ACCA - F7 Financial Reporting (INT) 2010: Study Text ACCA-F7-ST

Synopsis

The detailed syllabus includes: a conceptual framework for financial reporting - the need for a conceptual framework, understandability, relevance, reliability and comparability, recognition and measurement, the legal versus the commercial view of accounting, alternative models and practices, the concept of 'faithful representation' ('true and fair view'); a regulatory framework for financial reporting - reasons for the existence of a regulatory framework, the standard setting process, specialised, not-for-profit, and public sector entities; and, financial statements - statements of cash flows, tangible non-current assets, intangible assets, inventory, financial assets and financial liabilities, leases, provisions, contingent liabilities, and contingent assets, impairment of assets, taxation, regulatory requirements relating to the preparation of financial statements, reporting financial performance. It also includes business combinations - the concept and principles of a group, the concept of consolidated financial statements, preparation of consolidated financial statements including an associate; analysing and interpreting financial statements - limitations of financial statements, calculation and interpretation of accounting ratios and trends to address users' and stakeholders' needs, limitations of interpretation techniques, specialised, not-for-profit, and public sector entities.