The document provides information on the Diploma in International Financial Reporting (DipIFR) qualification from ACCA.
The aims of the DipIFR are to provide qualified accountants with up-to-date knowledge of international financial reporting standards and how they are interpreted and applied. On completion, candidates should understand the conceptual framework and be able to apply standards to financial reports.
The syllabus covers key topics such as international accounting standards, elements of financial statements, presentation of accounts, and preparation of single-entity and group financial reports. It introduces candidates to the international framework but excludes some complex topics. The exam tests the application of technical knowledge through computational and discursive questions.
ToTCOOP+i Lesson plan unit_4_final_version_enToTCOOPiTech
The document provides details on training activities for a unit on financial reporting. It includes 12 learning activities that cover key aspects of financial reporting based on international standards applied in the EU. The activities focus on understanding important financial statements like the balance sheet, income statement, and equity statement. Learners will practice completing statements, analyzing accounts, and evaluating the financial position and performance of cooperatives based on the statements. Role-playing and group work are utilized to apply the concepts learned.
Course Syllabus for ACCOUNTING 17 – Practical Accounting 2Iver Tronix
This document outlines the course syllabus for Accounting 17 - Practical Accounting 2 at Saint Paul School of Business and Law. The 3-credit course is designed to review concepts from previous accounting courses to prepare 5th year students for the CPA licensure exam. Topics include business combinations, consolidated financial statements, foreign currency transactions, derivatives, and cost accounting. Students will be evaluated based on exams, quizzes, homework, and class participation.
This document summarizes a presentation on the International Financial Reporting Standards Conceptual Framework. It discusses key concepts such as the objective of financial reporting which is to provide useful information to investors, lenders and other creditors. It also discusses the qualitative characteristics of relevant and faithfully represented financial information, and fundamental elements such as assets, liabilities and equity. The presentation provides examples and discusses concepts such as recognition and measurement in financial reporting.
This document outlines the syllabus for the Final (New) Course for chartered accountants in India. It includes 8 papers across 2 groups.
Group I includes papers on Financial Reporting, Strategic Financial Management, and Advanced Auditing and Professional Ethics. Group II includes papers on Advanced Management Accounting, Information Systems Control and Audit, Direct Tax Laws, and Indirect Tax Laws.
Each paper is 3 hours and carries 100 marks. The document provides learning objectives and detailed content outlines for each paper. It also notes that the syllabus will be updated to reflect any new standards or guidance issued by the Institute of Chartered Accountants of India.
The document outlines the curriculum for the Final (New) Course for the Institute of Chartered Accountants of India. It includes 8 papers across 2 groups. Group I includes papers on financial reporting, strategic financial management, corporate and allied laws. Group II includes papers on advanced management accounting, information systems control and audit, direct tax laws, and indirect tax laws. Each paper is 3 hours long and worth 100 marks. The document then provides detailed objectives and contents for Paper 1 on financial reporting and Paper 2 on strategic financial management.
IFRS Conceptual Framework is used as a basis by IASB to prepare accounting standards. Since IFRS are principles based, there will be occasions when users will need to invoke core principles within this framework for maintaining consistency.
As newer businesses disrupt markets, accounting standards and core principles need to adapt to such changes. In this era of globalization, it is imperative for accounting professional to remain current.
This is the first of three modules to cover key concepts in IFRS, developed at IFRSmentor.com for the benefit of the global accounting community.
Feel free to share this content, if you have found it useful.
For more key insights and updates, visit: ifrsmentor.com
This document discusses various aspects of conducting a financial analysis for a project. It covers estimating project costs such as land, buildings, machinery, fees, and contingencies. It also discusses means of financing a project through share capital, loans, debentures, and incentives. The document outlines how to estimate sales, production costs, working capital requirements and financing, and profitability projections through calculating costs, revenues, expenses, profits and cash flows. The overall aim is to assess the viability, stability and profitability of a proposed project.
ToTCOOP+i Lesson plan unit_4_final_version_enToTCOOPiTech
The document provides details on training activities for a unit on financial reporting. It includes 12 learning activities that cover key aspects of financial reporting based on international standards applied in the EU. The activities focus on understanding important financial statements like the balance sheet, income statement, and equity statement. Learners will practice completing statements, analyzing accounts, and evaluating the financial position and performance of cooperatives based on the statements. Role-playing and group work are utilized to apply the concepts learned.
Course Syllabus for ACCOUNTING 17 – Practical Accounting 2Iver Tronix
This document outlines the course syllabus for Accounting 17 - Practical Accounting 2 at Saint Paul School of Business and Law. The 3-credit course is designed to review concepts from previous accounting courses to prepare 5th year students for the CPA licensure exam. Topics include business combinations, consolidated financial statements, foreign currency transactions, derivatives, and cost accounting. Students will be evaluated based on exams, quizzes, homework, and class participation.
This document summarizes a presentation on the International Financial Reporting Standards Conceptual Framework. It discusses key concepts such as the objective of financial reporting which is to provide useful information to investors, lenders and other creditors. It also discusses the qualitative characteristics of relevant and faithfully represented financial information, and fundamental elements such as assets, liabilities and equity. The presentation provides examples and discusses concepts such as recognition and measurement in financial reporting.
This document outlines the syllabus for the Final (New) Course for chartered accountants in India. It includes 8 papers across 2 groups.
Group I includes papers on Financial Reporting, Strategic Financial Management, and Advanced Auditing and Professional Ethics. Group II includes papers on Advanced Management Accounting, Information Systems Control and Audit, Direct Tax Laws, and Indirect Tax Laws.
Each paper is 3 hours and carries 100 marks. The document provides learning objectives and detailed content outlines for each paper. It also notes that the syllabus will be updated to reflect any new standards or guidance issued by the Institute of Chartered Accountants of India.
The document outlines the curriculum for the Final (New) Course for the Institute of Chartered Accountants of India. It includes 8 papers across 2 groups. Group I includes papers on financial reporting, strategic financial management, corporate and allied laws. Group II includes papers on advanced management accounting, information systems control and audit, direct tax laws, and indirect tax laws. Each paper is 3 hours long and worth 100 marks. The document then provides detailed objectives and contents for Paper 1 on financial reporting and Paper 2 on strategic financial management.
IFRS Conceptual Framework is used as a basis by IASB to prepare accounting standards. Since IFRS are principles based, there will be occasions when users will need to invoke core principles within this framework for maintaining consistency.
As newer businesses disrupt markets, accounting standards and core principles need to adapt to such changes. In this era of globalization, it is imperative for accounting professional to remain current.
This is the first of three modules to cover key concepts in IFRS, developed at IFRSmentor.com for the benefit of the global accounting community.
Feel free to share this content, if you have found it useful.
For more key insights and updates, visit: ifrsmentor.com
This document discusses various aspects of conducting a financial analysis for a project. It covers estimating project costs such as land, buildings, machinery, fees, and contingencies. It also discusses means of financing a project through share capital, loans, debentures, and incentives. The document outlines how to estimate sales, production costs, working capital requirements and financing, and profitability projections through calculating costs, revenues, expenses, profits and cash flows. The overall aim is to assess the viability, stability and profitability of a proposed project.
