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ADVANCED FINANCIAL REPORTING AND ANALYSIS
UNIT DESCRIPTION
This paper is intended to equip the candidate with knowledge, skills and attitudes that will
enable him/her to account for more complex transactions, prepare advanced financial
statements and reports in the private and public sectors and demonstrate awareness of trends
in accounting practice.
LEARNING OUTCOMES
A candidate who passes this paper should be able to:
 Prepare financial statements for subsidiaries, associates and jointly controlled entities in
compliance with International Financial Reporting Standards (IFRSs) and International
Public Sector Accounting Standards (IPSASs) as applicable
 Analyse financial statements for public and private sector entities
 Account for complex accounting transactions
 Apply ethical standards in accountancy work and practice
CONTENT
1. Accounting for Assets and Liabilities
1.1 (Assets and Liabilities as covered in Financial Accounting and Financial
Reporting are also relevant here)
1.2 Leases Including Sale and leaseback and dealers in leased assets
1.3 Deferred Tax (With group aspects)
1.4 Employee Benefits
1.5 Share Based Payments
1.6 Financial Assets and Financial Liabilities (Impairment, Hedging, Embedded
Derivatives and Disclosures)
1.7 Fair Value Measurement
1.8 Impairment of Assets
2. Preparation of Financial Statements for Interests in Other entities
2.1 Subsidiaries (Including foreign subsidiaries, piecemeal acquisitions, reduction in
shareholding and disposals as well as statement of cash flows)
2.2 Accounting for Associates and Joint Ventures (Including foreign entities)
2.3 Disclosures of interests in other entities
3. Preparation of Financial Statements for other entities
3.1 Financial Statements for Banks
3.2 Financial Statements for Insurance Companies
3.3 Interim Financial Statements
3.4 Financial Statements in a hyperinflationary economy (including the preparation of
financial statements)
3.5 Financial Statements complying with IFRS for SMEs.
4. Analysing Financial Statements
4.1 Earnings Per Share
4.2 Related Party Disclosures
4.3 Operating Segments
4.4 Financial Reorganisations and reconstructions
5. Public Sector Accounting Standards
5.1 Segment Reporting
5.2 Related Party Disclosures
5.3 Impairment of cash generating assets and non-cash generating assets
5.4 Disclosure of information about the general government sector
5.5 Consolidated Financial Statements
5.6 Investments in Associates and Joint Ventures
6. Other Reports and Emerging Issues in Financial Reporting
6.1 The conceptual Framework and the process of developing new accounting
standards
6.2 Proposals to revise/update existing standards and recommendations to issue
new ones (Discussions Papers and Exposure drafts)
(The Examinations Board shall provide guidelines on which Discussion
Papers and Exposure drafts are examinable for specific years)
6.3 Management Commentary (Management Discussion and Analysis)
6.4 Capital Markets Authority Corporate Governance Reporting Requirements
6.5 Global Reporting Initiatives Guidelines on Sustainability Reporting
6.6 Integrated Reporting
6.7 Materiality Guidelines for Financial Reporting
6.8 Legal and Ethical issues in Financial Reporting.