Ifrs

I am a proud CA since 2007 and I regret to inform you that our institute ICAI IFRS Certificate course is very bad.

ICAI

1. Objective type questions - MCQ, True and false, Fill in the blanks
2. Very poor questions and study mat - does not enhance knowledge
3. A small case study in the end
4. Not worth Rs. 30,000

I have done this course and I am still struggling to incorporate IFRS (Ind AS) in my job. So I will not recommend anybody to waste their time or money.

Secondly, IFRS is my passion so I have done my Diploma in IFRS (ACCA) as well by KPMG. Recognition is there and questions are better but questions for last 8 years are always same , The first 2 questions are always on consolidation. Only the figures have changed. There is a pattern which can be followed. And they never ask any question on Income taxes. IFRS clearly states that "each and every transaction or event has to be shown with income tax effect". The strange thing is that I was not able to complete the paper on time but was still awarded the certificate.

I have spent about close to 1 lakh on these 2 courses and I am still struggling with undertanding Ind AS (as India will be one of the first country to implement 2 new standards ie, IFRS 15 - revenue and IFRS 9). Understanding meaning of paragraphs is tough but application is tougher. It hasnt added any value to my career just added few points on my resume.

I used to refer IAS plus from Deloitte sometimes then recently I came across this wesbite called IFRS Demystified. There I found vast resources (study material) on IFRS and they are actually helpful for my job (implementation). Training also provided. You can also post your questions and they answer too. Free e-books!  You can have a look if you really want to learn IFRS   www.ifrsdemystified.com

Hope this helps and any other suggestions are welcome

CA Sidharth Gupta