This document provides a detailed syllabus for the third year of a four-year BBA (Honours) course at National University effective from the 2009-2010 session. It outlines 8 courses to be taken in the third year totaling 32 credit hours. These include courses in audit and assurance, advanced accounting, cost accounting, management accounting, financial management, business laws, banking and insurance theories, and marketing management. For each course, it lists the course code, title, credits, and a brief description of topics to be covered. Required textbooks are also provided for several of the courses.
The International Accounting Standards Board (IASB) was formed in 2001 to develop global accounting standards called International Financial Reporting Standards (IFRS). Over 40 years, the vision of a single set of global accounting standards has become a reality with over 125 jurisdictions now requiring IFRS for public companies. Adoption of IFRS aims to increase comparability between companies, reduce financial reporting costs, and enable more efficient allocation of capital across borders through improved transparency and accountability in financial reporting.
The Conceptual Framework for Financial Reporting (IFRS Framework) establishes the fundamental concepts for preparing financial statements according to IFRS. It describes the basic principles and guidance for presentation, recognizes that it underwent name changes and updates over time, and is not a standard itself but provides important guidance. The IFRS Framework consists of 4 chapters that cover the objectives of general purpose financial reporting, the reporting entity, qualitative characteristics of useful financial information, and the remaining text from the 1989 framework.
International Financial Reporting Standards (IFRS) | AccountingTransweb Global Inc
International Financial Reporting Standards (IFRS) were established in 1973 by the International Accounting Standards Board to serve as global accounting standards. IFRS are principle-based standards that emphasize economic reality over legal form and include International Accounting Standards, International Financial Reporting Standards, and interpretations issued by the Standing Interpretation Committee and International Financial Reporting Interpretation Committee. IFRS utilize fair valuation and apply to both separate and consolidated financial statements.
In this ppt i have given Introduction International Accounting which covers approaches in international accounting, importance of ia, introduction international accounting.
Subscribe to Vision Academy for Video assistance https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
The EPA presented a workplan to strengthen nutrient credit trading and offset programs in the Chesapeake Bay watershed. The plan has four components: addressing issues identified in program assessments, developing an oversight program, providing program guidance, and increasing outreach. Initial projects include assigning leads to work with states, inventorying trades, and developing guidance on baselines and credit calculation. The majority of guidance documents will be completed in 2013, with some projects extending into 2014.
Rodel S. Navarro Business and Management Consultant and Director RODEL SY NAVARRO BUSINESS CONSULTANCY SERVICES (RSNBCS) Tel / Mobile: +63-0917-7333563 Email: rsnbcs@gmail.com http://www.slideshare.net/RSNBCS (About Business Laws compilation): http://www.slideshare.net/BUSINESSLAWSPH Email: businesslawsph@gmail.com
International financial accounting standardsRaziya Hameed
International Accounting Standards were established in 1973 and were later replaced by International Financial Reporting Standards in 2001 to provide a common set of global accounting standards. IFRS are now accepted in over 120 countries and aim to increase transparency and comparability of financial information across international borders. The standards are set by the International Accounting Standards Board and cover key aspects of financial reporting such as accounting elements, qualitative characteristics, objectives, and underlying assumptions. While IFRS adoption has costs, there are significant benefits for international trade, investment and comparability between global companies.
This chapter discusses financial reporting and accounting standards. It identifies the major financial statements and standard-setting bodies like the IASB and FASB. The objective of financial reporting is to provide useful information to capital providers. High-quality standards are necessary and IFRS are global standards used in over 100 countries. Financial reporting faces challenges like different political environments and an expectations gap between what accountants provide and users want.
This document provides an overview of Week Three topics for a Human Resources Management class. It includes assignments on job classifications, an eight-step selection process, and conducting background investigations. Students are instructed to write responses to questions about reliability and validity in selection. The document also covers organizing a job analysis and how to structure a persuasive essay with an introduction, supporting evidence, and conclusion. Additional resources on HR websites and tutoring services are highlighted.
Scoliosis treatment by a chiropractor yahoo! answersAgnez Lim
The document discusses treatment options for scoliosis, including observation, bracing, and surgery depending on the severity and type of scoliosis. It notes that a chiropractor cannot fix scoliosis caused by abnormal bone formation and that 91 chiropractic visits seems excessive without knowing more details. Seeing an orthopedic surgeon or neurosurgeon is recommended for diagnosis and treatment planning.
This is a first sample of the work carried out so far by the 6th primary school of Egaleo, Athens, regarding the element of Air, as part of our Comenius project.
Takomomi är alternativet för dig som inte tror på kvartalsekonomi och kortsiktighet när det gäller ditt tak.
Takonomi innebär suverän kvalitet, bevisad lång livslängd, utmärkta garantier eller kort och gott: bekymmersfritt tak.
As DCIM emerges into a familiar term, a fortified discipline, a new market of solutions, and by definition 'integrates IT and facilities management', what does 'bridging the departmental gap' really mean? Where are the gaps, where will the synergy be, and what will be done differently with DCIM in the mix? Join Michael Tresh, Director of Product Management and Marketing, as he discusses legacy, current, and future data center infrastructure management.
Activities on the element of Air carried out by the 6th primary school of Egaleo, for the Comenius project "Living with the elements" (March - June 2013).
This document provides a detailed syllabus for the third year of a four-year BBA (Honours) course at National University effective from the 2009-2010 session. It outlines 8 courses to be taken in the third year totaling 32 credit hours. These include courses in audit and assurance, advanced accounting, cost accounting, management accounting, financial management, business laws, banking and insurance theories, and marketing management. For each course, it lists the course code, title, credits, and a brief description of topics to be covered. Required textbooks are also provided for several of the courses.
The International Accounting Standards Board (IASB) was formed in 2001 to develop global accounting standards called International Financial Reporting Standards (IFRS). Over 40 years, the vision of a single set of global accounting standards has become a reality with over 125 jurisdictions now requiring IFRS for public companies. Adoption of IFRS aims to increase comparability between companies, reduce financial reporting costs, and enable more efficient allocation of capital across borders through improved transparency and accountability in financial reporting.
The Conceptual Framework for Financial Reporting (IFRS Framework) establishes the fundamental concepts for preparing financial statements according to IFRS. It describes the basic principles and guidance for presentation, recognizes that it underwent name changes and updates over time, and is not a standard itself but provides important guidance. The IFRS Framework consists of 4 chapters that cover the objectives of general purpose financial reporting, the reporting entity, qualitative characteristics of useful financial information, and the remaining text from the 1989 framework.
International Financial Reporting Standards (IFRS) | AccountingTransweb Global Inc
International Financial Reporting Standards (IFRS) were established in 1973 by the International Accounting Standards Board to serve as global accounting standards. IFRS are principle-based standards that emphasize economic reality over legal form and include International Accounting Standards, International Financial Reporting Standards, and interpretations issued by the Standing Interpretation Committee and International Financial Reporting Interpretation Committee. IFRS utilize fair valuation and apply to both separate and consolidated financial statements.
