International Financial Reporting

The key topic area headings are as follows:
International sources of authority
Elements of financial statements
Presentation and additional disclosures
Preparation of external financial reports for single entities
Preparation of external financial reports for combined entities and joint ventures

1. International Sources of Authority
The structure of the International Accounting Standards Board (IASB)
The standard setting process
The role of the International Financial Reporting Interpretations Committee
Progress towards international harmonization
The IASB "Framework for the Preparation and Presentation of Financial Statements"
The first time application of International Financial Reporting Standards

2. Elements of Financial Statements
Property, plant and equipment
Intangible assets
Goodwill
Current assets including inventories
Construction contracts
Liabilities
Financial instruments
Provisions and contingencies
Employment and post-employment benefits
Accounting for tax
Accounting for agriculture
Share based payment

3. Presentation and additional disclosures
Events after the balance sheet date
Earnings per share
Related party disclosures
Interim financial reporting
Effects of changes in foreign exchange rates
Segment reporting

4. Preparation of external financial reports for single entities
Income statements and discontinuing operations
Cash flow statements
Statement of changes in equity

5. Preparation of external financial reports for combined entities & joint ventures
Definitions of subsidiaries, investments in associates and joint ventures
Exclusions from consolidations
Preparation of consolidated balance sheets and income statements
Equity accounting
Proportionate consolidation and joint ventures

Excluded Topics
The following topics are specifically excluded from the syllabus:
Partnership and branch financial statements
Complex group structures, including sub-subsidiaries, mixed groups & foreign subsidiaries
Piece-meal acquisitions, disposal of subsidiaries and group re-constructions
Financial statements of banks and similar financial institutions
Group cash flow statements
Schemes of reorganization and reconstruction
Company/share valuation
Accounting for insurance entities
International financial reporting exposure drafts and discussion drafts
The international public sector perspective
Multi-employer benefit schemes
Share-based payment transactions with cash alternatives