Acca Financial Accounting (Fa) 2024-1025 Syllabus

ACCA Financial Accounting

What you'll learn

1. Understanding the Purpose of Financial Accounting

2. Conceptual Framework and Principles of Accounting

3. Recording Financial Transactions

4. Preparation of Financial Statements

5. Adjusting Financial Statements

6. Understanding and Applying Accounting Standards

7. Interpretation of Financial Statements

8. Ethical Considerations in Financial Reporting

9. Introduction to Financial Reporting for Specialized Entities

Requirements

The requirements for the ACCA Financial Accounting course typically include the following: Educational Background: A minimum level of education is often required, such as a high school diploma or its equivalent. Some institutions may prefer candidates with a background in accounting, finance, or business-related fields. Language Proficiency: Since the course is often delivered in English, proficiency in the language is essential. Candidates may need to demonstrate their English language skills through standardized tests like IELTS or TOEFL if English is not their first language. Numeracy Skills: A basic understanding of mathematics is important as the course involves calculations related to financial transactions and financial statement preparation. Competence in basic numeracy is generally expected. No Prior Accounting Experience Required: This course is designed for individuals at the foundational level, so prior knowledge or experience in accounting is not required. However, familiarity with basic business and financial concepts can be beneficial. Computer Literacy: Given that much of the coursework and assessments may be completed online, students are expected to have basic computer skills, including familiarity with spreadsheets (e.g., Excel) and accounting software. Age Requirement: Students must typically be at least 18 years old to enroll in ACCA courses, though there may be exceptions for younger students with the necessary qualifications. Registration with ACCA: Students must register as ACCA students and comply with any relevant ACCA guidelines and procedures for enrollment in the course. Some institutions may also require registration fees or application procedures before commencing the course. These general requirements may vary depending on the institution offering the course, so it’s important to check specific prerequisites with the provider you are considering.

Description

The ACCA Financial Accounting course is designed to provide a comprehensive foundation in the principles and practices of financial accounting, equipping students with the skills necessary to succeed in professional accounting roles. The course introduces the core concepts of financial reporting, focusing on the preparation and presentation of financial statements in accordance with international accounting standards. Students will learn the entire accounting process, from the recording of financial transactions using the double-entry system to the preparation of a trial balance and adjustments required at the period end.Key topics covered include the recognition and measurement of assets, liabilities, equity, income, and expenses, along with the preparation of financial statements such as the income statement, balance sheet, and cash flow statement. In addition to technical skills, the course emphasizes the importance of the accruals concept, matching principle, and other key accounting principles that ensure accurate and reliable reporting.Students will also explore how financial data is used by businesses and stakeholders to make informed decisions. This includes analyzing financial performance through profitability ratios, liquidity ratios, and solvency assessments. The ability to interpret financial statements and provide insights into the financial health of an organization is a crucial aspect of the course.Furthermore, the ACCA Financial Accounting course places a strong emphasis on ethical responsibilities and the regulatory environment. Students will understand the role of ethics in financial reporting, the importance of transparency, and the impact of regulatory frameworks on the accounting profession. By the end of the course, students will be equipped to handle the challenges of financial accounting in a global context, ensuring they can produce high-quality financial reports that are both accurate and compliant with relevant standards and laws.The course also prepares students for real-world challenges, helping them develop a critical mindset, attention to detail, and the ability to apply theoretical knowledge to practical situations. This ensures that students not only master the technical skills required for financial accounting but also develop the professional judgment needed to work effectively in dynamic business environments.

Overview

Section 1: Introduction

Lecture 1 Introduction to Accounting

Lecture 2 SOFP & PL

Lecture 3 Bookkeeping

Lecture 4 Accurals and Prepayments

Lecture 5 IAS 37

Lecture 6 Depreciation

Lecture 7 Provisions of IAS 16

Lecture 8 Irrecoverable Debts and Allowences

Lecture 9 Inventory and IAS 2

Lecture 10 The use of computers in Accounting

Lecture 11 Journal Entries

Lecture 12 Sales Tax

Lecture 13 Accounting for Limited Companies

Lecture 14 STATEMENTS OF CASH FLOWS

Lecture 15 BANK RECONCILIATIONS

Lecture 16 SUPPLIER STATEMENT RECONCILIATION

Lecture 17 ADJUSTMENTS TO PROFIT AND SUSPENSE ACCOUNTS

Lecture 18 MARK-UP AND MARGINS

Lecture 19 ACCOUNTING CONVENTIONS AND POLICIES

Lecture 20 IAS 10 – EVENTS AFTER THE REPORTING PERIOD

Lecture 21 IAS 38 – INTANGIBLE ASSETS: GOODWILL, RESEARCH AND DEVELOPMENT

Lecture 22 GROUP ACCOUNTS THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION (1)

Lecture 23 23 GROUP ACCOUNTS THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Lecture 24 GROUP ACCOUNTS THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS

Lecture 25 GROUP ACCOUNTS – FURTHER POINTS

Lecture 26 INTERPRETATION OF FINANCIAL STATEMENTS

Lecture 27 THE REGULATORY FRAMEWORK

Lecture 28 BUSINESS DOCUMENTATION

The ACCA Financial Accounting course is designed for a broad range of individuals who wish to gain foundational knowledge and skills in financial accounting. Specifically, it is intended for: Aspiring Accountants: Individuals who are looking to begin a career in accounting and need a solid grounding in the core principles of financial accounting. This course serves as a starting point for those aiming to become qualified accountants through the ACCA qualification pathway. Finance and Business Professionals: Professionals working in finance, business, or related fields who want to enhance their financial accounting knowledge to make better business decisions, prepare financial reports, or manage finances more effectively. Students Pursuing ACCA Qualification: Those pursuing the full ACCA qualification will benefit from this course as it is a key component of the ACCA syllabus. It provides the necessary knowledge to progress to more advanced stages of the ACCA exams. Entrepreneurs and Small Business Owners: Individuals who run their own businesses and need to understand financial accounting in order to manage their finances, prepare financial statements, and ensure compliance with financial regulations. Career Changers: Professionals from non-accounting backgrounds who are looking to switch careers and enter the accounting or finance sector. This course provides a structured and accessible way to learn accounting fundamentals. Students and Graduates in Related Fields: Graduates or current students of finance, business management, or economics who want to deepen their understanding of financial accounting and apply it to their existing knowledge. International Candidates: Individuals from around the world who seek an internationally recognized accounting qualification. ACCA’s global reach makes this course relevant for those looking to work in international or multinational companies. The course is suitable for anyone with an interest in financial accounting, whether for personal development, academic progress, or career advancement, regardless of prior accounting experience.