Diploma in International Financial Reporting (DipIFR)

DIPLOMA IN INTERNATIONAL FINANCIAL

REPORTING (DipIFR)

Syllabus and
study guide
DECEMBER 2024 TO JUNE 2025
Designed to help with planning study and to
provide detailed information on what could be
assessed in any examination session

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 Diploma in International Financial Reporting (DipIFR)

Contents
1. Aims .................................................................................................................................... 3
2. Objectives ........................................................................................................................... 3
3. Position of the course within the overall portfolio of ACCA’s qualification framework......... 3
4. Approach to examining the syllabus ................................................................................... 4
5. The syllabus ........................................................................................................................ 5
6. Detailed study guide ........................................................................................................... 7
7. Summary of changes to Diploma in International Financial Reporting (DipIFR) ............... 14

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 Diploma in International Financial Reporting (DipIFR)

1. Aims

To provide qualified accountants or graduates, possessing relevant country specific

qualifications or work experience with an up to date and relevant conversion course,
providing a practical and detailed knowledge of the key international financial reporting
standards (IFRS® Accounting Standards) and how they are interpreted and applied.

2. Objectives

On completion of this syllabus, candidates should be able to:

• Understand and explain the structure of the international professional and conceptual
framework of financial reporting.

• Apply relevant international financial reporting standards (IFRS Accounting Standards) to

key elements of financial statements.

• Identify and apply disclosure requirements for entities relating to the presentation of
financial statements and notes.

• Prepare group financial statements (excluding group cash flow statements) including
subsidiaries, associates and joint arrangements.

3. Position of the course within the overall portfolio of

ACCA’s qualification framework

The Diploma in International Financial Reporting (DipIFR) builds on the technical and/or
practical knowledge acquired from recognised country specific accountancy qualifications or
relevant work experience. The syllabus introduces candidates to the wider international
framework of accounting and the system of standard setting. The DipIFR concentrates on
the application of conceptual and technical financial reporting knowledge that candidates
have already obtained to the specific requirements of financial reporting under IFRS
Accounting Standards

The DipIFR also provides essential international financial reporting knowledge and principles
that will equip candidates to operate in an increasingly global market place .

The prerequisite knowledge for DipIFR can either come from a country specific professional
qualification, from possessing a relevant degree (giving exemptions from Business and
Technology (BT); Management Accounting (MA) and Financial Accounting (FA) and
Corporate and Business Law (LW) of the ACCA qualification) and two years’ accounting
experience, or by having three years’ full-time relevant accounting experience, supported by
an employer’s covering letter.

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 Diploma in International Financial Reporting (DipIFR)

4. Approach to examining the syllabus

The examination is a three-hour fifteen minute paper. ACCA has removed the restriction
relating to the 15 minutes reading and planning time, so that while the time considered
necessary to complete this exam remains at 3 hours, candidates may use the additional 15
minutes as they choose. ACCA encourages students to take time to read questions carefully
and to plan answers but once the exam time has started, there are no additional restrictions
as to when candidates may start.

Time should be taken to ensure that all the information and exam requirements are properly
read and understood.

Most questions will contain a mix of computational and discursive elements. All questions
are compulsory.

All questions will attract 25 marks. Question one will involve the preparation of one or more
of the consolidated financial statements that are examinable within the syllabus. This
question will often include issues that will need to be addressed prior to performing the
consolidation procedures. Generally these issues will relate to the financial statements of the
parent prior to their consolidation.

Question two will often be related to a scenario in which questions arise regarding the
appropriate accounting treatment and/or disclosure of a range of issues. In this question
candidates may be asked to comment on management’s chosen accounting treatment and
determine a more appropriate one, based on circumstances described in the question. This
question will also contain an ethical and professional component related to the accounting
treatment that is being examined. This aspect of question two will have a mark ceiling of 5
marks.

Question three will usually focus more specifically on the requirements of one specific IFRS
Accounting Standard. This question will typically contain a mixture of explanation of the
principles underpinning the standard and practical application of those principles.

