Aim
To
develop knowledge and understanding of accounting
principles and concepts and their application
in a practical context.
Objectives
On completion of this paper candidates should
be able to:
-
describe and evaluate the role and authority
of the International Accounting Standards
Committee
-
prepare financial statements for different
entities to comply with current lnternational
Accounting Standards and related pronouncements
-
prepare simple group financial statements
-
analyse, interpret and report on financial
statements and related information to a
variety of user groups
-
evaluate and apply the requirements of other
specified International Accounting Standards
and
-
demonstrate the skills expected in Part
2.
Content
Accounting principles, concepts and theory including
price level changes, agency theory.
Framework
the structure and processes of the IASC,
appraisal and application of ‘The Framework
for the Preparation and Presentation of Financial
Statements’, the role of IOSCO.
Preparation
and presentation of financial statements for
limited liability companies and other entities
accounting for capital and capital instruments,
net current assets, tangible and intangible
non-current assets, earnings per share, taxation
in company accounts, revenue recognition and
the concept of distributable profit, other specified
IAS’s and pronouncements of the Standing Interpretations
Committee (SIC).
Preparation
of consolidated income statements and balance
sheets intra- group transactions, basic
fair value adjustments, associated companies,
joint ventures, substance of, and accounting
for, a Uniting of Interests.
Analysis
and interpretation financial statements and
related information performance reports
for various user groups, reporting financial
performance, cash flow statements of a single
company, analysis of corporate information,
related party transactions.
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