CPA Section 6 – Advanced Financial Reporting (KASNEB)

About Course

This unit is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her account for complex accounting transactions and prepare advanced financial reports.

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

Course Content

Framework for Preparation and Presentation of Financial Statement
Framework for preparation and presentation of financial statement

Importance of the accounting framework
Steps in developing international financial reporting interpretations by IFRIC (excluding detailed IFRICS)
Ethical and legal issues in financial reporting

Assets and Liabilities of Financial Statement
Assets and liabilities of financial statement

Preparing Financial Statements and Other Reports
Preparing financial statements and other reports

Published financial statements (including group statement of cash flows where a subsidiary is acquired or sold during the year)
Interim financial statements
Financial statements of pension schemes/retirement benefit plans
Operating segment reports
Earnings per share
IFRS for small and medium sized entities
Related parties disclosures
Effects of inflation and hyper inflationary economies (exclude inflation adjusted financial statements)
Business combinations and corporate restructuring
Management commentary (management discussion and analysis)
Integrated reporting

CPA Section 6 – Advanced Financial Reporting (KASNEB)

About Course

What Will You Learn?

Course Content

Framework for Preparation and Presentation of Financial Statement Framework for preparation and presentation of financial statement

Importance of the accounting framework

Steps in developing international financial reporting interpretations by IFRIC (excluding detailed IFRICS)

Ethical and legal issues in financial reporting

Assets and Liabilities of Financial Statement Assets and liabilities of financial statement

Inventories

Non-current assets held for sale and discontinued operations

Impairment of assets

Exploration for and evaluation of mineral resources

Income taxes – including group aspects

Share based payments

Employee benefits with emphasis on post-employment benefits

Preparing Financial Statements and Other Reports Preparing financial statements and other reports

Published financial statements (including group statement of cash flows where a subsidiary is acquired or sold during the year)

Interim financial statements

Financial statements of pension schemes/retirement benefit plans

Operating segment reports

Earnings per share

IFRS for small and medium sized entities

Related parties disclosures

Effects of inflation and hyper inflationary economies (exclude inflation adjusted financial statements)

Business combinations and corporate restructuring

Management commentary (management discussion and analysis)

Integrated reporting

Accounting and Reporting of Financial Instruments Accounting and reporting of financial instruments

Nature and scope of financial instruments

Equity and financial liabilities

Recognition and de-recognition of financial instruments

Hedge accounting

Other disclosures

Consolidated and Separate Financial Statements Consolidated and separate financial statements

Accounting for subsidiaries including piece-meal acquisitions, several subsidiaries and subsubsidiaries

Investments in associates and jointly controlled arrangements

Foreign entities (subsidiary, associate and jointly controlled entities)

Disposal of investment in subsidiary (partial and full disposal)

Public Sector Accounting Public sector accounting

Effects of changes in foreign exchange rates

Revenue from exchange and non-exchange transactions

Hyperinflationary economies (ignore inflation adjusted financial statements)

Segment reports

Related party disclosures

Impairment of cash generating and non–cash generating assets

Disclosure of information about the general government sector

Current Trends Current trends

Reporting on corporate social responsibility

Reporting on environmental matters

Corporate governance reports (Directors reports and Chairman’s statements

contents only

Sustainability reporting

Emerging Issues and Trends Emerging issues and trends

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Framework for Preparation and Presentation of Financial Statement
Framework for preparation and presentation of financial statement

Assets and Liabilities of Financial Statement
Assets and liabilities of financial statement

Preparing Financial Statements and Other Reports
Preparing financial statements and other reports

Accounting and Reporting of Financial Instruments
Accounting and reporting of financial instruments

Consolidated and Separate Financial Statements
Consolidated and separate financial statements

Public Sector Accounting
Public sector accounting

Current Trends
Current trends

Emerging Issues and Trends
Emerging issues and trends

Live Streaming
Live Streaming