The aim of the syllabus is to develop knowledge and skills in understanding and applying IFRS Accounting Standards and the theoretical framework in the preparation of financial statements of entities, including groups and how to analyse and interpret those financial statements.

The financial reporting syllabus assumes knowledge acquired in Financial Accounting (FA), and develops and applies this further and in greater depth.

The syllabus begins with the Conceptual Framework for Financial Reporting with reference to the qualitative characteristics of useful information and the fundamental bases of accounting introduced in the Financial Accounting (FA) syllabus within the Knowledge module. It then moves into a detailed examination of the regulatory framework of accounting and how this informs the standard setting process.

The main areas of the syllabus cover the reporting of financial information for single companies and for groups in accordance with generally accepted accounting principles and relevant IFRS Accounting Standards.

The syllabus also covers the analysis and interpretation of information from financial statements, including both financial and non-financial information.

Finally the syllabus contains outcomes relating to the demonstration of appropriate digital and employability skills in preparing for and taking the FR examination. This includes being able to interact with different question item types, manage information presented in digital format and being able to use the relevant functionality and technology to prepare and present response options in a professional manner. These skills are specifically developed by practicing and preparing for the FR exam, using the learning support content for computer-based exams available via the practice platform and the ACCA website and will need to be demonstrated during the live exam.

On successful completion of this exam, candidates should be able to:

A. Discuss and apply conceptual and regulatory frameworks for financial reporting

B. Account for transactions in accordance with IFRS Accounting Standards

C. Analyse and interpret financial statements.

D. Prepare and present financial statements for single entities and business combinations in accordance with IFRS Accounting Standards

E. Demonstrate employability and technology skills