The accounting from the foundation level has taken up a level into financial accounting and reporting level in the context of more complex events and transactions with emphasis on compliance with regulations including International Accounting Standards and generally accepted accounting practices in the private sectors.
Students will be expected to demonstrate an understanding and competence in financial statement analysis and basic analysis of choices in accounting treatments. The study will cut across topics such as:
- Accounting and reporting concepts, frameworks and practices
- Preparing separate financial statements
- Financial statement analysis and evaluation
- Preparing consolidated financial statements of simple group
Course/Learning Objectives In this course, students will be introduced to financial reporting and at the end of the study, the students should:
- Know the importance of a regulatory framework for accounting and reporting
- Know the meaning of true and fair or fairly presented in relation to financial reporting.
- Be able to state the circumstances in which private sector entities are required to prepare and present statutory financial statements.
- Know the circumstances in which the use of IFRS for companies may not be required.
- Know how to calculate basic financial ratios and assess the financial results and position of a single entity.
- Be able to draft, compile and present the consolidated financial statements or extracts of them in accordance with selected accounting policies and the requirements of IFRS.
- Successful Completion of the ICAN Foundation Courses.
- Degree in Accounting from a Recognized University or Higher National Diploma from any Polytechnic.
- Any other qualification for the time being approved by the Council.
- The student should possess basic educational qualifications.