PAPER NO. 9 FINANCIAL REPORTING

GENERAL OBJECTIVE

To enhance the candidate's knowledge in the preparation of financial statements

9.0 SPECIFIC OBJECTIVES

A candidate who passes this paper should be able to:
  • Prepare financial statements for publication
  • Apply accounting techniques to special transactions and entities
  • Correctly account for assets and liabilities

CONTENT

9.1 Preparation of published financial statements

- Presentation of financial statements
- Statement of cash flow
- Accounting policies, changes in accounting estimates and errors
- Events after the balance sheet date
- Non current assets held for sale and discontinued operations (excluding disposal of subsidiaries)
9.2 Partnerships

- Dissolution (including piece-meal dissolution)
- Amalgamations
- Conversion of a partnership into a company
9.3 Institutional accounts

- Preparation of financial statements for:
  • Farming activities
  • Insurance companies
  • Banks
  • Professional firms
  • Retirement benefit plans
9.4 Specialised Transactions

- Installment sales and hire purchase
- Consignments
- Accounting for construction contracts
9.5 Branch Accounts

- Accounting for selling agencies
- Accounting for independent branches
- Foreign currency transactions
- Accounting for foreign branches
9.6 Group accounts (simple group structures excluding disposal of subsidiaries)

- Consolidated income statement, consolidated balance sheet
- Consolidated cash flow statements (excluding acquisitions and disposals of subsidiaries)
- Accounting for associates
- Jointly controlled entities
9.7 Assets and liabilities

- Accounting for income tax - Current tax, Deferred tax (excluding group aspects of deferred tax)
- Accounting for leases (excluding dealers in leases and sale and lease back transactions)
- Accounting for government grants
- Accounting for borrowing costs
- Accounting for financial instruments (excluding impairment and hedging)
- Provisions, contigent liabilities and contigent assets
- Investment properties
9.8 Bankruptcy, receivership and liquidations

- Transactions voidable by trustee
- Provable and non-provable debts, priority of debts; dividends, small bankruptcy offences; discharge; costs and appeals
- Bankruptcy accounts: statement of affirs and deficiency accounts
- Receivership and liquidation accounts
9.9 Executorship and trust accounts

- Accounts of the executor, expense and distribution statements
- The law of trusts
- Trustee's accounts
9.10 Pension fund accounts

- Administration of retirement benefits, pension schemes and funds
- Preparation of simple pension fund accounts
9.11 Public sector accountingg

- Consolidated fund services accounts - Fund accounts: receipts and expenditure statements and balance sheets
- Revenue accounts
- Budgetary control and reporting
- The controller and Auditor-General
- The Public Investment Committee
- Budget out-turns
- Accounting for loans, loans guaranteed by the government and other funds
- Purchase and replacement of assets
- Current developments in public sector accounting
9.12 Accounting for co-operatives

- Recording of income and expenditure
- Recording of shares contributions and entrance fees
- Members transactions systems
- Produce recording and control procedures
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