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Overview
This topic considers the regulatory environment that applies to financial reporting, including the conceptual framework and the accounting standard setting process. The theoretical principles underlying accounting practice are considered as well as the application of accounting standards involving measurement, professional judgement and more practical issues in financial reporting.
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Tuition pattern
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Aims
This topic aims to introduce the theoretical principles and the regulatory environment that applies to financial reporting, including the conceptual framework and the accounting standard setting process. It considers the application of accounting standards in the areas of provisions, contingent liabilities and contingent assets, impairment of assets, leases, intangible assets, revenue recognition, financial instruments, and foreign exchange transactions.
Learning outcomes
On completion of this topic you will be expected to be able to:
1.
Determine the regulatory environment that applies to financial reporting including the conceptual framework and the accounting standard setting process
2.
Appraise the theoretical principles underlying accounting practice
3.
Assess the application of a range of International Financial Reporting Standards to the preparation of financial statements
Assessments
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Requisites information
Pre-requisites:
Anti-requisites: