Farley And Partners


IFRS Structure and Syllabus

Explores a range of employee remuneration arrangements with special focus on post-employment benefits.

IAS 19: Employee Benefits

  • Types of employee benefits
  • Recognition and measurement of short-term employment benefits
  • Post-employment benefits: Defined contribution plans
  • Post-employment benefits: Defined benefit plans, including the projected unit credit method, the accounting of actuarial differences, curtailments and settlements and the asset ceiling test
  • Accounting for other long-term benefits
  • Termination benefits

Covers all aspects of accounting for financial instruments, from the mechanics of amortised cost to embedded derivatives and hedge accounting.

IAS 32: Financial Instruments: Presentation

  • Definitions of financial assets, financial liabilities and equity instruments
  • The debt vs. equity distinction
  • Compound financial instruments

IAS 39: Financial Instruments: Recognition and Measurement

  • Categories of financial instruments, including recognition, classification, reclassification and derecognition
  • Measurement rules for each category
  • Impairment
  • Financial instruments denominated in a foreign currency
  • Derivatives, including examples and accounting treatment
  • Embedded derivatives
  • Hedge accounting, including accounting for a fair value hedge, cash flow hedge and foreign entity hedge

IFRS 7: Financial Instruments: Disclosures

  • Information about the significance of financial instruments
  • Information about the nature and extent of risks arising from financial instruments

IFRS 9: Financial Instruments

  • Background as to the replacement of IAS 39
  • Recognition and classification
  • Measurement and impairment
  • Reclassification, derecognition and modifications
  • Derivatives and hedging

Offers a comprehensive review of the accounting rules pertaining to the recognition of various sources of revenue.

IAS 18: Revenue

  • Recognition of revenue from sale of goods, services, interest, royalties and dividends
  • Measurement of revenue from sale of goods, services, interest, royalties and dividends
  • Special considerations such as sale and repurchase agreements, consignment sales, customer loyalty programmes, packaged sales etc.

IAS 11: Construction Contracts

  • Cost-plus and fixed-price contracts
  • Measurement of contract revenue and contract costs
  • Revenue recognition methods, including the stage of completion method
  • Accounting treatment when the outcome of the contract cannot be estimated reliably
  • Agreements for the construction of real estate

IFRS 15: Revenue from Contracts with Customers

  • Background as to the replacement of all revenue-related standards by IFRS15
  • Study of the new 5-Step revenue recognition model
  • Identification of the performance obligations in a contract
  • Measurement of the transaction price
  • Recognition of revenue over time vs. a point in time
  • Special considerations such as warranties, repurchase options, principal vs agent, customer and licencing

Provides an integrated discussion on the main issues involved in accounting for the most common non-financial asset types, including measurement approaches based on cost and fair value and depreciation.

IAS 16: Property, Plant and Equipment

  • Recognition and initial measurement, including expenditure items that must be capitalised
  • Dismantling, removal and restoration costs
  • Cost model and revaluation model, including the treatment of gains and losses on revaluation
  • Depreciation
  • Derecognition, presentation and disclosure

IAS 40: Investment Property

  • Recognition, including special cases, for example combined use
  • Initial measurement
  • Subsequent measurement, including the cost and fair value models
  • Derecognition, transfers and disclosure

IAS 38: Intangible Assets

  • Recognition
  • Initial measurement
  • Subsequent measurement including cost and revaluation models
  • Useful life, including finite and indefinite useful life intangibles
  • Derecognition and disclosure
  • Amortisation

IAS 2: Inventories

  • Recognition
  • Initial measurement of acquired and manufactured inventories
  • Subsequent measurement, including cost formulae and write down to net realisable value

Explores issues common across asset categories such as impairment, borrowing costs and the treatment of assets held for sale.