In this ppt i have given Introduction International Accounting which covers approaches in international accounting, importance of ia, introduction international accounting.
Subscribe to Vision Academy for Video assistance https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
The EPA presented a workplan to strengthen nutrient credit trading and offset programs in the Chesapeake Bay watershed. The plan has four components: addressing issues identified in program assessments, developing an oversight program, providing program guidance, and increasing outreach. Initial projects include assigning leads to work with states, inventorying trades, and developing guidance on baselines and credit calculation. The majority of guidance documents will be completed in 2013, with some projects extending into 2014.
Rodel S. Navarro Business and Management Consultant and Director RODEL SY NAVARRO BUSINESS CONSULTANCY SERVICES (RSNBCS) Tel / Mobile: +63-0917-7333563 Email: rsnbcs@gmail.com http://www.slideshare.net/RSNBCS (About Business Laws compilation): http://www.slideshare.net/BUSINESSLAWSPH Email: businesslawsph@gmail.com
International financial accounting standardsRaziya Hameed
International Accounting Standards were established in 1973 and were later replaced by International Financial Reporting Standards in 2001 to provide a common set of global accounting standards. IFRS are now accepted in over 120 countries and aim to increase transparency and comparability of financial information across international borders. The standards are set by the International Accounting Standards Board and cover key aspects of financial reporting such as accounting elements, qualitative characteristics, objectives, and underlying assumptions. While IFRS adoption has costs, there are significant benefits for international trade, investment and comparability between global companies.
This chapter discusses financial reporting and accounting standards. It identifies the major financial statements and standard-setting bodies like the IASB and FASB. The objective of financial reporting is to provide useful information to capital providers. High-quality standards are necessary and IFRS are global standards used in over 100 countries. Financial reporting faces challenges like different political environments and an expectations gap between what accountants provide and users want.
This document provides an overview of Week Three topics for a Human Resources Management class. It includes assignments on job classifications, an eight-step selection process, and conducting background investigations. Students are instructed to write responses to questions about reliability and validity in selection. The document also covers organizing a job analysis and how to structure a persuasive essay with an introduction, supporting evidence, and conclusion. Additional resources on HR websites and tutoring services are highlighted.
Scoliosis treatment by a chiropractor yahoo! answersAgnez Lim
The document discusses treatment options for scoliosis, including observation, bracing, and surgery depending on the severity and type of scoliosis. It notes that a chiropractor cannot fix scoliosis caused by abnormal bone formation and that 91 chiropractic visits seems excessive without knowing more details. Seeing an orthopedic surgeon or neurosurgeon is recommended for diagnosis and treatment planning.
This is a first sample of the work carried out so far by the 6th primary school of Egaleo, Athens, regarding the element of Air, as part of our Comenius project.
Takomomi är alternativet för dig som inte tror på kvartalsekonomi och kortsiktighet när det gäller ditt tak.
Takonomi innebär suverän kvalitet, bevisad lång livslängd, utmärkta garantier eller kort och gott: bekymmersfritt tak.
As DCIM emerges into a familiar term, a fortified discipline, a new market of solutions, and by definition 'integrates IT and facilities management', what does 'bridging the departmental gap' really mean? Where are the gaps, where will the synergy be, and what will be done differently with DCIM in the mix? Join Michael Tresh, Director of Product Management and Marketing, as he discusses legacy, current, and future data center infrastructure management.
Activities on the element of Air carried out by the 6th primary school of Egaleo, for the Comenius project "Living with the elements" (March - June 2013).
The document summarizes a two-day workshop on XBRL (eXtensible Business Reporting Language) for finance professionals. The workshop will provide an overview of the XBRL framework and architecture, exercises in developing taxonomies and financial reports, and an introduction to major XBRL projects and taxonomies. No prior XBRL knowledge is required and participants will learn intermediate XBRL skills. The workshop will be led by experts from the Business Reporting Advisory Group and will take place on February 19-20, 2011 in Mumbai, India.
This document summarizes Wichita State University's pilot of the Tegrity lecture capture software from 2001-2009. It describes the initial hardware-based system, transition to the software-based Tegrity Campus 2.0, pilot preparations and training, faculty and student feedback, and increasing adoption over time. Key points included limited early compatibility, improvements addressing identified issues, and positive surveys though initial usage was minimal until integration and training increased for a broader rollout.
This syllabus and study guide is designed to help
with planning study and to provide detailed
information on what could be assessed in
any examination session.
The document provides information on the Diploma in International Financial Reporting (DipIFR) qualification. It outlines the aims, objectives, and structure of the exam. The exam is designed to test candidates' understanding of international financial reporting standards and their ability to apply the standards to financial reporting tasks and scenarios. It consists of one consolidation question worth 40 marks and three scenario questions worth 20 marks each. The overall pass mark is 50%. The document also provides details on key topics covered in the syllabus, such as international standards, financial statement elements, consolidated financial statements, and disclosure requirements.
CMA Certification Course is one of the most demanded certification course in UAE at the moment. CMA Certification Training and CMA qualification is the highest level of cma qualification certification in management accounting awarded by the Institute of Management Accountants (IMA, USA). CMA Provides Financial Planning, Performance and Control, Planning, Budgeting and Forecasting, Performance Management,Cost Management, Internal Controls,Professional Ethics, Financial Statement Analysis, Corporate Finance,Investment Decisions,Professional Ethics, etc
‘Zabeel’ being an authorized training center, provides the result oriented training on CMA Part 1 and as well as CMA Part 2 in UAE. Our pass percentage for CMA exam is very high, which varies from batch to batch. Zabeel is well known for delivering several successful batches every year. We also support our students with all sort of assistance for their brilliant performance in the exam.
What are the basic components of the conceptual framework What are .pdfanaxeetech
What are the basic components of the conceptual framework? What are your opinion about the
success of the conceptual framework
Solution
Conceptual Framework Underlying Financial Accounting
The development of accounting standards or any other accounting guidelines need a foundation
of underlying principles. In July 1989, The International Accounting Standards Committee
(IASC) issued a \"Conceptual Framework\" to serve as a basis for accounting standards. The
Accounting Standards Board of the ICAI has issued a similar framework for same purpose in
July 2000. This framework serves as a constitution and provides the fundamental basis for
development of new accounting standards as also for review of existing standards. The principle
areas covered by the framework are as follows:
Components of financial statements
>Balance sheet
>Profit & Loss A/c
>Cash Flow Statement
>Notes & Schedules to Accounts
Objectives of Financial Statements:
Objectives require financial statements to show the results of business operations and
stewardship or accountability of the management in respect of resources entrusted to it, to the
diversified stakeholders of the business.
Assumptions Underlying Financial statements:
Three fundamental accounting assumptions are as follows:
>Going Concern
>Consistency
>Accrual
Qualitative Characteristics of Financial Statements:
>Understandability
>Relevance
>Reliability
>Comparability
>True & Fair View
Elements of Financial Statements:
The five financial elements are assets, Liabilities, Equity, Income/Gains, and Expenses/losses.
