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Financial Accounting and Reporting (UK GAAP)

Financial Accounting and Reporting (UK GAAP)

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The Financial Accounting and Reporting (UK GAAP) sylabus aims to enable you to prepare complete single entity and consolidated financial statements, and extracts from those financial statements, in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. In addition, you will have a working knowledge of FRS 105 and The Financial Reporting Standard applicable to the MicroEntities Regime. You will also be required to explain accounting and reporting concepts and ethical issues, and the application of UK GAAP 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 FRS 102 Section 2 Concepts and Pervasive Principles and identify and explain key ethical issues;
  • prepare and present financial statements from accounting data for single entities, whether organised in corporate or in other forms, in conformity with FRS 102, and/ or FRS 105 and Companies Act 2006 and explain the application of FRS 102, and/or FRS 105, 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 FRS 102 and Companies Act 2006 and explain the application of FRS 102 to specified group scenarios; and
  • describe the principal differences between UK GAAP and IFRS Standards and prepare simple extracts from financial statements in accordance with IFRS Standards, for both single entity and consolidated financial statements.
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