Diploma In

International Financial
Reporting
Overview If you are a finance professional who is
not already knowledgeable about the
Financial reporting framework in Oman:
details of International Financial
In accordance with directives from the Capital Market Reporting Standards (IFRS), this
Authority of Oman, Central Bank of Oman and the Tax qualification has a fast and efficient
Authority of Oman, International Financial Reporting solution to meet your needs. If you need
Standards are required to be applied by all companies in to develop a working knowledge of the
Oman. In particular: area, the DipIFR can help prepare you.

- In accordance with Article 5 of the Capital Market Law International Financial Reporting
(English, Arabic), companies that have issued securities Standards (IFRS) are mandated in more
for public subscription must prepare annual, half-yearly than 100 countries worldwide. All listed
and quarterly financial reports and submit them to the companies in the European Union (EU)
Capital Market Authority have to prepare consolidated company
- In accordance with Article 30 of the Law Organizing the accounts that comply with IFRS. It also
Accountancy and Auditing Profession (English, Arabic), affects associates and subsidiaries of
accountants are required to comply with international
EU-listed companies.
standards in the preparation of financial reports (unless
other accounting standards are notified by the Omani
Other countries such as Australia, Hong
Minister of Commerce and Industry)
Kong and South Africa have already
- Under Article 72 of the Banking Law (English, Arabic),
adopted IFRS or equivalents as their
licensed banks are required to submit an annual report
to the Central Bank of Oman in accordance with the local Generally Accepted Accounting
requirements specified by the Central Bank. The Central Principles (GAAP). And many other
Bank has issued Banking Circulars which require reports countries around the world, including
to be prepared in accordance with international India, are moving towards applying IFRS,
standards. which is having a significant impact on
- IFRS as promulgated by the International Accounting financial reporting.
Standards Board is applied without amendment.
Who is it for?
If you are a professional accountant or auditor who
works in practice or business, and are qualified according
to national accounting standards, then you are eligible
to take this ACCA financial reporting qualification. If you
are working in practice, but not yet qualified, then you
may still be eligible. You will need to prove that you have
Course objectives
one of the following: The course is designed to develop
- Two years' relevant accounting experience and a your knowledge and understanding
relevant degree (attracting at least ACCA of International Financial Reporting
qualification exemptions for the Applied Knowledge Standards. You will also learn how to
and Corporate and Business Law (LW) exams) apply them, as well as the concepts
- Two years ‘relevant accounting experience and an and principles which underpin them.
ACCA Certificate in International Financial Reporting On completion of the Diploma
- Three years' relevant accounting experience.
candidates should be able to:
Mode of Delivery
 understand, explain and apply
The course will be delivered through face to face
the IASB's Conceptual
interactive sessions whereby classes will be conducted
Framework for Financial
for 6 hours every week (evening or weekend classes for
Reporting
working candidates)
 apply relevant financial reporting
Certification standards to key elements of
On successful completion of the examination Diploma financial reports
in International Financial Reporting will be awarded by
 identify and apply disclosure
ACCA.
requirements for companies in
Exams financial reports and notes
The Diploma in International Financial Reporting  Prepare group financial
(DipIFR) is assessed by a single three-hour, 15-minute statements (excluding group
written exam. You will need to achieve a 50 per cent cash-flow statements) including
mark or above to complete the paper. The exam is held subsidiaries, associates and joint
twice a year - in June and December. arrangements.
Program Content
Part 1 : International Sources of Authority
Chapter 1: The IASB and the regulatory framework
1. The need for a regulatory framework
2. The International Accounting Standards board (IASB)
3. Scope and application of IFRS standards
4. Managing the change to IFRS
5. Progress towards global harmonization
6. Benefits of and barriers to global harmonization
Chapter 2: The Conceptual Framework
1. Conceptual framework and GAAP
2. The IASB's Conceptual framework for financial reporting
3. Chapter 1 - The objective of general purpose financial reporting
4. Chapter 2 - Qualitative characteristics of financial information
5. Chapter 3 - Financial statements and the reporting entity
6. Chapter 4 - The elements of financial statements
7. Chapter 5 - recognition and derecognition
8. Chapter 6 - Measurement
9. Chapter 7 - Presentation and disclosure
10. Chapter 8 – Concepts of capital and capital maintenance
11. Current IFRS standards and the revised Conceptual Framework

