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Financial Accounting and Reporting (IFRS)

Financial Accounting and Reporting (IFRS)

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The Financial Accounting and Reprting (IFRS) syllabus aims to enable you to prepare complete single entity and consolidated financial statements, and extracts from those financial statements, covering a wide range of International Financial Reporting Standards (IFRS® Standards). You will also be required to explain accounting and reporting concepts and ethical issues, and the application of IFRS® Standards to specified single entity or group scenarios.

On completion of this module, you will be able to:
  • explain the contribution and inherent limitations of financial statements, apply the IFRS Foundation’s conceptual framework for financial reporting and identify and explain key ethical issues;
  • prepare and present financial statements from accounting data for single entities in conformity with IFRS® Standards and explain the application of IFRS® Standards to specified single entity scenarios;
  • identify the circumstances in which entities are required to present consolidated financial statements, prepare and present them in conformity with IFRS® Standards and explain the application of IFRS® Standards to specified group scenarios; and
  • Describe the principal differences between IFRS® Standards and UK GAAP and prepare simple extracts from financial statements in accordance with UK GAAP, for both single entity and consolidated financial statements.
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