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IFRS Syllabus By ACCA

IFRS Syllabus By ACCA

IFRS Syllabus By ACCA : financial statements help you to prepare financial statements in accordance with IFRS. They are compliance-focused and have two components:

  • Illustrative disclosures, including supplements, that illustrate one possible format for financial statements prepared under IFRS, based on a fictitious multinational corporation; and
  • a companion Disclosure checklist, which identifies the disclosures that may be required based on currently effective standards.

IFRS Syllabus By ACCA

IFRS Syllabus By ACCA : provides a realistic set of financial statements for a corporate entity, based on the requirements of IFRS standards and interpretations for financial years beginning on or after 1 January 2014. The entity is an existing preparer of IFRS consolidated financial statements.”

The ‘Illustrative’ series includes financial statements for fictional industry-specific entities:

  • Banking,
  • Insurance,
  • Investment funds,
  • Investment property, and
  • Prive equity.

IFRS Syllabus By ACCA

IFRS Syllabus By ACCA : 

The Financial Statements of Credit Institutions.

Conceptual Foundations of Financial Statements.

  • – The objective of financial reporting;
  • – The main assumptions;
  • – Qualitative characteristics of financial reporting;
  • – Elements of Financial Statements: recognition and measurement;
  • – Concepts of capital.

IAS 1 “Presentation of Financial Statements”

  • – Purpose and application of the standard;
  • – Components of financial statements, including Report on Equity;
  • – Confidence in reporting and compliance with IFRSs;
  • – Presentation of Financial Statements.

IAS 7 “Statement of Cash Flows” (CCF)

  • – Purpose and application of the standard. Concepts;
  • – The structure of the Cash Flow Statement;
  • – Classification of business operations with the objective of CFS;
  • – Types of cash flow statement presentation;
  • – A direct method for preparation of cash flow statement;
  • – The indirect method cash flow statement preparation;
  • – Identification of inflows and outflows of cash and cash equivalents provided by the bank’s operations.

IAS 8 “Accounting Policies, Changes in Valuation Calculations and Errors”

  • – Purpose of accounting policies;
  • – Changes in accounting policies – a retrospective approach;
  • – Reflection in the financial statements of changes in accounting; estimates (prospective approach);
  • – Errors in the financial statements and methods of their correction.

Elements of Financial Statements of Credit Institutions.

IAS 32 and 39 “Financial Instruments”

  • – The concept of financial instruments
  • – Identification of financial instruments: financial assets and liabilities derivatives: recognition and rejection of the recognition
  • – Classification of financial instruments;
  • – Valuation of financial instruments: when registering in financial reporting.
  • – Follow-up evaluation: should we expect a mortized cost?
  • – Accounting for impairment of financial assets;
  • – Derecognition of financial instruments;
  • – Hedging;
  • – Forward contracts, swaps,futures;
  • – Non-market interest rates;
  • – Practical applications for banks and other financial institutions;
  • – Recommendations to the disclosure.

IFRS 7 “Financial Instruments: Disclosures”

  • – Accounting Policies;
  • – Profit and loss account;
  • – The balance sheet or balance;
  • – Statement of cash flows;
  • – Statement of changes inequity;
  • – Additional disclosures;
  • – Basic disclosure requirements for financial instruments;
  • – Disclosure of risk management policy;
  • – New approaches to disclosure in accordance with IFRS7 “Financial Instruments: Disclosures”.

IAS 16 “Property”

  • – The concept;
  • – Criteria and Evaluation;
  • – Recognition and initial assessment;
  • – Follow-up evaluation;
  • – Depreciation;
  • – Disposals;
  • – Disclosure.

IAS 38 “Intangible Assets”

  • – The concept;
  • – Recognition and development cost;
  • – Assessment and reassessment;
  • – Depreciation;
  • – Disclosure.

IAS 40 “Investment Property”

  • – Classification of property;
  • – The preparation of financial statements and assessment of investment property.

IAS 36 “Impairment of Assets”

  • – Introduction;
  • – The procedure fortesting for impairment;
  • – The causesof impairment;
  • – Definition of cash-generating unit;
  • – Calculation of recoverable amount;
  • – Restoration of impaired assets;
  • – Disclosure.

IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”

  • – The criteria for the classification of non-current assets as held for sale;
  • – The Group’s assets for retirement;
  • – Recognition and measurement.