Principles of Measurement of Financial Statements:
Measurement is the process of determining money value at which an element can be recognised
in the balance Sheet or statement of profit or loss. The framework recognises four alternative
bases for the purpose. These bases relate explicitly to the valuation of assets and liabilities. In
preparation of financial statements, all or any of the below can be used in varying combinations
to assign money values to financial items:
(a) Historical Values
(b) Current Cost
(c) Realisable(Settlement) Value and
(d) Present Value
PURPOSE OF THE FRAMEWORK
The framework sets out the concepts underlying the preparation and presentation of general
purpose financial statements prepared by enterprises for external users.
The main purpose of the framework is:
(a). To assists enterprises in preparation of their financial statements in compliance with the
accounting standard and in dealing with the topics not yet covered by any accounting standard.
(b). To assists ASB in its task of development and review of accounting standards.
(c). To assists ASB in promoting harmonisation of regulations, accounting standards and
procedures relating to the preparation and presentation of financial statement by providing a
basis for reducing the number of alternative accounting treatments permitted by accounting
standards.
(d). To assists auditors in forming an opinion as to whether financial sta.
Oil and gas accounting course outline 2021PROF MBAWUNI
This document outlines the course details for ACC 621 Oil and Gas Accounting taught at the Faculty of Business Education. The course aims to provide accounting students, managers, and investors with an understanding of oil and gas industry accounting standards and financial reporting. Over the semester, topics will include the different accounting methods for exploration, development and production costs, revenue recognition, depreciation methods, and accounting for joint ventures and production sharing contracts. Students will be assessed through two quizzes, class participation, and a final exam.
This document provides an overview of key concepts in financial accounting, including:
1) The components of an annual report and qualitative characteristics of financial information such as relevance and reliability.
2) The conceptual framework that guides financial accounting standards, including statements on objectives, qualitative characteristics, and elements of financial statements.
3) Key principles of accounting like historical cost, realization, and matching; and the need for ethics in accounting governed by professional codes.
The document discusses segment reporting, which involves reporting the operating segments of a company in its financial statement disclosures. Segment reporting is intended to provide investors and creditors with information about the most important operating units of a company to help them make decisions. It discusses the benefits of segment reporting, such as helping users better understand and assess the performance, risk, and returns of a company. However, there are also challenges to implementing segment reporting, such as allocating common costs and maintaining comparability. The document then provides details on the various components that must be disclosed in segment reporting.
Conceptual Frameworkfpr a business and its accountability..pptNaimur Rahman Joy
The document provides an overview of the International Accounting Standards Board's (IASB) conceptual framework for financial reporting. It discusses that the IASB issues International Financial Reporting Standards which are used in over 149 jurisdictions. It also summarizes the objectives of general purpose financial reporting, qualitative characteristics of useful financial information, elements of financial statements, recognition and derecognition of elements, measurement approaches, presentation and disclosure, and concepts of capital and capital maintenance.
This document provides an overview of auditing specialized industries and the audit of banks' financial statements. It discusses key concepts such as:
- Specialized industries have unique accounting and reporting standards that auditors must understand.
- When auditing specialized industries, auditors must ensure competence in the industry and obtain relevant guidance for risks and standards. They may rely on industry experts.
- Banks have distinguishing characteristics like risk of losses, fiduciary responsibilities, and regulatory oversight. Auditors of banks must understand the various risks banks face.
- Transaction cycles and risks in the banking industry like credit, market, operational, and fraud risks must be considered in audit planning and procedures.
This document provides an overview of the key concepts in the Canadian financial reporting environment covered in Chapter 1 of the textbook "Test Bank for Intermediate Accounting, Twelfth Canadian Edition". It discusses the objectives of financial reporting which include allocating resources efficiently and providing reliable information to stakeholders. It also describes the major entities that influence accounting standards in Canada such as the Canadian Accounting Standards Board and the International Accounting Standards Board. Finally, it addresses the importance of generally accepted accounting principles and the role of professional judgement in applying these principles.
This document contains an assignment for an Intermediate Accounting I course. It includes multiple choice questions and exercises analyzing accounting transactions and financial statements.
The questions cover topics such as GAAP, the FASB standard-setting process, elements of financial statements, and accounting assumptions and principles. Correct answers are provided for the multiple choice and transaction analysis questions.
The document provides an overview of key concepts in the first few chapters of an Intermediate Accounting textbook and assesses the student's understanding through questions requiring identification and explanation of accounting standards, transactions, and financial statement elements.
Financial accounting 17th edition williams solutions manualKrisWu123
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IFRS 9 – What is the purpose of (Financial Reporting Standards) IFRS 9?Zabeel Institute
IFRS 9 is an International Financial Coverage Standard (IFRS) published by the International Audit Requirement Board (IASB). It includes 3 main subjects: category and measurement of economic tools, disability of financial properties, and hedge bookkeeping.
The document provides information relevant to candidates for the Diploma in International Financial Reporting (DipIFR) exam. It discusses the examiner's approach to the DipIFR exam in 3 sentences:
The DipIFR exam tests candidates' technical preparation of consolidated financial statements and identification of appropriate financial reporting treatments through a 3-hour paper-based exam. The exam contains 4 compulsory questions that evaluate consolidation skills, adjustments to transactions, explanation of financial reporting issues, and preparation of extracts from financial statements showing appropriate reporting of complex issues. The level of difficulty lies between ACCA Qualification Papers F7 and P2.
This assignment is prepared by Dr Kazi Islam, Lecturer in Acco.docxmichelle1011
This assignment is prepared by Dr Kazi Islam, Lecturer in Accounting, UC- ACCT20074, T1-2019, CQU
ACCT20074 Contemporary Accounting Theory
Term 1 Assessment 3: Practical report (Major assignment)
Basic information:
Nature of task Individual
Total marks 50 (50% of the unit)
Due date Week 12 Friday (7 Jun. 2019) 11:45 pm AEST1
Return date Results will be published with other units university-wide (not before certification date)
Word limit 3,000 – 3,500 words including the executive summary, introduction, responses to the
requirements in 2 parts & conclusion but excluding the list of references and appendixes.
Format Report format as per the marking criteria and guidelines. Prepare MS Word document.
Main tasks:
This assessment requires to undertake research and report on several aspects of corporate external reporting
practices. The assessment has two main parts, Part A and Part B.
