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I. Financial Accounting (FA/FFA)Financial Accounting (FA/FFA) introduces the candidate to the fundamentals of the regulatory framework relating to accounts preparation and to the qualitative characteristics of useful financial information. The syllabus then covers the principles of accounts preparation, including an in-depth look at recording, processing, and reporting business transactions and events. The syllabus also covers reconciliations, preparation of a trial balance, error correction and suspense accounts, all of which will lead to the preparation of financial statements for incorporated and unincorporated entities. The syllabus then moves in two directions, firstly requiring the preparation of basic consolidated financial statements from the individual financial statements of entities within a group; and secondly requiring candidates to be able to conduct a basic interpretation of financial statements.A The context and purpose of financial reporting1. The scope and purpose of financial statements for external reporting2. Stakeholders' needs3. The main elements of financial reports4. The regulatory framework5. Duties and responsibilities of those charged with governanceB Accounting principles, concepts and qualitative characteristics1. The qualitative characteristics of financial information2. Qualitative characteristics of useful financial informationC The use of double-entry bookkeeping and accounting systems1. Double-entry bookkeeping principles including the maintenance of accounting records2. General ledger accounts and journal entriesD Recording transactions and events1. Sales and purchases2. Cash3. Inventories4. Tangible non-current assets5. Depreciation6. Intangible non-current assets and amortisation7. Accruals expenses (accruals), prepaid expenses (prepayments), accrued income, and deferred income8. Receivables and payables9. Provisions and contingencies10. Capital structure and finance costsE Reconciliations1. Bank reconciliations2. Trade payables account reconciliationsF Preparing a trial balance1. Trial balance2. Correction of errors3. Suspense accountsG Preparing financial statements1. Statement of financial position2. Statement of profit or loss and other comprehensive income3. Disclosure notes4. Events after the reporting period5. Statement of cash flows (excluding partnerships)H Preparing basic consolidated financial statements1. Subsidiaries2. AssociatesI Interpretation of financial statements1. Importance and purpose of analysis of financial statements2. Ratios3. Analysis of financial statementsII. Financial Reporting (FR)The Financial Reporting syllabus assumes knowledge acquired in Financial Accounting (FA) and develops and applies this further and in greater depth. A The conceptual and regulatory framework for financial reporting1. The need for a conceptual framework and the characteristics of useful information2. Recognition and measurement3. Regulatory framework4. The concepts and principles of groups and consolidated financial statementsB Accounting for transactions in financial statements1. Tangible non-current assets2. Intangible assets3. Impairment of assets4. Inventories and agriculture5. Financial instruments6. Leasing7. Provisions and events after the reporting period8. Taxation9. Reporting financial performance10. Revenue11. Government grants12. Foreign currency transactionsC Analysing and interpreting the financial statements of single entities and groups1. Limitations of financial statements2. Calculation and interpretation of accounting ratios and trends to address users' and stakeholders' needs3. Limitations of interpretation techniques4. Not-for-profit, and public sector entitiesD Preparation of financial statements1. Preparation of single entity financial statements2. Preparation of consolidated financial statements for a simple groupE Employability and technology skills1. Use computer technology to efficiently access and manipulate relevant information2. Work on relevant response options, using available functions and technology as would be required in the workplace3. Navigate windows and computer screens to create and amend responses to exam requirements, using the appropriate tools4. Present data and information effectively, using the appropriate tools

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