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DipIFR FAQs
- Will IFRS9 be examinable within 2011 examinations?
- IASB issued ‘The Conceptual Framework for Financial Reporting’ on 28th September 2010. Given the proximity to the examinable documents cut off date will this be examinable in 2011 examination sessions
- How do I find learning materials to support my studies towards the DipIFR qualification?
- In accordance with IFRS9 Financial instruments, an entity may elect to recognise subsequent re-measurement of investments in equity instruments within other comprehensive income. Is this within the syllabus?
- My revision strategy is to learn certain topics and answer questions only on those. Is this the best way to revise?
- Are recently revised versions of (IFRS) International Financial Reporting Standards examinable?
- Does the examiner prefer full or partial measurement of goodwill?
- Could you test the reconciliation of group-retained earnings?
- Can you explain the difference between accounting rules and principles?
- Are transfers from revaluation reserve to income still in the syllabus?
- Will discount factors be given if candidates are expected to determine present values
- What if candidates are taught different methods of preparing consolidated accounts, for example, journal entries or ledger accounts?
- How should candidates better prepare for the Diploma in International Financial Reporting Standards exam?
- If partial workings in the consolidated financial statements aren’t referenced back to the financial statements, would they be marked?
- The (IASB) International Accounting Standards Board issued The Conceptual Framework for Financial Reporting on 28 September 2010. Since this is very close to the examinable documents cut-off date, will this be examinable in the 2011 examination sessions?
1. Will IFRS9 be examinable within 2011 examinations?
IFRS9 Financial Instruments (replacement of IAS39) was issued November 2009 and deals with some aspects of accounting for financial assets and is a replacement to part of IAS39 Financial Instruments: Recognition and Measurement which covers accounting for all types of financial instrument. As IAS39 has not been replaced in its entirety the standard has not been not yet been withdrawn. ACCA has made the decision to list IFRS9 as an examinable document as it was issued before 30 September 2010 and therefore any financial asset questions will use IFRS9 as the basis of the illustrative answer where relevant. IAS 39 is still examinable for the accounting of all other types of financial instrument and for certain aspects of accounting for financial assets not covered by IFRS9.
IFRS9 is listed as an examinable document within ACCA F7 Financial Reporting, P2 Corporate Reporting and the Diploma in International Financial Reporting Standards.
2. IASB issued ‘The Conceptual Framework for Financial Reporting’ on 28th September 2010. Given the proximity to the examinable documents cut off date will this be examinable in 2011 examination sessions?
IASB issued ‘The Conceptual Framework for Financial Reporting’ on 28th September 2010 (two days before ACCA cut off). As at October 2010 learning materials are being finalised for 2011 examinations and these rightly appear to make reference to the current complete ‘Framework for the Preparation and Presentation of Financial Statements’. The new conceptual framework is incomplete and would have a subtle but far reaching impact on learning materials if incorporated. ACCA feel it best that we do not include this document as part of our examinable documents and therefore will wholly rely on the existing ‘Framework for the Preparation and Presentation of Financial Statements’ where relevant within 2011 examinations.
3. How do I find learning materials to support my studies towards the DipIFR qualification?
ACCA has an Approved Learning Partners - content programme. This is the way in which ACCA quality assures a range of content from different providers designed to support study for the ACCA qualifications.
There are two levels of approval under this programme, Platinum and Gold. BPP is ACCA's sole Platinum provider. Their materials are subject to an exclusive examiner review. Materials produced by ACCA's Gold Approved Learning Partners - content are quality assured by ACCA.
For information about ACCA's Approved Learning Partners - content and to access ACCA's Content Provider Directory which has details of all ACCA's Approved Learning Partners - content as well as a wide range of materials which are not quality assured but may help to support your studies, please go to the Content Provider Directory
4. In accordance with IFRS9 Financial instruments, an entity may elect to recognise subsequent re-measurement of investments in equity instruments within other comprehensive income. Is this within the syllabus?
Yes, this is within the syllabus. It is therefore examinable, but unless the question specifically mentions that the entity has made this election, candidates should assume the default position. Candiates should treat investments in equity instruments within the scope of IFRS9 that are not held for trading as fair value through profit or loss.
5. My revision strategy is to learn certain topics and answer questions only on those. Is this the best way to revise?
A candidate should have an understanding of every element of the syllabus.
6. Are recently revised versions of (IFRS) International Financial Reporting Standards examinable?
The current version of the IFRS is examinable if it has been issued before the cut-off date of 30 September.
7. Does the examiner prefer full or partial measurement of goodwill?
This will depend on the question; both could be examinable.
8. Could you test the reconciliation of group-retained earnings?
Yes, but candidates don’t answer this type of question particularly well. It hasn’t been tested very often in the past.
9. Can you explain the difference between accounting rules and principles?
Principles (eg substance over form) can be applied to a scenario and don’t refer to a particular standard. Rules are contained within standards, for example, impairment.
10. Are transfers from revaluation reserve to income still in the syllabus?
Yes. Candidates and tuition providers are advised to regularly review the syllabus guidance published on our website.
11. Will discount factors be given if candidates are expected to determine present values?
Yes, the relevant discount factors will be given.
12. What if candidates are taught different methods of preparing consolidated accounts, for example, journal entries or ledger accounts?
Appropriate credit will be given as long as the student has answered the question and their workings are clear.
13. How should candidates better prepare for the Diploma in International Financial Reporting Standards exam?
We have evidence that many candidates do not practise exam questions prior to the exam but simply read the questions and model answers together. Candidates are advised to practise the papers as if they were sitting the exam.
14. If partial workings in the consolidated financial statements aren’t referenced back to the financial statements, would they be marked?
Yes, anything in the answer booklet is marked.
15. The (IASB) International Accounting Standards Board issued The Conceptual Framework for Financial Reporting on 28 September 2010. Since this is very close to the examinable documents cut-off date, will this be examinable in the 2011 examination sessions?
IASB issued The Conceptual Framework for Financial Reporting on 28 September 2010 (two days before the ACCA cut-off date). For the 2011 examinations, we will wholly rely on the existing Framework for the Preparation and Presentation of Financial Statement The new conceptual framework is incomplete and would have had a far-reaching impact on learning materials if incorporated.