Part A: Conceptual framework
(a) Undertake a review of literature regarding the history and development of the Conceptual Framework
for Financial Reporting in the USA, UK, Australia, and globally under the umbrella of the International
Accounting Standards Board (IASB). (4 marks)
(b) Discuss the Australian accounting profession’s concerns regarding the application of the (IASB/IFRS)
Conceptual Framework for Financial Reporting. (3 marks)
(c) Based upon a review of journal articles, critically discuss academics’ concerns about the quality (potential
benefits and limitations) of the Conceptual Framework for Financial Reporting. (3 marks)
(d) Download the annual report of 2018 (or 2017, if not available 2018 annual report) of the selected
company listed on the Australian Securities Exchange. Carefully read this report and explain how the
conceptual framework has been applied by this company while it prepared its financial statements and
notes to the accounts. Present your answer considering the (i) how many statements/reports have been
prepared as per the Conceptual Framework and what are their major components, (ii) which recognition
principles and measurement bases have been applied for revenue, assets and liabilities, and (iii) what
qualitative characteristics of information exhibit in company’s various financial reports. (10 marks)
Part B: Integrated/sustainability reporting
(a) Compare and contrast the Sustainability Reporting Guidelines of the Global Reporting Initiative (GRI)
and the International Integrated Reporting Framework of the International Integrated Reporting
Council (IIRC) for explaining a holistic view (broader view) of corporate social responsibility reporting
in addition to reporting of corporate financial performance. (4 marks)
(b) Explain the rigour (strengths and limitations) of the conventional accounting, based upon the
Conceptual Framework for Financial Reporting, to explain the contents of sustainability as well as
integrat.
Chapter 1 business combination and consolidationSewaleAbate1
The document provides an overview of accounting standards and the standard setting process. It discusses the importance of accounting in providing useful financial information to decision makers. The International Accounting Standards Board (IASB) sets International Financial Reporting Standards (IFRS) to harmonize accounting practices globally. IFRS aim to provide high-quality, transparent, and comparable information in financial statements across jurisdictions. The IASB framework establishes fundamental concepts like recognition criteria that underlie the preparation of financial statements in accordance with IFRS.
This document provides an overview of auditing and assurance services. It defines auditing and distinguishes it from accounting. It describes different types of audits, the need for auditing, and the framework of auditing. It discusses the benefits of financial statement audits, limitations of external audits, and the development of auditing over time. It also covers topics like the principal-agent relationship in auditing, major corporate accounting crises, roles of auditors and users, requirements for becoming an approved company auditor in Malaysia, and the Sarbanes-Oxley Act passed after the Enron scandal.
The document provides information on disclosure requirements for financial reporting, including segment reporting, interim reporting, and notes to financial statements. It includes true-false and multiple choice questions related to these topics, such as what information must be disclosed for reportable operating segments and accounting principles used for interim reports. The document also covers disclosure requirements for subsequent events, related party transactions, and management's discussion and analysis.
This document provides an overview of the CFA Institute's Level I curriculum for financial statement analysis and corporate issuers. It includes an introduction to the curriculum organization and features. The curriculum covers key topics like understanding income statements, balance sheets, cash flow statements, financial analysis techniques, inventories, long-lived assets, and income taxes. Students are provided learning resources and guidance for designing a personal study program to learn the material in preparation for the Level I exam.
Recording of Special Transactions of Accounting in Saparate books, includes :
1."Cash Book" for Cash, Bank & Discount transactions
2. "Purchase Book" for Credit purchases of goods
3. "Returns Outward Book" for Return of Credit purchases goods
4. "Sales Book" : Credit Sale of goods
5."Return Inwards Book" for Return of Credit Sold goods; 6. "Bills Receivable" book: Details of Bills drawn &
7. "Bills Payable" Book.
8. "Journal Proper": for the remaining Transactions.
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Humans can make unintentional errors, but in Accounting, there is an option to make a Rectification entry for the errors.
Some errors affect the Trial Balance, some not
Rectification of errors depends on the timing of its detection:
1.Errors detected before preparation of Trial Balance are corrected by
"Writing a Narration" for Single Sided Errors &
" Rectified entry for Double Sided Error"
2. Errors detected after Trial Balance : by
" Opening Suspense A/C for Single Sided Errors"
" Rectification Entry"
3. Errors detected in Next accounting period :
Through P&L Adjustment Accounts
Recording of Special Transactions of Accounting in Saparate books, includes :
1."Cash Book" for Cash, Bank & Discount transactions
2. "Purchase Book" for Credit purchases of goods
3. "Returns Outward Book" for Return of Credit purchases goods
4. "Sales Book" : Credit Sale of goods
5."Return Inwards Book" for Return of Credit Sold goods; 6. "Bills Receivable" book: Details of Bills drawn &
7. "Bills Payable" Book.
8. "Journal Proper": for the remaining Transactions.
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After the preparation of Trial Balance, in the final stage of summarizing, Final accounts of the business are prepared which includes Trading, Profit & Loss A/c & Balance Sheet. Preparation of these statements & the various adjustments therein have been discussed here.
The document discusses the key financial statements prepared for a sole proprietorship business, including the trading account, profit and loss account, and balance sheet. It explains that the trading account shows direct revenues and expenses related to goods sold, while the profit and loss account includes indirect expenses and incomes. Finally, the balance sheet presents the accumulated assets and liabilities of the business over time based on the accounting equation of assets equaling liabilities plus owner's equity.
Depreciation accounting involves allocating the cost of a fixed asset over its useful life. Common methods for calculating depreciation include straight line, reducing balance, units of production and annuity. The cost basis for depreciation includes expenses for acquisition, installation and commissioning of the asset. Revaluation of assets, upward or downward, affects the depreciation calculation and associated accounting entries.
Here we have discussed the Future estimates made by business, the meaning of future probable inflow of benefits i.e. Contingent Assets & future probable obligations i.e. Contingent liabilities . The Disclosure in Accounting of Contingencies (as per Full Disclosure Concept) has been discussed. The difference between Provisions & Contingent liabilities is not to be ignored.
Treatment of a Transaction depends on the duration of its effect, i.e Long term or short term. The long term effect transaction i.e Capital Transactions & the short term
A bank reconciliation statement is prepared to reconcile the differences between the balances as per the cash book and as per the bank statement/pass book. It identifies timing differences in recording transactions as well as errors in the cash book or pass book. When preparing a bank reconciliation statement, all errors and omissions in the cash book as well as timing differences between the two statements are taken into consideration.
This topic will provide you the Basic meaning of accounting. The Definitions of Accounting, Transactions & Events has been discussed. The Accounting process/cycle has been explained elaborately. The accounting users, Characteristics of Accounting, its limitations & its sub fields have been discussed.
The laws/framework behind the Accounting that explains the Procedure of Accounting in different scenarios, that brings the Uniformity in Accounting i.e Accounting Standards have been discussed. The objectives, benefits & limitations of Accounting standards has also been discussed.
The document discusses accounting standards in India. It provides definitions, objectives, benefits and limitations of accounting standards. It notes that accounting standards are issued by the Institute of Chartered Accountants of India and are mandatory for companies. It lists 31 accounting standards and provides brief descriptions of some key standards including AS-1 on disclosure of accounting policies, AS-2 on valuation of inventories, AS-3 on cash flow statements, and AS-9 on revenue recognition. It also discusses converged Indian accounting standards (Ind AS) applicable to certain companies.
