Financial Reporting

Conceptual and regulatory framework for financial
Reporting
The need for a conceptual framework and the
characteristics of useful information
Recognition and measurement; Regulatory framework; The concepts and principles of groups and consolidated financial statements

Accounting for transactions in financial statements
Tangible non-current assets
Intangible assets
Impairment of assets
Inventory and biological assets
Financial instruments
Leasing
Provisions and events after the reporting period
Taxation
Reporting financial performance
Revenue
Government grants
Foreign Currency Transactions

Analyzing and interpreting financial statements
Limitations of financial statements
Calculation and interpretation of accounting ratios and
trends to address users’ and stakeholders’ needs
Limitations of interpretation techniques
Specialized, not-for-profit, and public sector entities

Preparation of financial statements: Prepare an entity’s
statement of financial position and statement of profit or loss
and other comprehensive income in accordance with the
structure prescribed within IFRS and content drawing on
accounting treatments as
identified within units I, II and III of syllabus; Prepare and explain the contents
and purpose of the statement of changes in equity.
Cash flow Statement: Prepare a statement of cash flows for a
Single
entity in accordance with relevant accounting standards using
both the methods.

Preparation of financial statements

Preparation of consolidated financial statements including an associate:
Prepare a consolidated statement of financial position for a
simple group (parent and one subsidiary and associate)
dealing with pre and post-acquisition profits, non-controlling
interests and consolidated goodwill.
Prepare a consolidated statement of profit or loss and
consolidated statement of profit or loss and other
comprehensive income for a simple group dealing with an
acquisition in the period and non-controlling interest;
Accounting for other reserves including share premium and
revaluation reserves; Accounting for intra-group trading;
Accounting for the fair value adjustments (including their effect on consolidated goodwill) to:
i) depreciating and non-depreciating noncurrent
Assets
ii) inventory
iii) monetary liabilities
iv) assets and liabilities not included in the subsidiary’s own statement of financial position, including contingent assets and liabilities;
Account for goodwill impairment; Description and application of accounting treatment of consolidated goodwill; Explain and illustrate the effect of the disposal of a parent’s investment in a subsidiary in the parent’s individual financial statements and/or those of the group (restricted to disposals of the parent’s entire investment in the subsidiary).