Question four will usually consist of a scenario in which the candidate is given a series of
queries from a work colleague relating to the financial statements. The requirement will
usually be to answer each query. The queries will normally be independent of each other. It
will be rare for the queries in question four to require a numerical answer.

Some IFRS Accounting Standards are very detailed and complex. In the DipIFR exam
candidates need to be aware of the principles and key elements of these Standards.
Candidates will also be expected to have an appreciation of the background and need for
international financial reporting standards and issues related to harmonisation of accounting
in a global context.

Finally the syllabus contains outcomes relating to the demonstration of appropriate digital
and employability skills in preparing for and taking the DipIFR examination. This includes
being able to interact with different question item types, manage information presented in
digital format and being able to use the relevant functionality and technology to prepare and
present response options in a professional manner. These skills are specifically developed
by practicing and preparing for the DipIFR exam, using the learning support content for
computer-based exams available via the ACCA website and will need to be demonstrated
during the live exam.

The overall pass mark for the Diploma in International Financial Reporting is 50%.

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 Diploma in International Financial Reporting (DipIFR)

income and the statement of changes in

equity
5. The syllabus
2. Earnings per share
A International sources of authority
3. Events after the reporting period
1. The International Accounting Standards
Board (IASB) and the regulatory 4. Accounting policies, changes in
framework accounting estimates and errors

2. Fundamental ethical and professional 5. Related party disclosures

principles
6. Operating segments
B Elements of financial statements
7. Reporting requirements of small and
1. Revenue recognition medium-sized entities (SMEs)
8. Sustainability disclosures
2. Property, plant and equipment
D Preparation of external financial
3. Impairment of assets reports for combined entities,
associates and joint arrangements
4. Leases
1. Preparation of group consolidated
5. Intangible assets and goodwill external reports

6. Inventories 2. Business combinations – intra-group

adjustments
7. Financial instruments
3. Business combinations – fair value
8. Provisions, contingent assets and adjustments
liabilities
4. Business combinations – associates
9. Employee benefits and joint arrangements

10. Tax in financial statements 5. Complete disposal of shares in

subsidiaries
11. The effects of changes in foreign
currency exchange rates Excluded topics

12. Agriculture The following topics are specifically

excluded from the syllabus:
13. Share-based payment
• Complex group structures, including sub-
14. Exploration and evaluation expenditures subsidiaries or mixed groups and foreign
subsidiaries
15. Fair value measurement
• Step acquisitions, partial disposal of
C Presentation of financial statements subsidiaries and group re-constructions
and additional disclosures
• Financial statements of banks and
1. Presentation of the statement of similar financial institutions
financial position, the statement of profit
or loss and other comprehensive • Preparation of statements of cash flow
(single company and consolidated)

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 Diploma in International Financial Reporting (DipIFR)

• Preparation of interim financial

statements

• Accounting for insurance entities

• International financial reporting exposure

drafts and discussion papers

• The international public sector

perspective

• Multi-employer benefit schemes

• Information reflecting the effects of

changing prices and financial reporting in
hyperinflationary economies

Key areas of the syllabus

The key topic area headings are as follows:

• International sources of authority

• Elements of financial statements

• Presentation of accounts and additional

disclosures

• Preparation of external reports for

combined entities, associates and joint
arrangements.

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 Diploma in International Financial Reporting (DipIFR)

