University of Liverpool - ACFI201: Financial Reporting 1 (Solutions)

This comprehensive module - ACFI201: Financial Reporting 1 empowers you to proficiently prepare financial statements for singular entities, adhering meticulously to various International Financial Reporting Standards (IFRS). Dive into fundamental accounting principles, ethical considerations, and the pragmatic implementation of specific IFRS in real-world contexts. By the module's conclusion, you'll adeptly construct financial statements in accordance with critical provisions of IAS 1 and other pivotal international accounting standards, confidently navigate regulations governing presentation, disclosure, recognition, and measurement within individual company financial statements, and foster a deeper comprehension of financial reporting's conceptual foundations through the prism of the IASB's Conceptual Framework.

Main topics to be covered:

• The regulatory structure of the International Accounting Standards Board (IASB)
• Preface to IFRS IASB conceptual framework for financial reporting
• Presentation of Financial Statements
• Property, Plant and Equipment
• Impairment of Assets
• IFRS5 Non Current Assets held for sale and discontinued operations (excluding disposal groups)
• Inventories
• Provisions, contingent liabilities, and contingent assets
• Events after the Reporting Period
• Revenue
• Construction Contracts
• Accounting Policies, changes in accounting estimates and errors
• Income tax (current tax adjustments only)
• Accounting for Government grants and disclosure of government assistance
• Effects of foreign exchange rates (individual companies only)
• Financial Instruments (basic concepts)
• Statement of Cash Flows
• Earnings Per Share (excluding diluted EPS)