In Practice
ICAI launches new diploma in IFRS
By S Heaphy
Apr 13, 2004 - 4:03:00 PM

The Institute of Chartered Accountants in Ireland (ICAI) has announced the launch of a new diploma for Chartered Accountants in International Financial Reporting Standards (IFRS) in conjunction with BPP Ireland.  The purpose of the new qualification will be to ensure that accountants are fully conversant with the new standards.

IFRS are developed by the International Accounting Standards Board, an independent standard setting body, and have been adopted by the European Union for the preparation of the consolidated accounts of listed companies for use from January 1 2005.

ICAI has been consistently critical of the failure of the Government to decide its policy in relation to IFRS.  The EU directive allows national Governments decide if they wish to extend the use of IFRS further.  To date, the Irish Government has not taken a decision on this issue.

Launching the Diploma, Ronan O’Loughlin, ICAI Director of Education and Training said:

“ICAI has already been training our members for the introduction of IFRS through our Continuing Professional Development programme and indeed the demand for courses here led us to believe that some members would be interested in a specialist qualification in this important area.  We are delighted therefore to come together with education specialists BPP to provide this new diploma.

IFRS will revolutionise financial reporting.  When fully adopted, they will introduce unprecedented transparency on an international basis in the preparation of company accounts.  This can only be good news for shareholders and investors.  That is why the Institute has been asking the Irish Government to make a definitive move to these new standards by announcing a changeover timetable.  Their failure to make even a more limited decision to allow all companies that wish to do so to chose to use the new standards is causing unnecessary difficulties for everyone.”

Peter Plant the Managing Director of BPP Ireland stated:

“We at BPP are delighted to be collaborating with ICAI on this important and innovative diploma.  This should greatly assist ICAI members in preparing for the transition to IFRS.  BPP’s experience in providing IFRS materials and courses across Europe will ensure that the course will meet ICAI members’ requirements”.