Financial Reporting

Online Class

  • 4 Weeks of live tuition via webinar
  • 2 classes/week of 2 hours each (total 4 h/w)
  • Access to recorded webinars throughout the semester
  • 30 min Q&A time after every session
  • Exam critical areas
  • Summary notes guidance
  • Customised diagrams and flowcharts
  • Exam tips and techniques
  • ClickMeeting webinar

Timetable

Class duration: 2 hours + 30 min discussion

Commencement: 07-Jan-20

Finish: 31-Jan-20

Days: Tuesday + Friday

All times are at Australian Eastern Standard Time

Class Timetable

No upcoming events.

Site Content

subject outline

 

Financial Reporting is divided into 7 Modules

Module 1 - The role and importance of financial reporting

Module 2 - Presentation of financial statements

Module 3 - Revenue received from customers: Provisions, contingent

                      liabilities and contingent assets

Module 4 - Income taxes

Module 5 - Business combinations and group accounting

Module 6 - Financial instruments

Module 7 - Impairment of assets


The contents of these modules are as follows:


Module 1 - The role and importance of financial reporting

• The role and importance of financial reporting

• The Conceptual Framework for Financial Reporting

• Qualitative characteristics of useful financial information

• The elements of financial statements

• The role of accounting standards

• Measurement of elements of financial statements

• Application of measurement principles in IFRSs


Module 2 - Presentation of financial statements

Part A: Presentation of financial statements

• Complete set of financial statements

• Accounting policies

• Revision of accounting estimates and correction of errors

• Events after the reporting period

Part B: Statement of profit or loss and other comprehensive income

• Presentation of comprehensive income

• The concept of other comprehensive income and total comprehensive income

• IAS 1 - disclosures and classification

Part C: Statement of changes in equity

• IAS 1 - disclosures of changes in equity

Part D: Statement of financial position

• Format of the statement of financial position

• Presentation of assets and liabilities

• IAS 1 - disclosures in the statement of financial position or in the notes

Part E: IAS 7 Statement of Cash Flows

• Information to be disclosed

• Common methods adopted on how to prepare a statement of cash flows

• How does a statement of cash flows assist users of the financial statements?

• Consolidated financial statements


Module 3 - Revenue received from customers: Provisions, contingent

                      liabilities and contingent assets

Part A: Provisions

• Recognition of provisions

• Contract costs

• IAS 37—Disclosure

Part B: Specific applications

• Recognition of provisions

• Measurement of provisions

• IAS 37—disclosure

• Provisions and professional judgement

Part C: Contingent liabilities and contingent assets

• Contingent assets

• Contingent liabilities


Module 4 - Income taxes

Part A: Income tax fundamentals

• Tax expense

• Current tax

• Deferred tax

Part B: Recognition of deferred tax assets and deferred tax liabilities

• Recognition of deferred tax liabilities

• Recognition of deferred tax assets

• Recoupment of tax losses

Part C: Assets carried at fair value or revalued amounts

• Assets carried at revalued amounts

• Recognition of deferred tax on revaluation

Part D: Financial statement presentation and disclosure

• Presentation of current tax and deferred tax

• Major components of tax expense

• Relationship between tax expense (income) and accounting profit

• Information about each type of temporary difference

Part E: Comprehensive example

• Carrying amounts and tax base of buildings

• Other deferred tax assets and liabilities

• Taxable profit and current tax expense

• Illustrative disclosures


Module 5 - Business combinations and group accounting

Part A: Business combinations

• Identifying a business combination

• The acquisition method

• Applying the acquisition method to different forms of business combinations

• Deferred tax arising from a business combination

• Disclosures: Business combinations

Part B: Consolidated financial statements

• Introduction to consolidated financial statements

• The group

• Preparation of consolidated financial statements

• Disclosures: Consolidated financial statements

Part C: Investments in associates

• Identifying associates

• Use of equity method

• Basis of equity method

• Application of the equity method

• Disclosures for associates


Module 6 - Financial instruments

Part A: What are financial instruments?

• Definition of a financial instrument

• Liability or equity?

• Instruments that are a mix of liability and equity

• Contracts to buy or sell non-financial items

• Derivative financial instruments

Part B: Recognition and derecognition of financial assets and financial liabilities

• Recognition of financial assests and financial liabilities

• Derecognition of financial assets and financial liabilities

• Derecognition of a financial liability

Part C: Classification of financial assets and financial liabilities

• Classification of financial assets

• Classification of financial liabilities

• Reclassification

Part D: Measurement

• Initial measurement

• Subsequent measurement of financial liabilities

• Investments in equity securities

• Liabilities designated at fair value through profit or loss

• Compound financial instruments

Part E: Hedging accounting

• Hedging relationships

• Accounting for hedging relationships

• Special accounting rules

• Assessing hedge effectiveness

• Discontinuing hedge relationships

• Increased disclosures

Part F: Disclosure issues

• Scope and level of disclosure

• Significance of financial instruments for financial position and performance

• Statement of profit or loss and other comprehensive income

• Collateral and other credit enhancements


Module 7 - Impairment of assets

Part A: Impairment of assets – An overview

• Basic principles of impairment of assets

• Identifying assets that may be impaired

Part B: Impairment of individual assets

• Measurement of recoverable amount

• Fair value less costs of disposal

• Value in use

• Recognising and measuring an impairment loss

• Reversals of impairment losses

Part C: Impairment of CGUs

• Identification of CGUs 549

• Recoverable amount and carrying amount of a CGU (Impairment of CGUs)

Part D: IAS 36 – Disclosure