IFRS Diploma/Certificate & Dobule book entries

[Pinko]

Dear Marek

First of all, I am so impressed your prompt response to any my queries and also your comprehensive knowledge about IFRS,
So I reckon, as your are a Expert/Specialist of IFRS, I have at least three questions to ask of you, if you do not mind answering:

1. How you get to where you are as a such a specialist of IFRS? Just reading, reading and reading a boring IFRS rules guidance? Any tips for me to be like you?

2. As I am going to be redundant at the end of March ...so I thought I should learn and study to be more knowledgeable so that I should be more employable in the near future. Then I am considering IFRS Diploma or Certificate (by ACCA) . I wonder you have taken any exams for IFRS Diploma/ Certificate???
If so , would you be kind to share any material such as mock exams or notes, or revision kits etc to do with IFRS Diploma / Certificate with me?
Otherwise, do you know anywhere (ideally for free...) I can access such materials to help me to pass?

3. Have you got any your working double booking entries to share with me?
( Although I can see some in your working excel sheet I wonder more comprehensive ones so that I can be more confident double booking?)

[JRSB]

1. Imagine he works with IFRS day-in-day out!

2. I have the diploma.... the papers and answers are available and a google search would have found it .... https://www.accaglobal.com/gb/en/studen ... apers.html

All the exam notes you need at on IFRScommunity knowledge bank, or the other places linked to. It's just knowledge of the core IFRS standards and principles.

[Pinko]

Dear JRSB,

Thank you for your advice!
1. That may be true, day in and day out. I wish I were such a job position like Marek and I do not deal with any IFRS issue in my job positions.
So Although I studied IFRS ages ago, my knowledge is surely obsoleting and I have a little opportunity to use IFRS practically in real life as I am not dealing with IFRS issues in my workplace.

2. Wow, you passed Diploma.
Please tell me how to study effectively to pass the exam? was that all past exam Q&A in the liked you gave me leads you to pass exam???
I am sure you did something else on top of that, right?
I cannot find "IFRScommunity knowledge bank" could you give me the link too? ( do you mean IFRS community knowledge base? )
So as your opinion, diploma is better to take rather than certificate, is that right? What is the reason did you take the exam for Diploma, may I ask?

3. In terms of double entry booking exercises, have you got any working staff on this to share with me?

[JRSB]

For me, you have to come across real world scenarios to apply the more complex IFRSs and understand them. Especially where there isn't an answer 'in black and white' which is where judgement and sometime clever applications are required. That's why I like Marek's site.

The Certificate is just a basic version with multiple choice, online. Diploma you have to take in a written exam, only open twice a year.

I'd probably suggest getting to grips with double entry bookkeeping before studying the IFRS in detail. I don't have any particular resource to offer, I'm sure there's plenty online.

[Pinko]

I agree with you saying that you like Marek's site.
I reckon you studied through this IFRS community for your diploma, right?

With regard to the past exam papers for Diploma, the problem of using past papers is that the standards probably have been outdated such as IFRS 16 ( still using IAS 17 ) for example? Or all past papers are updated new IFRS?

Hello, Everyone,

If you could share your working excel sheets dealing with IFRS issues or any mock exams, notes etc for IFRS diploma, I highly appreciate your kindness, thank you.

[JRSB]

I think since 2019/20 they tested IFRS 16 and before that IFRS9 and IFRS 15 for quite a while, so there's enough to work through that aren't out of date

[Pinko]

I see, that is nice to hear that.
Um, the hard thing is that I like learning but I hate exams... and preparation for exams practicing mock exams which are not enjoyable.
I wish I had more enjoyable study materials for exams, is there?

Do you think it is worth taking the exam for diploma even with costs?
Why were you necessary to have the Diploma? Did your company ask you to do? or Was it a tool for you to see how much you know IFRS in a more visible way?

[Marek Muc]

I learned debits and credits almost 20 years ago from university books and I'm not even able to recall them. This webiste is aimed at more advanced users so not the best place to start learning double entry bookkeeping. You can try at IFRSbox.com, this website is probably easier for beginners.

[Marek Muc]

Re. Certificates

Get certified: In a digital world, much of the corporate world decides whether to swipe right or left based on the logos (aspirational universities/firms, vocational certifications, etc.) on your LinkedIn page.

https://www.profgalloway.com/the-algebra-of-wealth

[Pinko]

Ok, thank you.
But it does not mean that I cannot use this website???

[Pinko]

You mentioned that IFRSbox but I wonder is that the website you used or you are still using to learn IFRS?

[Marek Muc]

You can use this website anytime you want
I didn't use IFRSbox but I think it is more accessible for beginners/ students

[Pinko]

Glad to hear that, thank you.

Are there any other website for IFRS or journal entries you can recommend ?

[Marek Muc]

Take a look at this free course from ACCA, I didn't check it out but it's free so low risk for you

https://www.edx.org/course/introduction ... kkeeping-2

[Pinko]

yes, I should try it out.
But if you know more about just journal entry more advanced ones would be helpful indeed

[Marek Muc]

Once you are comfortable with double entry bookkeeping, you move on to learn particular GAAP, e.g. IFRS. Check out these resources:

https://ifrscommunity.com/resources/#li ... s-learning

[Pinko]

I am in the middle of the course and half done (skipping the video though).
It is good but it would be more enjoyable dealing with more complicated double entries...

Yes I will use the link you send me, thank you.

[JRSB]

Pinko, maybe you can also use this high-tech website for your calculations http://www.ifrscalc.com/index.php

[Marek Muc]

not so high-tech, I tried to calculate impairment test and it gave me an empty page
besides, it's the last thing that somebody wanting to learn should use, it looks like a black box, you enter input, magic happens, and you receive output

[Pinko]

I appreciate to share the link, JRSB.
But according to the experience Marek has got, it might be better not to use???
Always lots of temptation to see a new website/resources, but the downside is that if the materials aren't good then sometimes it can be wasting our time, isn't it?

[marea]

You can also try with opentuition. Financial accounting course could be helpful in your case. I am of the opinion that it is always benefical to have a solid background and then build on it . Then you can continue with FR and SBR.

https://opentuition.com/acca/fa/

[Pinko]

Thank you Marea.

If you know more about good sources including videos and Podcast, please let me know, thank you.

By the way, Marek or someone else are not planning to do their Podcast about IFRS staff???
If so, it would be really interesting and useful indeed.

[Marek Muc]

https://www.pwc.com/gx/en/services/audi ... casts.html

[Pinko]

Thank you, Marek
But it would be much nicer you are the host sharing your knowledge using simple terms.