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Paper 14

ADVANCED FINANCIAL REPORTING AND ANALYSIS

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This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to account for more complex transactions, prepare advanced financial statements and reports in the private and public sectors and demonstrate awareness of trends in accounting practice.

On completion, a candidate 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

  1. 1

    Accounting for Assets and Liabilities

    1. 1.1

      Assets and Liabilities as covered in Financial Accounting and Financial Reporting are also relevant here

    2. 1.2

      Leases Including Sale and leaseback and dealers in leased assets: IFRS 16 (Leases)

    3. 1.3

      Deferred Tax (With group aspects): IAS 12 (Income Taxes)

    4. 1.4

      Employee Benefits (IAS 19)

    5. 1.5

      Share-based Payments (IFRS 2)

    6. 1.6

      Financial Assets and Financial Liabilities (Impairment, Hedging, Embedded Derivatives and Disclosures): IFRS 9 (Financial Instruments)

    7. 1.7

      Fair Value Measurement (IFRS 13)

    8. 1.8

      Impairment of Assets (IAS 36)

  2. 2

    Preparation of Financial Statements for Interests in Other entities

    1. 2.1

      Subsidiaries (Including foreign subsidiaries, piecemeal acquisitions, reduction in shareholding and disposals as well as statement of cash flows): IFRS 3 (Business Combinations); IFRS 10 (Consolidated Financial Statements); IAS 27 (Consolidated and Separate Financial Statements); IAS 7 (Statement of Cash Flows)

    2. 2.2

      Accounting for Associates and Joint Ventures (Including foreign entities): IAS 28 (Investments in Associates and Joint Ventures); IAS 21 (The Effects of Changes in Foreign Exchange Rates)

    3. 2.3

      Disclosures of interests in other entities (IFRS 12)

  3. 3

    Preparation of Financial Statements for other entities

    1. 3.1

      Financial Statements for Banks

    2. 3.2

      Financial Statements for Insurance Companies

    3. 3.3

      Interim Financial Statements (IAS 34)

    4. 3.4

      Financial Statements in a hyperinflationary economy (including the preparation of financial statements): IAS 29 (Financial Reporting in Hyperinflationary Economies)

    5. 3.5

      Financial Statements complying with IFRS for Small and Medium-sized Entities (IFRS for SMEs)

  4. 4

    Analysing Financial Statements

    1. 4.1

      Earnings Per Share: IAS 33 (Earnings per Share)

    2. 4.2

      Related Party Disclosures: IAS 24 (Related Party Disclosures)

    3. 4.3

      Operating Segments (IFRS 8)

    4. 4.4

      Financial Reorganizations and reconstructions

  5. 5

    Public Sector Accounting Standards

    1. 5.1

      Segment Reporting (IPSAS 18)

    2. 5.2

      Related Party Disclosures (IPSAS 20)

    3. 5.3

      Impairment of cash generating assets (IPSAS 26) and non-cash generating assets (IPSAS 21)

    4. 5.4

      Disclosure of information about the general government sector (IPSAS 22)

    5. 5.5

      Consolidated Financial Statements (IPSAS 35)

    6. 5.6

      Investments in Associates and Joint Ventures (IPSAS 36)

  6. 6

    Other Reports and Emerging Issues in Financial Reporting

    1. 6.1

      The conceptual Framework and the process of developing new accounting standards

    2. 6.2

      Proposals to revise/update existing standards and recommendations to issue new ones (Discussions Papers and Exposure drafts) (The Examinations Board shall provide guidelines on which Discussion Papers and Exposure drafts are examinable for specific years)

    3. 6.3

      Management Commentary (Management Discussion and Analysis)

    4. 6.4

      Capital Markets Authority Corporate Governance Reporting Requirements

    5. 6.5

      Global Reporting Initiatives Guidelines on Sustainability Reporting

    6. 6.6

      Functions of the International Sustainability Standards Board (ISSB)

    7. 6.7

      International Sustainability Disclosure Standards: IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) IFRS S2 (Climate-related Disclosures)

    8. 6.8

      Integrated Reporting

    9. 6.9

      Materiality Guidelines for Financial Reporting

    10. 6.10

      Legal and Ethical issues in Financial Reporting.