B Elements of financial
6. Detailed study guide
statements

A International sources of 1. Revenue recognition

authority a) Explain and apply the principles of
revenue recognition:
1. The International Accounting
i. Identification of contracts
Standards Board (IASB) and the
ii. Identification of performance
regulatory framework
obligations
iii. Determination of transaction price
a) Discuss the need for IFRS Accounting
iv. Allocation of the price to the
Standards and possible barriers to their
performance obligations
development.
v. Recognition of revenue when/as
performance obligations are satisfied
b) Explain the structure and constitution of
the IASB and the standard setting b) Describe and apply the acceptable
process. methods for measuring progress
towards complete satisfaction of
c) Understand and interpret the IASB’s performance obligations.
Conceptual Framework for Financial
Reporting®. c) Explain and apply the criteria for the
recognition of contract costs
d) Critically discuss and apply the
definitions of the elements of financial d) Specifically account for the following
statements and the reporting of items in types of transactions:
the financial statements. i. Principal versus agent;
ii. Repurchase agreements;
e) Explain the purpose and role of the iii. Bill and hold arrangements
International Sustainability Standards iv. Consignment agreements
Board (ISSB™).
e) Account for different types of
2. Fundamental ethical and professional consideration (including variable
principles consideration) and where a
significant financing component
a) Appraise and discuss the ethical and exists in the contract.
professional issues in complying with
IFRS Accounting Standards. f) Prepare financial statement extracts
for contracts with multiple
performance obligations, some of
which are satisfied over time and
some at a point in time.

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 Diploma in International Financial Reporting (DipIFR)

2. Property, plant and equipment 3. Impairment of assets

a) Define the initial cost of a non-current a) Identify, circumstances which

asset (including a self-constructed indicate that the impairment of an
asset) and apply this to various asset may have occurred.
examples of expenditure,
distinguishing between capital and b) Describe what is meant by a cash-
revenue items. generating unit.
c) Define and calculate the recoverable
b) Identify conditions for the amount of an asset and any
capitalisation of borrowing costs. associated impairment losses.

c) Describe, and be able to identify, d) State the basis on which impairment

subsequent expenditures that should losses should be allocated, and
be capitalised, including appropriate allocate a given impairment loss to
borrowing costs. the assets of a cash-generating unit.

d) Compute the impact on the financial e) Account for the reversal of an

statements when property, plant and impairment loss that was recognised
equipment is measured under the in a previous period.
revaluation model and a revaluation
to fair value is made 4. Leases

e) Account for gains and losses on the a) Account for right of use assets and
disposal of revalued assets. lease liabilities in the records of the
lessee
f) Calculate depreciation on:
i.revalued assets, and b) Explain the exemption from the
ii.assets that have two or more major recognition criteria for leases in the
items or significant components. records of the lessee.

g) Apply the provisions of accounting c) Account for sale and leaseback

standards relating to government transactions in the financial
grants and government assistance in statements of lessees.
relation to property, plant and
equipment. d) Explain the distinction between
operating leases and finance leases
h) Describe the criteria that need to be from a lessor perspective.
present before non-current assets
are classified as held for sale, either e) Account for operating leases and
individually or in a disposal group. finance leases in the financial
statements of lessors.
i) Apply the requirements of IFRS
Accounting Standards for non- 5. Intangible assets and goodwill
current assets and disposal groups
that are held for sale. a) Discuss the nature and possible
accounting treatments of both
j) Discuss the way in which the internally generated and purchased
treatment of investment properties goodwill.
can differ from other properties.
b) Distinguish between goodwill and
k) Apply the requirements of IFRS other intangible assets.
Accounting Standards to investment
properties.

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 Diploma in International Financial Reporting (DipIFR)

