ICAEW FAR
Financial Accounting & Reporting (IFRS)


Please note this course follows the IFRS syllabus.

This Professional Level course will 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).  Students will also be required to explain accounting and reporting concepts and ethical issues, and the application of IFRS to specified single entity or group scenarios.

On completion of this course 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 and explain the application of IFRS 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 and explain the application of IFRS to specified group scenarios; and
  • Describe the principal differences between IFRS 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.

Method of assessment

The Financial Accounting and Reporting module is assessed by a 3 hour computer-based exam. The exam contains four written test questions that covers the following areas:

  1. preparation of single entity financial statements (excluding statement of cash flows) from trial balance;
  2. preparation of consolidated financial statements (excluding consolidated statement of cashflows) from individual financial statements; and
  3. explanation of the application of IFRS to specified scenarios.

Please note students are allowed a permitted text being the IFRS standards.

 

 

Course Information

Each ICAEW Advanced classroom course will comprise a teaching phase, followed by a revision phase culminating in a timed final mock exam that is marked with detailed individual feedback.

All course materials will be provided, including ICAEW mandatory materials and Vale FT course notes.

Classroom Course
  • Teaching : 6 days
  • Revision & Mocks : 6 days
  • Final Mock: invigilated & marked with feedback
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