Accounting Standards are Rules and Regulation of Financial Accounting set by ICAI (Institute of Chartered Accountant of India) which Cover the Treatment, Recognition, Measurement, Disclosure etc. It include the Objective, Benefits and Limitation of AS (Accounting Standard)
Total 32 Accounting Standards are issued by ICAI.
The document provides information about the Financial Risk Manager (FRM) certification program, which involves passing two exams to demonstrate knowledge of financial risk management. It details the requirements to obtain the FRM charter, including work experience and education qualifications. Key details are provided around the exam dates and locations, registration fees, course structure and duration, and payment options for an upcoming training program in India to prepare candidates for the FRM exams.
Takshila provides a variety of finance and business-related courses through both in-person and virtual formats. It was established in 2009 by professionals from IT, telecom, and education to provide cutting-edge training solutions. Courses include those in finance, accounting, taxation, soft skills, and more for students, professionals, and corporate clients. Takshila aims to help trainees achieve their career goals through qualified faculty and innovative learning approaches like virtual live classes. They strive for excellence through values like ethics, innovation, and passion.
The document discusses the Certified Public Accountant (CPA) qualification from the United States. Some key points include:
- The CPA is the highest accounting qualification in the world, similar to the CA qualification in India. It is administered by the American Institute of Certified Public Accountants (AICPA).
- The CPA exams are based on real-life case studies, unlike the pattern in India. Appearing again costs 2-3 lakhs. Technical expertise is required to solve simulations.
- Takshila provides end-to-end support for students pursuing a CPA, including visa assistance, airport pickup, accommodation in the US, and both face-to-face and online classes
1. Just four Exam ,2. 15 Full Days Classes (Only on Sundays), 3. 120hrs of Revision Online Classes is free , 4.) Face to Face or Online Live both mode, 5. Equivalent Qualification to CA, 6.) Highest Accounting Qualification, 7.) Faculty is working with Big4 in US Advisory Service.
Takshila Learning Provide Best Coaching for Dip.IFRS it Include:- 1). 9 Full Days Classes(Only on Sundays), 2. Also 72 hrs Online Revision Class, 3). Face to Face or Online Classes both, 4) Faculty with IFRS Implementation exp. 5) ACCA Platinum Approved GTG Study Material, 6) Faculty OWN Notes, 7.) Documentation Support, 8.) 1 Day Practical Training on IFRS.
The document describes a training program to help finance and accounting students transition to working in an ERP-based accounting environment. The program covers key finance and accounting concepts, ERP systems and processes like accounts payable, accounts receivable, and record to report. It aims to help candidates gain the skills and knowledge needed to get an entry-level job in companies like multinational corporations or financial outsourcing firms. The training includes hands-on exercises, mock interviews and assessments to evaluate participants and provide certification. The goal is to reduce the gap between academia and industry expectations to benefit both job seekers and employers.
The document provides information about the Certified Public Accountant (CPA) designation, which is the highest accounting qualification in the world administered by the American Institute of Certified Public Accountants. It describes the CPA qualification process, including details about the 4-part Uniform CPA Examination, exam structure and format, and the skills assessed. The document also discusses the career opportunities and benefits of obtaining the CPA designation globally.
Communicating effectively and consistently with students can help them feel at ease during their learning experience and provide the instructor with a communication trail to track the course's progress. This workshop will take you through constructing an engaging course container to facilitate effective communication.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
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Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
B. Ed Syllabus for babasaheb ambedkar education university.pdf
Syllabus, DipIFRS
1. DipIFR
Diploma in International Financial Reporting 2010
AIMS The prerequisite knowledge for DipIFR can either come from
To provide qualified accountants or graduates, possessing a country specific professional qualification, from possessing
relevant country specific qualifications or work experience a relevant degree (giving exemptions from F1, F2, F3 and F4
with an up to date and relevant conversion course, providing of the ACCA qualification) and two years’ accounting
a practical and detailed knowledge of the key international experience, or by having three years’ full-time relevant
financial reporting standards and how they are interpreted accounting experience, supported by an employer’s covering
and applied. letter.
OBJECTIVES SYLLABUS CONTENT
On completion of this syllabus, candidates should be able to: 1 International sources of authority
• Understand and explain the structure of the international a The structure of the International Accounting
professional and conceptual framework of accounting Standards Board (IASB)
• Apply relevant financial reporting standards to key b The standard setting process
elements of financial reports c The role of the International Financial Reporting
• Identify and apply disclosure requirements for companies Interpretations Committee
relating to the presentation of financial reports and notes d Progress towards international harmonisation
• Prepare financial statements of single entities and e The accounting framework
account for their key elements complying with specified f The first time adoption of international financial
International Financial Reporting Standards and other reporting standards.
related pronouncements
• Prepare group financial statements (excluding group 2 Elements of financial statements
cash flow statements) including subsidiaries, associates, a Property, plant and equipment
and joint ventures. b Intangible assets
c Goodwill
POSITION OF THE COURSE WITHIN THE OVERALL d Current assets including inventories
PORTFOLIO OF ACCA’S QUALIFICATION FRAMEWORK e Construction contracts
The Diploma in International Financial Reporting (DipIFR) f Liabilities
builds on the technical and/or practical knowledge acquired g Financial instruments
from recognised country specific accountancy qualifications h Provisions and contingencies
or relevant work experience. The syllabus introduces the i Employment and post-employment benefits
candidate to the wider international framework of accounting j Current and deferred tax
and the system of standard setting. This conversion course k Biological assets and agricultural produce
concentrates on the application of conceptual and technical l Share-based payment
financial accounting knowledge that candidates have already m Exploration and evaluation expenditures
obtained to the specific requirements of financial reporting
under international professional regulation and standards. 3 Presentation and additional disclosures
a Events after the reporting date
The DipIFR also provides essential international financial b Earnings per share
reporting knowledge and principles that will prepare c Related party disclosures
candidates for the increasingly global market place and keep d Interim financial reporting
them abreast of international developments and how they e Effects of changes in foreign exchange rates
might apply to companies and businesses. f Operating segments
PAGE 1
2. Diploma in International Financial Reporting
4 Preparation of external financial reports for single entities KEY AREAS OF THE SYLLABUS
a Income statements, statements of comprehensive The key topic area headings are as follows:
income and discontinued operations • International sources of authority
b Statements of cash flows • Elements of financial statements
c Statement of changes in equity. • Presentation of accounts and additional disclosures
• Preparation of external financial reports of single entities
5 Preparation of external financial reports for combined • Preparation of external reports for combined entities and
entities and joint ventures joint ventures.
a Definitions of subsidiaries, investments in associates
and joint ventures APPROACH TO EXAMINING THE SYLLABUS
b Preparation of consolidated statements of financial The examination is a three-hour paper in two sections. It
position, income statements, statements of will contain a mix of computational and discursive elements.
comprehensive income and statements of changes Some questions will adopt a scenario/case study approach.
in equity
c Equity accounting Section A comprises a compulsory question requiring the
d Proportionate consolidation and joint ventures. preparation of consolidated group financial statements, and
may include a related discussion element. Section B
EXCLUDED TOPICS comprises four questions from which the candidate is
The following topics are specifically excluded from the required to answer three. Computations will be designed to
syllabus: test an understanding of principles. At least one of the
• Partnership and branch financial statements optional questions in Section B will be a conceptual/
• Complex group structures, including sub-subsidiaries or discursive question that may include illustrative numerical
mixed groups and foreign subsidiaries calculations.