c) Define the criteria for the initial g) Prepare financial information for hedge
recognition and measurement of accounting purposes, including the
intangible assets. impact of treating hedging arrangements
as fair value hedges or cash flow
d) Explain the principle of impairment hedges.
tests in relation to purchased
goodwill. 8. Provisions, contingent assets and
liabilities
e) Identify the circumstances in which a
gain on a bargain purchase (negative a) Explain why an accounting standard on
goodwill) arises, and its subsequent provisions is necessary
accounting treatment.
b) Define provisions, legal and constructive
f) Describe and apply the requirements of obligations, past events and the transfer
IFRS Accounting Standards to internally of economic benefits.
generated assets other than goodwill
(e.g. research and development). c) State when provisions may and may not
be made, and how they should be
g) Describe the method of accounting accounted for.
specified by the IASB for the exploration
for and evaluation of mineral resources. d) Explain how provisions should be
measured.
6. Inventories
e) Define contingent assets and liabilities,
a) Measure and value inventories. giving examples, and describe their
accounting treatment.
7. Financial instruments
f) Identify and account for:
a) Explain the definition of a financial i. Onerous contracts
instrument. ii. Environmental and similar provisions.
iii. Restructuring
b) Determine the appropriate classification
of a financial instrument, including those 9. Employee benefits
instruments that are subject to ‘split
classification’ – e.g. convertible loans. a) Describe the nature of short term and
c) Discuss and account for the initial and long term employee benefits, termination
subsequent measurement of financial benefits, defined contribution, and
instruments including the business defined benefits plans.
model and contractual cash flow tests
b) Explain the recognition and
d) Discuss and account for the subsequent measurement of short term and long
measurement (including impairment in term employee benefits, termination
the case of financial assets) of financial benefits and defined contribution and
assets and financial liabilities in defined benefit plans in the financial
accordance with applicable IFRS statements of contributing employers.
Accounting Standards.
c) Account for short term and long term
e) Discuss the conditions that are required employee benefits, termination benefits
for a financial asset or liability to be de- and defined contribution and defined
recognised. benefit plans in the financial statements
of contributing employers.
f) Explain the conditions that are required
for hedge accounting to be used.

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 Diploma in International Financial Reporting (DipIFR)

10. Tax in financial statements and disclosure of information relating to

agriculture.
a) Account for current tax liabilities and
assets in accordance IFRS Accounting d) Report on the transformation of
Standards. biological assets and agricultural
produce at the point of harvest and
b) Describe the general principles of account for agriculture related
government sales taxes (e.g. VAT or government grants.
GST).
13. Share-based payment
c) Outline the principles of accounting for
deferred tax. a) Understand the term ‘share-based
payment’.
d) Explain the effect of taxable and
deductible temporary differences on b) Discuss the key issue that measurement
accounting and taxable profits. of the transaction should be based on
fair value.
e) Identify and account for the requirements
relating to deferred tax assets and c) Explain the difference between cash
liabilities in accordance with the IFRS settled share-based payment
Accounting Standards. transactions and equity settled share-
based payment transactions and
f) Calculate and record deferred tax transactions with cash alternatives.
amounts in the financial statements.
d) Identify the principles applied to
11. The effects of changes in foreign measuring both cash and equity settled
currency exchange rates share-based payment transactions and
transactions with cash alternatives.
a) Distinguish between reporting and
functional currencies. e) Compute the amounts that need to be
recorded in the financial statements
b) Determine an entity’s functional when an entity carries out a transaction
currency. where the payment is share based.

c) Discuss the recording of transactions 14. Exploration and evaluation

and translation of monetary/non- expenditures
monetary items at the reporting date for
individual entities in accordance with a) Outline the need for an accounting
IFRS Accounting Standards. standard in this area and clarify its
scope.
12. Agriculture
b) Give examples of elements of cost that
a) Recognise the scope of IFRS might be included in the initial
Accounting Standards for agriculture. measurement of exploration and
evaluation assets.

b) Discuss the recognition and c) Describe how exploration and evaluation

measurement criteria including the assets should be classified and
treatment of gains and losses, and the reclassified.
inability to measure fair value reliably.
d) Explain when and how exploration and
c) Identify and explain the treatment of evaluation assets should be tested for
government grants, and the presentation impairment.

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 Diploma in International Financial Reporting (DipIFR)

