CA63 Advanced Financial Reporting PDF notes

Download Advanced Financial Reporting PDF notes


Download



PAPER NO. 18 ADVANCED FINANCIAL REPORTING GENERAL OBJECTIVE

This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her account for complex accounting transactions and prepare advanced financial reports.

LEARNING OUTCOMES

A candidate who passes this paper should be able to:

  • Prepare financial statements for subsidiaries, associates and jointly controlled entities in compliance with International Financial Reporting Standards (IFRSs) and International Public Sector Accounting Standards (IPSASs) as applicable
  • Analyse financial statements for public and private sector entities
  • Account for complex accounting transactions
  • Apply ethical standards in accountancy work and practice

CONTENT

Framework for preparation and presentation of financial statement

  • Importance of the accounting framework
  • Steps in developing international financial reporting interpretations IFRIC (excluding detailed IFRICS)
  • Ethical and legal issues in financial reporting

Assets and liabilities of financial statement

  • Inventories
  • Non-current assets held for sale and discontinued operations
  • Impairment of assets
  • Exploration for and evaluation of mineral resources
  • Income taxes – including group aspects
  • Share based payments
  • Employee benefits with emphasis on post-employment benefits



Preparing financial statements and other reports

  • Published financial statements (including group statement of cash flows where a subsidiary is acquired or sold during the year)
  • Interim financial statements
  • Financial statements of pension schemes/retirement benefit plans
  • Operating segment reports
  • Earnings per share
  • IFRS for small and medium sized entities
  • Related parties disclosures
  • Effects of inflation and hyper inflationary economies (exclude inflation adjusted financial statements)
  • Business combinations and corporate restructuring
  • Management commentary (management discussion and analysis)
  • Integrated reporting

Accounting and reporting of financial instruments

  • Nature and scope of financial instruments
  • Equity and financial liabilities
  • Recognition and de-recognition of financial instruments
  • Hedge accounting
  • Other disclosures

Consolidated and separate financial statements

  • Accounting for    subsidiaries     including     piece-meal    acquisitions,     several subsidiaries and sub-subsidiaries
  • Investments in associates and jointly controlled arrangements
  • Foreign entities (subsidiary, associate and jointly controlled entities)
  • Disposal of investment in subsidiary (partial and full disposal)



Public sector accounting

Provisions   of   the   following   IPSASs    (emphasis on distinctions with equivalent IASs/IFRSs)

  • Effects of changes in foreign exchange rates
  • Revenue from exchange and non-exchange transactions
  • Hyperinflationary economies (ignore inflation adjusted financial statements)
  • Segment reports
  • Related party disclosures
  • Impairment of cash generating and non–cash generating assets
  • Disclosure of information about the general government sector

Current trends

  • Reporting on corporate social responsibility
  • Reporting on environmental matters
  • Corporate governance reports (Directors reports and Chairman’s statements- contents only))
  • Sustainability reporting

Emerging issues and trends

3 thoughts on “CA63 Advanced Financial Reporting PDF notes”

Leave a Reply

Your email address will not be published. Required fields are marked *