Subject description

Financial Accounting and Reporting equips you with the technical knowledge and professional skills needed to account for a range of transactions and events in accordance with International Financial Reporting Standards (IFRS) or local equivalents. You will apply professional judgement, address complex ethical issues, and evaluate emerging changes in the financial reporting environment. Throughout this subject, you’ll apply your learning through practical case studies and scenarios to develop your critical thinking and communication skills. This subject is a prerequisite for the Advanced Financial Reporting elective subject, which provides the opportunity to further develop your knowledge and skills if you wish to pursue a specialisation in financial accounting. 

Topics covered

• Fundamentals of financial statement preparation
• Practical application of common accounting standards
• Presentation of consolidated financial statements
• Additional financial reporting classification and disclosure issues

Subject learning outcomes

On completion of this subject, you will be able to:

1. Apply technical knowledge to account for complex transactions and events
2. Prepare financial statements in accordance with International Financial Reporting Standards (IFRS) or local equivalents, and applicable legislation
3. Evaluate future changes that impact the financial reporting environment
4. Evaluate and respond appropriately to complex ethical issues in the context of financial reporting

Course structure and format

This 9-week course is one of seven core subjects of the Chartered Accountants Program.

Enjoy supported learning via an online learning platform and interactive resources, including:

• Online communities where you can network with other candidates
• Technical discussion forums where your questions will be answered by specialist Chartered Accountants
• Peer discussion forums
• Access to resources including a study guide, exam preparation series and materials
• Real-world examples and activities
• Virtual sessions and recordings which take you through real-world worked examples and activities based on integrated, complex scenarios

Please note: The course information shown here is indicative only. For each term, the official subject outline, including reading materials, assessment requirements, and other key details, will be provided to enrolled students through the My Capability Learn portal. The official subject outline may contain updates or changes to the information displayed here and serves as the authoritative reference for all course matters.