15. Fair value measurement c) Define earnings for EPS purposes.

a) Explain the principle under which fair d) Calculate the EPS in the following
value is measured according to IFRS circumstances:
Accounting Standards. i. where the number of issued ordinary
shares is constant throughout the
b) Identify an appropriate fair value year.
measurement for an asset or liability in a ii. where the has been an issue of
given set of circumstances. ordinary shares at fair value during
the year.
C Presentation of financial iii. where there has been a bonus issue
statements and additional of ordinary shares/stock split during
the year,
disclosures iv. where there has been a rights issue
of ordinary shares during the year.
1. Presentation of the statement of v. where there has been more than one
financial position and the statement change in the number of issued
of profit or loss and other ordinary shares during the year
comprehensive income and the
statement of changes in equity e) Explain the relevance to existing
shareholders of the diluted EPS, and
a) State the objectives of IFRS Accounting describe the circumstances that will give
Standards governing the presentation of rise to a future dilution of the EPS.
financial statements.
f) Compute the diluted EPS in the following
b) Describe the structure and content of circumstances:
statements of financial position and i. where convertible debt or preference
statements of profit or loss and other shares are in issue
comprehensive income including ii. where share options and warrants
continuing operations. exist.
c) Discuss the importance of identifying g) Identify anti-dilutive circumstances.
and reporting the results of discontinued
operations. 3. Events after the reporting period
d) Define and account for non-current
assets held for sale and discontinued a) Distinguish between and account for
operations. adjusting and non-adjusting events after
the reporting period.
e) Discuss ‘fair presentation’ and the
accounting concepts/principles.
4. Accounting policies, changes in
accounting estimates and errors
2. Earnings per share
a) Identify items requiring separate
a) Recognise the importance of disclosure, including their accounting
comparability in relation to the treatment and required disclosures.
calculation of earnings per share (EPS)
and its importance as a stock market b) Recognise the circumstances where a
indicator. change in accounting policy is justified.

b) Explain why the trend of EPS may be a c) Define prior period errors.
more accurate indicator of performance
than a company’s profit trend.

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 Diploma in International Financial Reporting (DipIFR)

d) Account for the correction of errors and D Preparation of external

changes in accounting estimates and
reports for combined entities
changes in accounting policies.
and joint arrangements
5. Related party disclosures
1. Preparation of group consolidated
a) Define and apply the definition of related external reports
parties in accordance with IFRS
Accounting Standards. a) Explain the concept of a group and the
purpose of preparing consolidated
b) Describe the potential to mislead users financial statements.
when related party relationships and
transactions are not disclosed b) Explain and apply the definition of a
appropriately. subsidiary.

c) Explain the disclosure requirements for c) Prepare a consolidated statement of

related party transactions. financial position for a simple group (one
or more subsidiaries) dealing with pre
6. Operating segments and post-acquisition profits, non-
controlling interests and goodwill.
a) Discuss the usefulness and problems
associated with the provision of segment d) Explain the need for using coterminous
information. year-ends and uniform accounting
polices when preparing consolidated
b) Define an operating segment. financial statements and describe how it
is achieved in practice.
c) Identify reportable segments (including
applying the aggregation criteria and e) Prepare a consolidated statement of
quantitative thresholds). profit or loss, statement of profit or loss
and other comprehensive income and
7. Reporting requirements of small and statement of changes in equity for a
medium- sized entities (SMEs) simple group (one or more subsidiaries),
including an example where an
a) Outline the principal considerations in acquisition or disposal of an entire
developing a set of financial reporting interest occurs during the year and there
standards for SMEs. is a non-controlling interest.

b) Discuss solutions to the problem of

differential financial reporting. 2. Business combinations – intra-group
adjustments
c) Discuss reasons why the IFRS for SMEs
Accounting Standard does not address a) Explain why intra-group transactions
certain topics. should be eliminated on consolidation.

8. Sustainability Disclosure b) Report the effects of intra-group trading

and other transactions including:
a) Regarding the IFRS Sustainability i. unsettled intra-group balances at the
Disclosure Standards: year-end
ii. unrealised profits in inventory and
i outline the scope, objectives and core non-current assets
content: and iii. intra-group loans and interest and
ii discuss the usefulness of disclosures of other intra-group charges, and
climate related risks and opportunities. iv. intra-group dividends.