IAS 17 “Leases”

  • – Types of lease -finance/operating lease;
  • – Signs and principles of lease classification;
  • – Reflection of the lease in the financial lessor and lessee;
  • – Reflection of operating leases in the financial statements of the lessor and lessee;
  • – Disclosure

IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”

  • – Reserves – Definition, Recognition and Measurement;
  • – Evaluation;
  • – Creation of reserves (reserves for issued loans, other reserves);
  • – Contingent liabilities – the definition and recognition;
  • – Contingent assets – the definition and recognition;
  • – Disclosure

 

IAS 12 “Income Taxes”

  • – Deferred income taxes- a concept:
  • – Temporary differences: Temporary taxable differences and deductible temporary differences;
  • – Recognition of deferred tax assets and liabilities;
  • – Calculation of the tax base of the asset and liability;
  • – The calculation of deferred taxes on credit operations;
  • – Presentation and disclosure of deferred taxes.

IAS 18 “Revenue”

  • – The conditions for recognizing revenue;
  • – Recognition of interest income.

IAS 19 “Employee Benefits”

  • – Identification of fixed payment of pension plans by the employer groups and plans with defined contribution;
  • – Recognition and measurement of pension plans, defined contribution and defined benefit;
  • – Reflection of pension plans in accounting, financial statements and notes to the accounts.

IFRS 2 “Share-based payments instruments”

  • – The concept of payment based on the equity instruments;
  • – Evaluation of the transaction at fair value;
  • – The difference between the operations, which offer payments using the shares settled in cash and equity instruments;
  • – Disclosure in financial reporting.

Additional Disclosure of Information

IAS 34 “Interim Financial Reporting”

  • – The scope of IAS 34;
  • – Definitions and minimum of the interim reporting;
  • – Information to be included in the notes to the interim financial statements;
  • – The period to provide the interim financial statements;
  • – Disclosure of estimates of the interim financial statements in annual reports, if in the final period of assessment has changed;
  • – Accounting policies for interim reporting;
  • – Seasonal income, non-uniform costs and the use of estimates in interim financial statements.

IFRS 8 “Operating Segments”

  • – Definitions of industry and geographical segments;
  • – Primary and secondary format for segment information;
  • – Financial performance, requiring disclosure in respect of primary segment format;
  • – Information about the format of the secondary;
  • – Criteria for selection of segments for presentation in financial statements;
  • – The accounting policies of the segment.

IAS 33 “Earnings per Share”

  • – Calculation of earnings per share in accordance with IAS 33;
  • – Earnings per share in the event of the year preferential issue or stock split;
  • – Calculation for the placement of shares at a premium and with the release of rights;
  • – The calculation of diluted earnings per share and issue convertible debtor preferred stock;
  • – Issuance of stock options and warrants on shares;
  • – Identify the circumstances under which an effect of increasing earnings per share;
  • – Conversion of comparative data on earnings per share;
  • – Additional disclosures about earnings per share.

IAS 10 “Events after the Balance Sheet Date”

  • – Definition of subsequent events- corrective and non-adjusting (the algorithm to reflect events after the reporting date);
  • – Recognition of adjusting events;
  • – Inclusion in the reporting of non-adjusting events;
  • – Disclosure of information about events after the reporting date.

IAS 21 “Effects of Changes in Foreign Exchange Rates”

  • – Identification of the functional currency;
  • – Assessment at initial recognition of foreign currency transactions;
  • – Recognition of exchange differences;
  • – Select the presentation currency;
  • – How to convert statements into the presentation currency, the current and historical.

IAS 24 “Disclosure of Information of Related Party”

  • – The purpose and scope of thestandard;
  • – Key Concepts;
  • – Criteria for determining related parties;
  • – The disclosure requirements for related party;
  • – An example disclosure of information of related party.

The Financial Statements of Associated Companies and Joint Ventures

IFRS 3 “Business Combinations”

  • – Identification of acquirer;
  • – Identification of the date of purchase;
  • – Determining the value of combining;
  • – Average cost of the combination to the identifiable assets, liabilities and contingent liabilities;
  • – Determining the amount of goodwill and minority interest;
  • – Basic requirements for disclosure.

IAS 27 “Consolidated and Separate Financial Statements”

  • – Definition of subsidiaries;
  • – Identification of associates and joint ventures;
  • – Presentation of the consolidated financial statements;
  • – The procedure and method of consolidation;
  • – Reflection of investments in subsidiaries, associates and jointly controlled entities in the separate financial statements (IAS 28, IAS31);
  • – Basic requirements for disclosure.

IFRS Syllabus By ACCA

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