Wednesday 24 December 2014

FIA |FFA-F3 Financial Accounting |Syllabus Areas

Major syllabus areas for fia , ffa paper and detailed contents are given below:

The context and purpose of financial reporting

 - The scope and purpose of financial statements for external reporting
 - User,s and stakeholder,s needs
 - The main elements of financial reports
 - The regulatory framework 
 - Duties and responsibilities of those charged with governance

The qualitative characteristics of financial information

- The qualitative characteristics of financial information

The use of double entry and accounting systems

- Use of double entry book keeping principles
- Ledger accounts , books of prime entry and journals

Recording transactions and events

- Sales & purchases
- Inventory
- Cash
- Tangible N.C.A
- Depreciation  
- Intangible N.C.A
- Amortization  
- Accruals and prepayments
- Receivables & Payables 
- Provisions and contingencies  
- Capital structure and finance costs 

Preparing a trial balance

- Trial balance (TB)
- Correction of errors
- Bank reconciliation
- Suspense accounts

Preparing basic financial statements  

- Statement of financial position - balance sheet 
- Statement of financial performance : income statement and statement of comprehensive income
- Disclosure notes 
- Incomplete records 
- Events after the reporting period 
- Cash flow statements 

Preparing simple consolidated financial statements

- Subsidiaries
- Associates 

Interpretation of financial statements

- Basic purpose and importance of interpretation & analysis
- Ratio analysis
- Analysis of financial statements

 

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