The aim of this subject is to ensure that students apply the appropriate judgment and technical ability in the preparation and interpretation of financial statements for complex business entities. Students must also be able to evaluate and communicate the impact of current issues and developments in financial reporting to those who may not have that technical expertise.


Learning Outcomes


On successful completion of this subject students should be able to:


      Apply and explain the acquisition method of accounting and related disclosure requirements in financial statements and notes.


         Interpret and apply international financial reporting standards (including reference to IPSAS) and interpretations adopted by the IASB selecting the appropriate accounting treatment for transactions and events


         Analyze and evaluate financial statements.


         Write detailed reports, tailored to the technical understanding of the different user groups.


         Evaluate and discuss the main accounting issues currently facing the professional accountant in the field of financial accounting.


         Demonstrate appropriate professional judgement and ethical sensitivity.




1.         Legislation


•  Company Law relating to the preparation of all financial statements


2.                  Preparation of Financial Statements (Including Consolidated Financial Statements)


         Statutory financial statements for incorporated entities


         Consolidated financial statements.


         Re-Construction & Re- Organization


         Effects of Inflation


         Social Responsibility Accounting


         Environmental Accounting


3.         International Financial Reporting


         An in depth knowledge of all technical pronouncements currently in issue with particular reference to their application to practical situations (including reference to the public sector).

         Current issues in financial reporting


• International Accounting Standards and International Financial Reporting Standards - (Revised) Presentation of Financial Statements




-        Property, Plant & Equipment

-        Impairment of Assets


-  Accounting for Government Grants & Disclosure of Government Assistance

-        Leases


-        Investment Properties

-        Intangible Assets

-        Inventories




Contingent Liabilities & Contingent Assets


Events after the Balance Sheet Date



Policies, Changes in Accounting Estimates & Errors


-        Cash Flow Statements

-        Non-Current Assets


-        Income Taxes

-        Revenue

-        Financial Instruments


-        Interim Financial Reporting

-        Related Party Disclosures


4.                 Analysis, Evaluation and Interpretation of Financial Statements


      Ratio analysis and cash flow analysis.


      Critical appraisal of financial statements; and


      Interpretation of financial statements and preparation of reports thereon.