Paper 3.6 - Advanced Corporate Reporting (International) 
 

Aim

To ensure that candidates can exercise judgement and technique in corporate reporting matters encountered by accountants and can evaluate and react to current developments or new practice.

Objectives

On completion of this paper candidates should be able to:

  • explain and evaluate the implications of an accounting standard or proposed accounting standard for the content of published financial information
  • explain and evaluate the impact on the financial statements of business decisions
  • explain the legitimacy and acceptability of an accounting practice proposed by a company
  • prepare financial statements for complex business situations
  • analyse financial statements and prepare a report suitable for presentation to a variety of users
  • evaluate whether current practice is acceptable and consistent with the needs of users and the objectives of financial reporting
  • evaluate current developments in corporate reporting in the context of their practical application, implications for corporate reporting, and their support in the accounting literature and
  • demonstrate the skills expected in Part 3.

Content

Framework International Accounting Standards, Exposure Drafts, Framework for the Preparation and Presentation of Financial Statements, Standing Interpretation Committee pronouncements, their developments, content and application in a given range of situations, problems with current accounting standards, including measurement and recognition issues, and the regulatory environment, and their impact on the business entity.

Preparation of the financial statements complex business entities and transactions, including groups of combinations, foreign entities, demergers, business combinations and re-organisation of companies.

Preparation of reports suitable for presentation to external users and internal management, including financial analysis, purchase of business entities, share valuation and the impact of changes in accounting policy on shareholder value, impact of changes in the regulatory framework, the implications of the reorganisation of an entity and the potential for corporate failure.

Current issues and developments environmental and social accounting and reporting, corporate governance, impact of culture on accounting, the communication and design of corporate reports, changes to International Accounting Standards, proposed changes in the structure of the International Accounting Standards Committee, applicability of International Accounting Standards to small entities, and global harmonisation issues.

Ethical considerations professional ethical framework.

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