To enable students 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).
Students 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, students will be able to:
- explain the contribution and inherent limitations of financial statements, apply the International Accounting Standards Board’s (IASB) 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.
Learning outcomes apply to non-specialised profit-oriented entities unless otherwise specified.