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IFRS FAQs

Who is eligible to take the course?

1. Chartered Accountants
2. Commerce graduates with 2 years of experience in the Finance and Accounts department
3. Graduates from any other field with 3 years of experience in the Finance and Accounts department

What are the passing marks?

The pass mark is 50%

Can I appear for the exams in India?

Yes. We have exam centres at Mumbai, Delhi, Kolkata and Chennai

If I am unable to take the exam at my local exam centre, will I be able to take it from anywhere else?

Yes but subject to adequate notification – please contact GTG or ACCA to arrange this.

When do I register with the ACCA for the December 2009 exams?

If you are ready to take the exam at the regular exam centres, then it is 15th of October but if you need a special exam centre, then it is 15th of September

When do I need to enrol with GTG?

By 1st of May 2009

How do I pay?

By Demand Draft (DD), EFT or Credit Card. You can pay their respective fees to ACCA and GTG separately or pay the entire amount to GTG who will then pay your fees to ACCA on your behalf.

When do I need to pay ACCA for the registration and exam fees?

By 1st of October if you are appearing at the regular exam centres or 1st of September for special exam centres

Does the syllabus cover all the IFRSs, IFRICs and SICs?

It covers 7 out of the 8 IFRS
IFRS 4 Insurance contracts is not covered
It covers 27 out of the 29 IAS

The two IAS not covered are:
IAS 29 Financial reporting in hyperinflationary benefit plans
IAS 26 Accounting and reporting by retirement benefit plans

It covers 8 out of 17 IFRICs. The ones not covered are:

IFRIC 2 Members shares in Co-operative entities and similar instruments
IFRIC 4 Determining whether an arrangement contains a lease
IFRIC 6 Liabilities arising from participating in a specific market – waste electrical and electronic equipment
IFRIC 7 Applying the restatement approach under IAS 29 financial reporting in hyperinflationary economies
IFRIC 8 Scope of IFRS 2
IFRIC 9 Reassessement of embedded derivatives
IFRIC 16 Hedges of a net investment in a foreign operation
IFRIC 17 Distributions of non cash assets to owners
IFRIC 18 Transfers of assets from customers

It covers 5 out of 11 SICs. The ones not covered are:

SIC 7 Introduction of the Euro
SIC 13 Jointly controlled entities – non monetary contributions by venturers
SIC 21 Income taxes – recovery of revalued non depreciable assets
SIC 25 Income taxes – changes in the tax status of an entity or its shareholders
SIC 27 Evaluating the substance of transactions involving the legal form of a lease
SIC 29 Service concession arrangements – disclosures

The details of the IFRS, IAS, IFRICs and SIC which are covered, are given in the examinable documents in your application pack.

Why do I need to know IFRS?

Because in the near future, IFRS compliant financial statements will be mandatory in most countries.

In India publically listed companies will be required to submit IFRS compliant financial statements in 2011.  IFRS compliance for other companies will follow there-after.

How much do I need to pay ACCA for the registration and exam fees?

157 pounds, details of payment are given in the ACCA form

Who will issue the certificate?

The certificate will be issued by the ACCA, UK and will be globally recognised.