What Is an ACCA Diploma in IFRS?

The Association of Chartered Certified Accountants (ACCA) diploma for International Financial Reporting Standards (IFRS) is a certification process that generally takes eight days to complete. Getting an ACCA diploma in IFRS is not suggested for new accountants; only those with experience typically should seek this certification. An ACCA diploma in IFRS can help accountants get a better job or more money, but some existing jobs may require this certification to continue working. This normally is not needed, but the certification still can be beneficial.

While it is called a diploma, the ACCA diploma in IFRS is more of a certification process. The course itself normally lasts eight days, and course work is split into several modules, starting with introductions and ending with an official exam. Accountants typically need to pay to take this course, and they may not reimbursed by their employer, particularly if they do not pass the final test. On top of the tuition, there normally is an ACCA registration fee. Course work involves advanced reporting procedures attributed to IFRS.

Accountants do not need to qualify to take this course, because they can take it as long as they pay, but this is not really meant for accountants who are just starting out. Getting an ACCA diploma in IFRS is meant more for accountants with at least several years of experience, because they already should be adept in the main principles of general accounting so they can easily transition into the more advanced knowledge. This course sometimes is taken as a refresher for seasoned professionals, because the main IFRS principles and reporting skills are brought up often during coursework.

A typical motivation for accountants seeking their ACCA diploma in IFRS is the desire for a better job, because many higher accounting positions require this certification. This also may be used to get more money at a current position, depending on the employer's stance on its value. Some companies will not pay accountants more for obtaining this certification; they instead expect accountants to obtain certification so they can better perform their job.

Most accountant positions outside of high-level positions do not require an ACCA diploma in IFRS. Aside from the possibility of getting more money, this certification normally is useful because it enables the accountant to perform more tasks and with a better understanding. This certification also readies accountants to work internationally, which often is more useful that an accountant who can only perform domestic accounting.