Preparing annual financial statements (87319760) - Online

This course is designed to help you understand the process of compiling a set financial statements using a final trial balance and other background information and the sundry disclosures required for a set of financial statements.

The key disclosure information from the Accounting Standards will be considered for each of the primary statements, as well as notes relating to the primary statements.

Key topics:

• The form and content of financial statements
• IAS 1 Presentation of Financial Statements
• The statement of profit or loss and other comprehensive income
• The statement of financial position
• The statement of changes in equity
• The statement of cash flows
• IFRS 7 Financial Instruments: Presentation
• IFRS 12 Disclosures of Interests in Other Entities
• IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
• IAS 24 Related Party Disclosures
• IAS 37 Provisions, Contingent Liabilities and Contingent Assets

In this course you will receive information about the topic area, and explore many application scenarios via a case study.

This course consists of one online course and one online assessment.

• Prepare a statement of financial position, statement of profit or loss and other comprehensive income, and statement of changes in equity from trial balance information
• Identify related notes and include this information in the financial statements
• Identify the framework behind financial statements and the requirements for different companies
• Identify the key themes of IAS 1 Presentation of Financial Statements
• Prepare and understand sundry disclosure notes such as:
  • Related parties
  • Financial instruments
  • Contingent liabilities and commitments
  • Disclosure of standards issued not yet effective
  • Interests in other investments