A. Conceptual framework for financial reporting
1. The need for a conceptual framework
2. Relevance, reliability, comparability and understandability
3. Recognition and measurement
4. The legal versus the commercial view of accounting
5. Alternative models and practices
6. The concept of ‘true and fair view’ (‘faithful representation’)
B. A regulatory framework for financial reporting
1. Reasons for the existence of a regulatory framework
2. The standard setting process
3. Specialised, not-for-profit, and public sector entities
C. Financial statements
1. Cash flow statements
2. Tangible fixed assets
3. Intangible assets
4. Stock
5. Financial assets and financial liabilities
6. Leases
7. Provisions, contingent liabilities and contingent assets
8. Impairment of assets
9. Taxation
10. Regulatory requirements relating to the preparation of financial statements
11. Reporting financial performance
D. Business combinations
1. The concept and principles of a group
2. The concept of consolidated financial statements
3. Preparation of consolidated financial statements including an associate
E. Analysing and interpreting financia statements
1. Limitations of financial statements
2. Calculation and interpretation of accounting ratios and trends to address users’ and stakeholders’ needs
3. Limitations of interpretation techniques
4. Specialised, not-for-profit, and public sector entities