IAS 23: Borrowing costs

  • Scope of IAS 23
  • Qualifying assets
  • Determination of borrowing costs to be capitalised with regard to general borrowings and specific borrowings
  • Capitalisation period

IAS 20: Accounting for Government Grants and Disclosure of Government Assistance

  • Definition of government grants and government assistance
  • Grants relating to assets
  • Grants relating to income
  • Grants relating to past expenses

IAS 36: Impairment of Assets

  • Scope of IAS 36
  • Frequency of impairment testing
  • Indications of impairment
  • Impairment of a single asset
  • Impairment of a cash generating unit
  • Reversal of impairment losses

IFRS 5: Non-current Assets Held for Sale and Discontinued Operations

  • Recognition, measurement and presentation of non – current assets held for sale, including disposal groups

Discusses the IFRS requirements in respect of operating and finance leases and related transactions such as sale and leaseback agreements.

The module also explores the rules behind provisions and contingencies.

IAS 17: Leases

  • Definition of a finance lease, including indications that a lease is a finance lease
  • Accounting for a finance lease in the lessee and the lessor financial statements
  • Implicit interest rate
  • Accounting for an operating lease in the lessee and the lessor financial statements including operating lease incentives
  • Sale and leaseback
  • Property leases
  • Current developments in lease accounting
  • Manufacturer or dealer lessors

IAS 37: Provisions, Contingent Liabilities and Contingent Assets

  • Recognition and measurement of provisions, including legal and constructive obligations
  • Onerous contracts, restructuring provisions and decommissioning provisions
  • Disclosure of contingent liabilities and contingent assets

IFRS 16 Leases:

  • Background
  • Recognition exemptions
  • Accounting by lessees
  • Accounting by lessors
  • Sale and leaseback transactions
  • Transition

Offers a step-by-step guide to the accounting of a business combination, including the definition of control. This module also explores the accounting of an associate and a joint venture in contrast with a subsidiary.

IFRS 10: Consolidated Financial Statements

  • Definition of control, including the definition of power and the distinction between substantive and protective rights and also de facto control
  • Definition of a subsidiary and when this must be consolidated
  • Date of acquisition
  • Consolidation procedures
  • Intercompany balances and transactions
  • Non-controlling interest

IFRS 3: Business Combinations

  • Definition of a business combination
  • Goodwill calculation, including consideration transferred, the net assets acquired and impairment testing
  • Gain on acquisition
  • Initial accounting determined provisionally
  • The two methods of accounting for non-controlling interest

IAS 27: Separate Financial Statements

  • Accounting policy choices for the investments in subsidiaries, associates and joint ventures in the separate financial statements of the
  • parent or investor.

IAS 28: Investments in Associates and Joint Ventures

  • Definition of an associate
  • Equity method
  • Impairment testing

IFRS 11: Joint Arrangements

  • Definition of joint arrangements and determining the type of joint arrangement
  • Joint control
  • Accounting for a joint operation
  • Accounting for a joint venture

IFRS 12: Disclosure of Interests in Other Entities

  • Significant judgement and assumptions
  • Interest in subsidiaries
  • Interest in associates and joint arrangements
  • Interests in unconsolidated structured entities

Covers more advanced topics relevant to group accounting, including step-acquisition and disposals as well as issues relevant to consolidation in a multicurrency environment.

Advance consolidations

  • Step acquisitions
  • Disposals

IAS 21: The Effects of Changes in Foreign Exchange Rates

  • Accounting for foreign exchange transactions in single entity financial statements
  • Acquisition of a foreign operation including the closing rate method of consolidation
  • Foreign exchange differences
  • Disposal of a foreign operation

IAS 29: Financial Reporting in Hyperinflationary Economies

  • Definition of hyperinflationary
  • Restatement of financial statements

Explores in detail the accounting requirements in respect of share-based payments.

IFRS 2: Share-based Payment

  • Equity-settled share-based payment
  • Cash-settled share based payment
  • Equity-settled with cash alternative share-based payment
  • Share-based payment among group entities
  • Modifications, cancellations and settlements

Provides a comprehensive review of all tax-related accounting issues, focusing on deferred tax rules and their application to common real-life business scenarios.