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 Diploma in International Financial Reporting (DipIFR)

3. Business combinations – fair value 5. Complete disposal of shares in

adjustments subsidiaries

a) Explain why it is necessary for both the a) Calculate the gain or loss on the
consideration paid for a subsidiary and complete disposal of shares in a
the subsidiary’s identifiable assets and subsidiary in the financial statements of
liabilities to be accounted for at their fair the parent and the subsidiary.
values when preparing consolidated
financial statements. b) Explain and illustrate the effect of the
complete disposal of a parent’s
b) Compute the fair value of the investment in a subsidiary in the parent’s
consideration given including the individual financial statements and/or
following elements: those of the group.
i. Cash
ii. Share exchanges E Employability and technology
iii. Deferred consideration skills
iv. Contingent consideration.
1. Use computer technology to
c) Prepare consolidated financial
efficiently access and manipulate
statements dealing with fair value
relevant information.
adjustments (including their effect on
consolidated goodwill) in respect of:
2. Work on relevant response options,
i. Depreciating and non-depreciating
using available functions and
non-current assets
technology, as would be required in
ii. Inventory
the workplace.
iii. Deferred tax
iv. Liabilities
3. Navigate windows and computer
v. Assets and liabilities (including
screens to create and amend
contingencies), not included in the
responses to exam requirements,
subsidiary’s own statement of
using the appropriate tools.
financial position.

4. Business combinations – associates 4. Present data and information

and joint arrangements effectively, using the appropriate
tools.
a) Define associates and joint
arrangements.

b) Distinguish between joint operations and

joint ventures.

c) Prepare consolidated financial

statements to include a single subsidiary
and an associate or a joint arrangement.

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 Diploma in International Financial Reporting (DipIFR)

7. Summary of changes to Diploma in International

Financial Reporting (DipIFR)

ACCA periodically reviews its qualification syllabuses so that they meet the needs of
stakeholders such as employers, students, regulatory and advisory bodies and learning
providers.
There have been some minor changes to the study guide for December 2024 to June 2025
which have been outlines in Table 1.

Section and subject area Syllabus content Rationale

Throughout Changed IFRS Standards to The IFRS Foundation has
IFRS Accounting Standards required that the term IFRS
or IFRS Sustainability Accounting Standards and
Disclosure Standards as IFRS for SME’s Accounting
appropriate Standard are used to clearly
identify them separately
from IFRS Sustainability
Disclosure Standards
Throughout Included prefix a), b) etc for To improve references in
each learning outcome learning materials and align
with other ACCA syllabi
A1 e) Replaced learning outcome This better reflects the
‘Account for the first-time importance of the new ISSB
adoption of IFRS relative to IFRS 1 now that
Accounting Standards’ with. IFRS Accounting Standards
‘Explain the purpose have been on issue for
and role of the International many years and adopted
Sustainability Standards worldwide therefore ‘first
Board (ISSB™)’. time adoption’ is less
. relevant
B7 c) Introduced new learning To place emphasis on the
outcome ‘Discuss and business models and
account for the initial and contractual cashflow tests.
subsequent measurement of
financial instruments
including the business
model and contractual cash
flow tests’
B7 • Removed the final This would not be examined
learning outcome (in and therefore has been
23/24 syllabus) removed
‘Describe the financial
instrument disclosures
required in the notes to
the financial statements.’

B8 Simplified ‘Explain why To reduce syllabus ‘clutter’

an accounting standard as previous abuses are now
on provisions is very historic
necessary’

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 Diploma in International Financial Reporting (DipIFR)

B8 f) Added ‘Restructuring’ to list To ensure this is adequately

of specific items to be covered
accounted for when
applying IAS 37
C4 d) Added the words in italics ‘ Added for completeness
Account for the correction of
errors and changes in
accounting estimates and
changes in accounting
policies’
C8 Added new syllabus area; Added to reflect the issue of
8. Sustainability IFRS Sustainability
Disclosure Disclosure Standards by
ISSB. However the scope of
a) Regarding the IFRS the LO is restricted to high
Sustainability Disclosure level knowledge only
Standards: (scope, purpose and core
content) and also to reflect
i outline the scope, the ISSB emphasis on
objectives and core content: climate related risks and
and opportunities
ii discuss the disclosures of
climate related risks and
opportunities

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