By Bpp Learning Media
The organization of Chartered qualified Accountants (ACCA) is the worldwide physique for pro accountants. With over a hundred years of offering world-class accounting and finance skills, the ACCA has considerably raised its overseas profile in recent times and now helps a BSc (Hons) in utilized Accounting and an MBA.BPP studying Media is an ACCA legitimate writer. Paper F3 concentrates at the fundamentals of monetary accounting. the thing is to provide scholars an excellent grounding in double access book-keeping and the coaching of uncomplicated monetary statements for sole investors, partnerships and firms. the most sections are: 1. The context and function of economic reporting 2. Accounting conventions three. Use of double access book-keeping four. Recording transactions and occasions five. getting ready a tribulation stability 6. getting ready easy monetary statementsThe syllabus is especially just like the previous paper 1.1, yet comprises extra aspect on credits transactions (particularly the reconciliation of provider statements earlier than fee is made). besides the fact that, Paper F3 excludes paintings on ratios and simple consolidated monetary statements, that are now in Paper F7.The above notes observe to either the overseas and united kingdom streams. even though, scholars may be conscious that ACCA's major movement is now overseas, with united kingdom being provided purely as a variation. we offer fabrics for either the F3 foreign movement and the united kingdom version. The examiner has reviewed the research textual content, which concentrates at the key parts of the syllabus and takes account of the examiner's tips on how subject matters might be tested. It features a step by step method of themes that scholars may perhaps locate tricky, reminiscent of keep an eye on account reconciliations and suspense debts. there are various examples and questions in each one bankruptcy that will help you preparation the techniques.BPP studying Media is the writer of selection for plenty of ACCA scholars and institution prone around the world. sign up for them and plug right into a international of workmanship in ACCA checks.
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Extra resources for ACCA - F3 Financial Accounting (INT): Study Text
A summary of the rest of the document is given below. 16 The elements of financial statements This section defines the important items which make up the financial statements and looks at their sub-classification. (a) Financial position (i) Key term Assets An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. Framework (ii) Key term Liabilities A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in a outflow from the entity of resource embodying economic benefits.
We will look at this in Section 4 of this chapter. We have now covered those parts of the IASB's Framework which you need to understand in detail. A summary of the rest of the document is given below. 16 The elements of financial statements This section defines the important items which make up the financial statements and looks at their sub-classification. (a) Financial position (i) Key term Assets An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.
IAS 1 also encourages a financial review by management and the production of any other reports and statements which may aid users. 3 Fair presentation and compliance with IASs/IFRSs Most importantly, financial statements should present fairly the financial position, financial performance and cash flows of an entity. Compliance with IASs/IFRS will almost always achieve this. The following points made by IAS 1 expand on this principle. (a) Compliance with IASs/IFRSs should be disclosed (b) All relevant IASs/IFRSs must be followed if compliance with IASs/IFRSs is disclosed (c) Use of an inappropriate accounting treatment cannot be rectified either by disclosure of accounting policies or notes/explanatory material There may be (very rare) circumstances when management decides that compliance with a requirement of an IAS/IFRS would be misleading.
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