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CA33: FINANCIAL REPORTING

Description

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GENERAL OBJECTIVE

This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to prepare financial statements for various entities and account for specialised transactions in both the public and private sectors.

LEARNING OUTCOMES

A candidate who passes this paper should be able to:

Account for various assets and liabilities

Prepare financial statements including published financial statements for various types of organisations

Account for specialised transactions

Prepare group financial statements

Analyze and interpret financial statements

Apply International Financial Reporting Standards (IFRSs) and International Public Sector Accounting Standards (IPSASs) in preparing non-complex financial statements.

Weekly Course Recap Zoom Session

What Will I Learn?

  • Account for assets and liabilities
  • Financial statements including published financial statements
  • Account for specialised transactions
  • Group financial statements
  • Analysis and interpretation of financial statements
  • Application of IFRSs and IPSASs

Topics for this course

36 Lessons90h

ASSETS OF FINANCIAL STATEMENTS?

- Assets and liabilities covered in Paper No. 1: Financial Accounting still examinable (in the context of published financial statements) - Inventories - Borrowing costs - Investment property - Financial Instruments (presentation, recognition, classes, measurement, derecognition and disclosures) (excluding impairment, hedging and embedded derivatives) - Leases (all aspects including dealers and sale and leaseback)
Assets and liabilities covered in Paper No. 1: Financial Accounting still examinable (in the context of published financial statements)
Borrowing costs
Leases (all aspects including dealers and sale and leaseback)
Investment property

LIABILITIES OF FINANCIAL STATEMENTS?

- Employee benefits - Provisions, contingent liabilities and contingent assets - Income tax (current and deferred tax but not deferred tax in the case of groups) - Events after reporting date

FURTHER ASPECTS OF PARTNERSHIPS?

- Dissolutions (including piece-meal) - Amalgamation Conversion and sale of partnership firms

SPECIAL TRANSACTIONS?

- Revenue recognition - Contracts with customers - Hire purchase and installment sales transactions (split of hire purchase profit into interest and gross profit and using actuarial method and sum of digits to account for interest); sale of goods, construction contracts and real estate, provision of services - Government grants

FINANCIAL STATEMENTS FOR VARIOUS TYPES OF BUSINESSES?

- Inventory and biological assets in agriculture - Insurance - Banks - Professional firms (lawyers and accountants) - Accounting for branches including foreign branches - Co-operative societies

PUBLISHED FINANCIAL STATEMENTS?

- Presentation of financial statements (income statement, statement of comprehensive incomes, statement of changes in equity, statement of financial position and the notes to financial statements) - Accounting policies, changes in accounting estimates and errors (prior period errors) - Fair value measurement

CONSOLIDATED FINANCIAL STATEMENTS?

- Accounting for one subsidiary (consolidated income statement, consolidated statement of financial position and a statement of cash flows – group financial statements); consolidated statement of cash flows also covers associate companies and jointly controlled entities but excludes acquisition and disposal of subsidiaries during the year - Investments in associates and joint ventures

FINANCIAL STATEMENTS UNDER IPSAS?

[Provisions of the following IPSASs (emphasis on distinctions with equivalent IASs/IFRSs)] - Presentation of financial statements - Accounting policies, changes in accounting estimates and errors - Borrowing costs - Consolidated and separate financial statements - Investments in associates - Interests in joint ventures - Events after the reporting date - Construction contracts, leases and inventories - Provisions, contingent liabilities and contingent assets

EMERGING ISSUES AND TRENDS

About the instructors

Dr. Wandera has over 13 years experience teaching in public universities, colleges and training in various corporates and businesses on business related issues. He has a PhD in Strategic Management, an MBA in Strategic Management and an undergraduate degree in Business Management (Accounting and Finance Option). He is also a CPA (K) and a CHRP (K).
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GlobopointConsultantsLtd

e-Learning Training and Consultation

 

Globopoint Consultants Limited is a fully registered Research, Training, and Consultancy firm based in Mombasa Kenya serving the entire East African region and beyond. The company is geared towards building professionals, entrepreneurs, growing businesses, and fostering sustainable economic development.

Globopoint Learning center is a fully accredited institution run by Globopoint Consultants Limited to specifically nurture modern-day professionals in the business field in an easy, practical, and convenient way.

4.87 (46 ratings)

158 Courses

1504 students

KSh1,000.00

Material Includes

  • Regularly updated online notes
  • Handouts
  • Zoom sessions
  • Video Clips & Recordings
  • KASNEB Past Papers Questions and Answers
  • Case Studies

Requirements

  • PASS in PART 1 KASNEB examination
  • Such other Qualifications as may be approved by KASNEB.

Target Audience

  • CPA Section 3 Students
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