The CPA Diploma in IFRS Financial Reporting gives you everything you need to know about IFRS to enable you to apply the Standards accurately and appropriately. The knowledge is presented over nine sections, and concluded with a formal assessment. The Diploma is awarded by CPA Ireland, a founding member of the International Federation of Accountants (IFAC).

The Structure of Financial Statements

This section covers the design of financial statements within International Financial Reporting Standards (IFRS), their key components and what each statement is trying to achieve. The topics here make up the core framework of all the IFRSs, and this essential background helps to understand the bigger picture. The elements form part of a comprehensive package, enabling stakeholders to understand the financial position and performance of an entity.

1. The aims of IFRS
2. General rules
3. The statement of financial position
4. The statement of comprehensive income
5. Other financial statements and disclosure notes

Property, Plant and Equipment

Property, Plant and Equipment (PPE) plays a crucial role in the financial statements of many entities. They often make up one of the largest items on the statement of financial position, and also play a big part in the statement of comprehensive income through the charging of depreciation and impairment. This section looks at accounting for PPE through IAS 16, which covers PPE specifically, and IAS 36, which covers the connected issue of impairment.

6. Recognition rules
7. Depreciation
8. PPE disclosures
9. Impairments

Non-Financial Assets

From physical inventories to intangibles most business entities have significant assets other than PPE to account for. This section brings together the accounting, reporting and disclosure requirements for these important non-financial assets under the IFRS regime.

10. Inventories
11. Intangible assets
12. Leasing
13. Borrowing costs
14. Investment properties

Revenue Recognition

Revenue is a fundamental concept in accounting, but the rules for how to recognise and report it in financial statements were fundamentally revised in IFRS 15 Revenue from Contracts with Customers. This section will get you up-to-date with recent changes and what they mean for your organisation.

15. IFRS 15: A new Standard
16. Step 1: Contract recognition
17. Step 2: Identify performance obligations
18. Step 3: Determine transaction price
19. Step 4: Link price to performance
20. Step 5: Recognise revenue
21. Contract costs
22. Disclosure requirements
23. Government grants and assistance

Financial Instruments

The treatment of financial instruments can sometimes be very complex, and it is necessary to have a clear understanding of the rules involved within the IFRSs to apply them properly. Getting this wrong could have a big impact on the financial statements.

24. Financial instruments: An overview
25. Presentation
26. IFRS 9: How we got here
27. Hedge accounting
28. Financial instruments disclosures

Accounting for Expenditure

Expenditure accounts for half of the overall profitability position for organisations, so accounting for its impact is a key part of performance measurement. This section looks at some of the International Financial Reporting Standards (IFRSs) that affect the "bottom line” through expenditure. It looks at accounting for provisions and contingencies, employee benefits, retirement benefit plans, and income tax, all crucial impactors on expenditure, and therefore profitability.

29. Provisions
30. Employee benefits
31. Retirement benefit plans
32. Income taxes

Accounting for Business Combinations

Business combinations are a momentous occasion for many organisations. When an entity takes over, or merges with, another business, it has a huge impact on a whole range of issues - not least preparing and presenting the financial statements. This section therefore looks at the various accounting and reporting requirements for business combinations, as set out by the relevant IFRS standards.

33. Business combinations
34. Separate and consolidated financial statements
35. Joint arrangements, associates and joint ventures
36. Interests in other entities

Key Accounting Policies and Other Reporting Considerations

This is a broad section, dipping into various elements of the IFRS framework in order to present a full image of well-written financial statements. It deals with the IFRS framework practically, and aims to translate each Standard in a way that directly helps us write statements. We begin with IAS 8, which provides general rules that relate to every statement we will write, before addressing Standards that confront specific - yet common - cases.

37. Changes in policies
38. Foreign exchange
39. Events after the reporting date
40. Related parties
41. Fair value
42. Other types of reporting

Sector Specific Standards

This section covers four IFRSs that are somewhat specific to particular sectors. The Standards on agriculture, exploration and evaluation of mineral resources, and insurance should be self-evident, while that on regulatory deferral accounts concerns how to account for goods and services when rates are fixed by regulation.

43. Agriculture
44. Mineral resources
45. Insurance contracts
46. Regulatory deferral accounts

Assessment

Completing all the modules will unlock the assessment. You will only have two attempts to pass the assessment, so take this time to make sure you have revised properly and are well prepared!