Core 3: Financial Accounting and Reporting (FAR)

Advance your technical knowledge of financial accounting and reporting and develop broader professional and business skills

In Brief

  • Account for and report on business transactions and events
  • Navigate complex ethical dilemmas within the financial reporting context
  • Work towards your Graduate Diploma of Chartered Accounting

Subject description

In Financial Accounting and Reporting, you apply International Financial Reporting Standards (IFRS) or local equivalents, and regulatory and ethical requirements to account for and report on a diverse range of business transactions and events. The subject will advance your technical knowledge of financial accounting and reporting and develop broader professional and business skills in problem solving, critical thinking, research, evaluation and communication. Through practical case studies and scenarios, you're required to apply accounting standards and use professional judgement to determine the appropriate accounting treatment of transactions and events, identify the impacts of those transactions and events on financial statements, and prepare financial statements and related note disclosures. As part of these practical cases studies and scenarios, you'll be required to identify appropriate courses of action for complex ethical dilemmas within a financial reporting context. You will also be required to keep abreast of new accounting standards as well as revisions and amendments to existing standards, evaluating these changes and their implications to provide clear, concise and relevant advice.

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

Term 2 CA Study Masterclass now open

Set yourself up for success with the only study support that is developed and endorsed by CA ANZ. Term 2 masterclass for Financial Accounting and Reporting starts 16 Apr 2024.

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What you need to know

Warning: The information on this page / in this outline is indicative. The subject outline provided to enrolled candidates for the particular term through CA ANZ’s My Capability learning portal is the authoritative source of all information about the subject for that offering. Required texts, recommended texts, references and some assessment task details in particular are likely to change. Candidates will be provided access to the authoritative subject outline through the My Capability learning portal once they enrol in the subject.

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