• Piece-meal acquisitions, disposal of subsidiaries and
group re-constructions An individual question may often involve elements that relate
• Financial statements of banks and similar financial to different areas of the syllabus. For example a question on
institutions the preparation of financial statements for public issue could
• Group statements of cash flows include elements relating to several accounting standards. In
• Schemes of reorganisation/reconstruction scenario questions candidates may be expected to comment
• Company/share valuation on management’s chosen accounting treatment and
• Accounting for insurance entities determine a more appropriate one, based on circumstances
• International financial reporting exposure drafts and described in the question.
discussion papers
• The international public sector perspective Some International Financial Reporting Standards are very
• Multi-employer benefit schemes detailed and complex. In the DipIFR exam candidates need
• Information reflecting the effects of changing prices and to be aware of the principles and key elements of these
financial reporting in hyperinflationary economies Standards. Candidates will also be expected to have an
• Share-based payment transactions with cash appreciation of the background and need for international
alternatives. financial reporting standards and issues related to
harmonisation of accounting in a global context.
The overall pass mark for the Diploma in International
Financial Reporting is 50%.
PAGE 2
3. Diploma in International Financial Reporting
EXAMINATION STRUCTURE RELEVANT TEXTS
Number There are a number of sources from which you can obtain
of marks materials written for the ACCA examinations. These
Section A: One compulsory question 25 include:
Section B: Choice of 3 from 4
questions (25 marks each) 75 ACCA’s official publishers:
100
ATC International, Diploma in International Financial
Reporting, Study Text, ATC I (2008)
Contact: info@atc-global.com
Website: www.atc-global.com
Alternative reading:
BPP Learning Media
Contact number: +44(0)20 8740 2222
Website: www.bpp.com
Kaplan Publishing
Contact number: +44(0)118 989 0629
Website: www.kaplanpublishing.co.uk
Get Through Guides
Contact number: +44(0)845 257 5729
Website: www.GetThroughGuides.com
Wider reading is also desirable, especially regular study of
relevant articles from ACCA’s student accountant. These are
available on ACCA's website.
Practice material:
DipIFR ATC
Study Systems
ISBN: 978 1 903632 28 5
Study Question Bank
ISBN: 978 1 903632 29 3
Revision Question Bank
ISBN: 978 1 903632 30 7
Total package (including the above 3 volumes):
ISBN: 978 1 903632 27 7
PAGE 3
4. Diploma in International Financial Reporting
STUDY GUIDE valued assets
• Calculate depreciation on:
INTERNATIONAL SOURCES OF AUTHORITY – revalued assets, and
1 The International Accounting Standards Board (IASB) – assets that have two or more major items or
and the regulatory framework significant parts
• Discuss the need for international accounting • Apply the provisions of accounting standards relating
standards and possible barriers to their development to government grants and government assistance
• Explain the structure and constitution of the IASB • Describe the criteria that need to be present before
and the standard setting process non-current assets are classified as held for sale,
• Identify the purpose and functions of the either individually or in a disposal group
International Financial Reporting Interpretation • Account for non-current assets and disposal groups
Committee (IFRIC) that are held for sale
• Understand and interpret the Financial Reporting • Discuss the way in which the treatment of
Framework investment properties differs from other properties
• Account for the first-time adoption of International • Apply the requirements of international accounting
Financial Reporting Standards. standards to investment properties.
ELEMENTS OF FINANCIAL STATEMENTS 4 Impairment of assets
2 Revenue recognition • Define the recoverable amount of an asset; define
• Outline the principles of the timing of revenue impairment losses
recognition • Give examples of, and be able to identify,
• Explain the concept of substance over form in circumstances that may indicate that an
relation to recognising sales revenue impairment of an asset has occurred
• Discuss the various points in the production and • Describe what is meant by a cash-generating unit
sales cycle where it may, depending on • State the basis on which impairment losses should
circumstances, be appropriate to recognise gains be allocated, and allocate a given impairment loss
and losses – give examples of this to the assets of a cash-generating unit.
• Describe the IASB’s approach to revenue
recognition. 5 Leases
• Define the essential characteristics of a lease
3 Non-current assets – tangible • Describe and apply the method of determining a
• Define the initial cost of a non-current asset lease type (ie an operating or finance lease)
(including a self-constructed asset) and apply this to • Explain the effect on the financial statements of a
various examples of expenditure, distinguishing finance lease being incorrectly treated as an
between capital and revenue items operating lease
• Identify pre-conditions for the capitalisation of • Account for operating leases in the financial
borrowing costs statements of the lessor and the lessee
• Describe, and be able to identify, subsequent • Account for finance leases in the financial
expenditures that should be capitalised statements of the lessor and lessee
• State and appraise the effects of the IASB's rules for • Outline the principles of accounting standards for
the revaluation of property, plant and equipment leases and the main disclosure requirements. Note:
• Account for gains and losses on the disposal of re- the net cash investment method will not be
examined.
PAGE 4
5. Diploma in International Financial Reporting
6 Intangible assets and goodwill values, hedging and the treatment of gains and
• Discuss the nature and possible accounting losses
treatments of both internally generated and • Describe the nature of the presentation and
purchased goodwill disclosure requirements relating to financial
• Distinguish between goodwill and other intangible instruments
assets • Discuss the key areas where consensus is required
• Define the criteria for the initial recognition and on the accounting treatment of financial
measurement of intangible assets instruments.
• Explain the subsequent accounting treatment,
including the principle of impairment tests in 9 Liabilities – provisions, contingent assets and liabilities
relation to purchased goodwill • Explain why an accounting standard on provisions is
• Identify the circumstances in which negative necessary – give examples of previous abuses in this
goodwill arises, and its subsequent accounting area
treatment • Define provisions, legal and constructive obligations,
• Describe and apply the requirements of international past events and the transfer of economic benefits
accounting standards to internally generated assets • State when provisions may and may not be made,
other than goodwill (eg research and development) and how they should be accounted for
• Describe the method of accounting specified by the • Explain how provisions should be measured
IASB for the exploration for and evaluation of • Define contingent assets and liabilities – give
mineral resources examples and describe their accounting treatment
• Identify and account for:
7 Inventories and construction contracts – Onerous contracts
• Measure and value inventories – Environmental and similar provisions
• Define a construction contract and describe why • Discuss the validity of making provisions for future
recognising profit before completion is generally repairs or renewals.
considered to be desirable; discuss if this may be
profit smoothing 10 Accounting for employment and post-employment
• Describe the ways in which contract revenue and benefit costs
contract cost may be recognised • Describe the nature of defined contribution, multi-
• Calculate and disclose the amounts to be shown in employers and defined benefits schemes
the financial statements for construction contracts. • Explain the recognition and measurement of defined
benefit schemes under current proposals
8 Financial instruments • Account for defined benefit schemes including the
• Account for debt instruments, equity instruments amounts shown in the financial statements (and
and the allocation of finance costs notes to the accounts).
