriculture (IAS 41)
  • Financial reporting in hyper inflationary economies (IAS 29)

Module 6

  • Accounting for Financial Instruments –
    IAS 39 and 32 & IFRS 7
  • Financial instruments –
    disclosure and presentations (IAS 32)
  • Financial Instruments recognition and measurement (IAS 39)
  • Financial instruments – disclosure and presentations (IAS 32)
  • Financial Instruments: Disclosures (IFRS 7)
  • Share based payment (IFRS 2)

The Role of IFRS in the Economic Crisis

  • Workshop on the details
  • The Principles
  • The Necessary arithmetic
  • Identifying financial Instruments
  • Recognizing and de-recognition
  • Measurement
    • Initial
    • Fair Value
    • Impairment
  • Derivatives
    • Embedded Derivatives
  • Hedge Accounting
    • Hedge effectiveness
  • Presentation and disclosure

DipIFRS Testimonials

"The program is a great help for accountants since all countries are gearing to have a universal standard of reporting FS. The program provided as opportunity for continuous learning thus making us globally competitive."

- Jona T.Ubaña, Assistant Manager, I Solve (Batch 8)
"The program significantly helps accountants to understand the impact of IFRS in the preparation of the Financial Statements. The program further strengthened the basic knowledge that I have about IFRS and the knowledge that has been imparted in the programs helps accountants specially those who are in the public practice sector."

- Bethuel Tanupan, Partner, Diaz, Murillo, Dalupan and Company (Batch 4)
"I think the program is a must. This serves as my guide when it comes to the principles in finance, aside from the accurate presentation of financial statements and treatment of transactions. It is implemented and recognized globally, giving aspirants like me a better career path here and out of the country."

- Rogelio Rosario, VP of Finance, Southern Cross Distribution, Inc. (Batch 2)
"The program has taught me a lot especially about the changes in accounting, from the newest modifications to what has to be applied or removed in financial statements and balance sheets for example."

- Cherrelynn Tating, Accountant, Meralco (Batch 2)
"The DipIFRS program has given me more knowledge about the accounting world. It is really an excellent source of information and I had a good orientation of the said field because of it."

- Rhoda Villena Dela Cruz, Payroll and Controls Manager, Intel Philippines, Inc. (Batch 2)

Frequently Asked Questions

1. What is IFRS?

2. Why IFRS?

3. Who are affected by IFRS?

4. What do I need to know about IFRS?

Join the 14th DipIFRS Program
March 23 - May 5, 2012
Oakwood Premier Joy~Nostalg Center
ADB Avenue, Ortigas Center, Pasig City