IAS 12: Income Taxes

  • Current tax
  • The concept of deferred tax
  • Recognition of deferred tax liabilities
  • Recognition of deferred tax assets
  • Movement of deferred tax
  • Deferred tax in consolidated financial statements, including the business combination exemption, fair value adjustments and elimination of unrealised profits
  • Deferred tax relating to share-based payment

Gives practical insight into the mechanics of the statement of cash flows in single-entity and consolidated financial statements.

IAS 7: Statement of Cash Flows

  • Single entity statement of cash flows
  • Consolidated statement of cash flows, including the acquisition and disposal of subsidiaries and associates
  • Foreign exchange transactions and operations
  • Specific consideration of share-based payments and convertible instruments

Provides a comprehensive review of the Standards that are compulsory for listed companies.

IAS 34: Interim Financial Reporting

  • Presentation of interim financial statements, including the choice between complete IAS 1 financial statements or condensed financial statements
  • Contents of condensed financial statements
  • Disclosure

IAS 33: Earnings per Share

  • Basic earnings per share, including share issue, bonus and rights issue
  • Diluted earnings per share, including convertible instruments and options
  • Presentation and disclosure

IFRS 8: Operating Segments

  • Reportable segments
  • Quantitative thresholds
  • Minimum disclosure requirements
  • Reconciliations

Covers standards that are relevant to Presentation and Disclosure requirements.

IAS 1: Presentation of Financial Statements

  • Structure and content
  • Fair presentation
  • Going concern
  • Offsetting
  • Current / non-current distinction
  • Other comprehensive income

IFRS 5: Non-current Assets Held for Sale and Discontinued Operations

  • Definition of discontinued operation, including operations disposed and held for sale
  • Presentation in the financial statements

IAS 24: Related Party Disclosures

  • Definition of a related party
  • Disclosure of related party transactions

IAS 10: Events After the Reporting Period

  • Adjusting events
  • Non adjusting events
  • Going concern
  • Dividends

IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors

  • Selection of accounting policy and changes in accounting policies
  • Changes in accounting estimates
  • Prior period errors

IFRS 13: Fair value measurement

  • Scope of IFRS 13
  • Definition of fair value
  • Disclosures including fair value hierarchy

Offers a step-by-step guide on applying IFRS for the first time.

IFRS 1: First-time Adoption of International Financial Reporting Standards

  • Definition of first-time adopter
  • Date of transition
  • Opening IFRS statement of financial position
  • Exemptions

IFRS 14: Regulatory Deferral Accounts

  • An overview of the new standard relevant to first-time adopters of IFRS

Offers a guide to understanding and applying the currently available industry specific standards.

IFRS 4: Insurance Contracts

  • Scope and background
  • Temporary exemption from some IFRSs
  • Changes in accounting policies

IFRS 6: Exploration for and Evaluation of Mineral Resources

  • Scope and background
  • Temporary exemption from some IFRSs
  • Measurement of exploration and evaluation assets

IAS 26: Accounting and Reporting by Retirement Benefit Plans

  • Scope
  • Financial statements of defined contribution plans
  • Financial statements of defined benefit plans

IAS 41: Agriculture

  • Biological assets
  • Agricultural produce
  • Land related to agricultural produce

Offers a complete guide on examination technique, topic focus, and question practice.

Once you have completed all 15 Modules successfully, your tutor will prepare you for the ACCA DipIFR examination, if you so wish. The reason we recommend that you take the examination is that you will have done a lot of work by Module 15, covering more than enough topics, techniques and tools: it would be a major additional advantage, with very little effort, to obtain an internationally recognised qualification evidencing all you have learned.

The ACCA DipIFR is for finance professionals and accountants who have not been able to study IFRS formally and wish now to acquire such a formal qualification. You will be more ‘visible in the accountancy world and you will be more mobile across industries and countries.

As part of Module 16, you will simply have to practise ACCA examination questions and your tutor will give you advice on how to best prepare for the exam.

For more details about the qualification please visit the official website of ACCA

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