DETAILED SYLLABUS

A The context and purpose of financial reporting

1.The reasons for,and objectives of,financial reporting

2.Users' and stakeholders' needs

3.The main elements of financial reports

4.The regulatory framework

B The qualitative characteristics of financial information and the fundamental bases of accounting

1.The qualitative characteristics of financial reporting

2.Alternative bases used in the preparation of financial information

C The use of double-entry and accounting systems

1.Double-entry book-keeping principles including the maintenance of accounting records and sources of information

2.Ledger accounts,books of prime entry,and journals

3.Accounting systems and the impact of information technology on financial reporting

D Recording transactions and events

1.Sales and purchases

2.Cash

3.Inventory

4.Tangible non-current assets

5.Depreciation

6.Intangible non-current assets and amortisation

7.Accruals and prepayments

8.Receivables and payables

9.Provisions and contingencies

10.Capital structure and finance costs

E Preparing a trial balance

1.Trial balance

2.Correction of errors

3.Control accounts and reconciliations

4.Bank reconciliations

5.Suspense accounts

F Preparing basic financial statements

1.Statements of financial position

2.Income statements and statements of comprehensive income

3.Events after the reporting period

4.Accounting for partnerships

5.Statements of cash flows (excluding partnerships)

6.Incomplete records

APPROACH TO EXAMINING THE SYLLABUS

The syllabus is assessed by a two hour paper-based or computer-based examination.Questions will assess all parts of the syllabus and will include both computational and non-computational elements.The examination will consist of 40 two mark questions,and 10 one mark questions.