• Account for fixed interest rate and convertible bonds
• Discuss the definition and classification of a 11 Taxation in financial statements
financial instrument • Account for current tax liabilities and assets in
• Discuss the measurement issues relating to financial accordance with international accounting standards
instruments • Describe the general principles of government sales
• Explain the current measurement proposals for taxes (eg VAT or GST)
financial instruments including the use of current • Explain the effect of taxable temporary differences
on accounting and taxable profits
PAGE 5
6. Diploma in International Financial Reporting
• Outline the principles of accounting for deferred tax 15 Exploration and evaluation expenditures
• Identify and account for the IASB requirements • Outline the need for an accounting standard in this
relating to deferred tax assets and liabilities area and clarify its scope
• Calculate and record deferred tax amounts in the • Give examples of elements of cost that might be
financial statements. included in the initial measurement of exploration
and evaluation assets
12 The effects of changes in foreign currency exchange • Describe how exploration and evaluation assets
rates should be classified and reclassified
• Discuss the recording of transactions and translation • Explain when and how exploration and evaluation
of monetary/non-monetary items at the reporting assets should be tested for impairment
date for individual entities in accordance with
relevant accounting standards PRESENTATION OF ACCOUNTS AND ADDITIONAL
• Distinguish between reporting and functional DISCLOSURES
currencies
• Determine an entity’s functional currency 16 Presentation of the income statement and statement
of comprehensive income
13 Agriculture • State the objectives of international accounting
• Recognise the scope of international accounting standards governing presentation of financial
standards for agriculture statements
• Discuss the recognition and measurement criteria • Describe the structure and content of income
including the treatment of gains and losses, and the statements and statements of comprehensive
inability to measure fair value reliably income including continuing operations
• Identify and explain the treatment of government • Discuss ‘fair presentation’ and the accounting
grants, and the presentation and disclosure of concepts/principles
information relating to agriculture • Recognise the content and format of interim
• Report on the transformation of biological assets financial statements.
and agricultural produce at the point of harvest and
account for agriculture related government grants. 17 Earnings per share
• Recognise the importance of comparability in
14 Share-based payment relation to the calculation of earnings per share
• Understand the term ‘share-based payment’ (EPS) and its importance as a stock market
• Discuss the key issue that measurement of the indicator
transaction should be based on fair value • Explain why the trend of EPS may be a more
• Explain the difference between cash settled share accurate indicator of performance than a company’s
based payment transactions and equity settled share profit trend
based payment transactions • Define earnings
• Identify the principles applied to measuring both • Calculate the EPS in the following circumstances:
cash and equity settled share-based payment – basic EPS
transactions – where there has been a bonus issue of shares/
• Compute the amounts that need to be recorded in stock split during the year, and
the financial statements when an entity carries out – where there has been a rights issues of shares
a transaction where the payment is share based. during the year
PAGE 6
7. Diploma in International Financial Reporting
entity
• Explain the relevance to existing shareholders of the
• Prepare an income statement and statement of
diluted EPS, and describe the circumstances that
comprehensive income in accordance with
will give rise to a future dilution of the EPS
international accounting standards
• Compute the diluted EPS in the following
• Prepare a statement of financial position in
circumstances:
accordance with international accounting standards
– where convertible debt or preference shares are
• Define discontinued operations
in issue
• Discuss the importance of identifying and reporting
– where share options and warrants exist
the results of discontinued operations
• Identify anti-dilutive circumstances.
• Distinguish between non-current assets, current
assets and held for sale non-current assets
18 Accounting policies, changes in accounting estimates
• Prepare and explain the contents and purpose of a
and errors
statement of changes in equity linking to the
• Distinguish between and account for adjusting and
framework and the concept of comprehensive
non-adjusting events after the reporting date
income
• Identify items requiring separate disclosure,
• Prepare the statement of cash flows, including
including their accounting treatment and required
relevant notes, for an individual company. (Note:
disclosures
questions may specify the use of the direct or the
• Recognise the circumstances where a change in
indirect method)
accounting policy is justified
• Assess the usefulness of information contained in a
• Define prior period adjustments and ‘errors’ and
statement of cash flows.
account for the correction of errors and changes in
accounting policies.
PREPARATION OF EXTERNAL REPORTS FOR COMBINED
ENTITIES AND JOINT VENTURES
19 Related party disclosures
• Define and apply the definition of related parties in
22 Preparation of group consolidated external reports
accordance with international accounting standards
• Explain the concept of a group and the purpose of
• Describe the potential to mislead users when
preparing consolidated financial statements
related party transactions are accounted for
• Explain and apply the definition of subsidiary
• Explain the disclosure requirements for related party
companies
transactions.
• Identify the circumstances and reasoning when
subsidiaries should be excluded from consolidated
20 Operating segments
financial statements
• Discuss the usefulness and problems associated
• Prepare a consolidated statement of financial
with the provision of segment information
position for a simple group dealing with pre and
• Define an operating segment
post acquisition profits, non-controlling interests and
• Identify reportable segments (including applying the
goodwill
aggregation criteria and quantative thresholds)
• Explain the need for using coterminous year-ends
and uniform accounting polices when preparing
PREPARATION OF EXTERNAL FINANCIAL REPORTS FOR
consolidated financial statements and describe
THE SINGLE ENTITY
how it is achieved in practice
21 Preparation of external financial reports for the single
PAGE 7
8. • Prepare a consolidated income statement,
statement of comprehensive income and statement
of changes in equity for a simple group, including an
example where an acquisition occurs during the
year where there is a non-controlling interest.
23 Business combinations – intra-group adjustments
• Explain why intra-group transactions should be
eliminated on consolidation
• Report the effects of intra-group trading and other
transactions including:
– unrealised profits in inventory and non-current
assets
– intra-group loans and interest and other intra-
group charges, and
– intra-group dividends
24 Business combinations – fair value adjustments
• Explain why it is necessary for both the
consideration paid for a subsidiary and the
subsidiary’s identifiable assets and liabilities to be
accounted for at their fair values when preparing
consolidated financial statements
• Prepare consolidated financial statements dealing
with fair value adjustments (including their effect on
consolidated goodwill) in respect of:
– Depreciating and non-depreciating non-current
assets
– Inventory
– Monetary liabilities
– Assets and liabilities (including contingencies),
not included in the subsidiary’s own statement
of financial position
25 Business combinations – associates and joint ventures
• Define associates and joint ventures (ie jointly
controlled operations, assets and entities)
• Distinguish between equity accounting and
proportional consolidation
• Describe and prepare accounts under the two
formats of proportional consolidation
• Prepare consolidated financial statements to include
a single subsidiary and an associated company or a
joint venture (both allowed methods).
PAGE 8