Part 2 : Elements of financial statements

Chapter 3: Revenue
1. IFRS 15 Revenue from Contracts with Customers
2. Recognition and measurement
3. Common types of transaction
4. Presentation and disclosure
5. Performance obligations satisfied over time
Chapter 4: Accounting for tangible non-current assets
1. IAS 16 Property, plant and equipment
2. Depreciation accounting
3. IAS 20 Accounting for government grants and disclosure of government
assistance
4. IAS 40 Investment property
5. IAS 23 Borrowing costs
Chapter 5: Impairment of Assets
1. IAS 36 Impairment of assets
2. Cash-generating units
3. Goodwill and the impairment of assets
4. Accounting treatment of an impairment loss
Chapter 6: Accounting for leases
1. IFRS 16
2. Lessee accounting
3. Sale and leaseback
4. Lessor accounting
Chapter 7: Intangible Assets and goodwill
1. IAS 38 Intangible assets
2. Research and development costs
3. Goodwill (IFRS 3 Business Combinations)
Chapter 8: Provisions, contingent liabilities and contingent assets
1. Provisions
2. Provisions for restructuring
3. Contingent liabilities and contingent assets
Chapter 9: Employee benefits
1. IAS 19 Employee benefits
2. Short-term employee benefits
3. Post-employment benefits
4. Defined contribution plans
5. Defined benefits plans: recognition and measurement
6. Defined benefit plans: Other matters
7. Other long-term benefits
Chapter 10: Financial instruments
1. Financial instruments
2. Presentation of financial instruments
3. Recognition of financial instruments
4. Measurement of financial instruments
5. Embedded derivatives
6. Hedge accounting
7. Disclosure of financial instruments
8. Fair value measurement
Chapter 11: Accounting for taxation
1. Current tax
2. Deferred tax
3. Deferred tax and business combinations
4. Government sales tax
 Chapter 12: Foreign currency transactions
1. Foreign currency translations
2. IAS 21 The effects of changes in foreign exchange rates
3. Functional and reporting currency
Chapter 13: Other assets: agriculture, mineral resources and inventories
1. IAS 41 Agriculture
2. IFRS 6 Exploration for and evaluation of mineral resources
3. IAS 2 Inventories
Chapter 14: Share-based payment
1. IFRS 2 Share-based payment
2. Deferred tax implications

Part 3 : Presentation of financial statements and additional disclosures

Chapter 15: Presentation of published financial statements
1. IAS 1 Presentation of Financial Statements
2. Statement of financial position
3. The current/non-current distinction
4. Statement of profit or loss and other comprehensive income
5. Statement of changes in equity
6. Notes to the financial statements
7. Fair presentation and compliance with IFRS standards
Chapter 16: Reporting financial performance
1. IAS 8 Accounting policies, changes in accounting estimates and errors
2. Changes in accounting policies
3. Errors
4. IFRS 5 Non-current assets held for sale and discontinued operations
5. IAS 10 Events after the reporting period
Chapter 17: Earnings per share
1. IAS 33 Earnings per share
2. Basic EPS
3. Effects on EPS of changes in capital structure
4. Diluted EPS
5. Presentation, disclosure and other matters
Chapter 18: Related party disclosures and segment reporting
1. IAS 24 Related party disclosures
2. IFRS 8 Operating segments
Chapter 19: Reporting for small and medium-sized entities
1. Background
2. Application of IFRS standards to smaller entities
3. IFRS for small and medium-sized entities
4. Consequences, good and bad
Part 4 : Preparation of external financial reports for combined entities and joint
arrangements
Chapter 20: Constitution of a group
1. Group accounts
2. IFRS 10 Consolidated financial statements
3. Content of group accounts and group structure
4. Group accounts: The related parties issue
Chapter 21: The consolidated statement of financial position
1. IFRS 10: Summary of consolidation procedures
2. Non-controlling interests
3. Dividends paid by a subsidiary
4. Goodwill arising on consolidation
5. Intra-group trading
6. Intra-group sales of non-current assets
7. Summary: Consolidated statement of financial position
8. Acquisition of a subsidiary during its accounting period
9. Disposal of subsidiaries
10. Fair values in acquisition accounting
Chapter 22: The consolidated statement of profit or loss and other comprehensive income
1. The consolidated statement of profit or loss
2. The consolidated statement of profit or loss and other comprehensive income
3. Disposal of a subsidiary
4. The consolidated statement of changes in equity
Chapter 23: Accounting for associates
1. Accounting for associates
2. The equity method
3. Statement of profit or loss and statement of financial position
Chapter 24: Accounting for joint arrangements
1. IFRS 11 Joint arrangements
2. Accounting treatment of joint arrangements
 ‫دبلوم‬
‫التقارير المالية الدولية‬