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Unit Code: CPA803

Unit Name: Financial Reporting

Description: Financial Reporting is designed to provide you with financial reporting, technical accounting and business skills and values that are applicable in a professional and global environment. The segment is based on International Financial Reporting Standards (IFRSs) which are issued by the International Accounting Standards Board (IASB), thereby remaining jurisdiction neutral for professional learning and development purposes. Most international jurisdictions have adopted, or are progressively adopting, the IFRSs.In a competitive international environment, financial reporting provides users with information to formulate corporate strategies, business plans and leadership initiatives. There is also a common acceptance of IFRSs to communicate financial information which is commonly understood by an international audience. This reduces the cost of capital for the international reporting entities.Financial reporting provides information for corporate leadership. Members of the accounting profession with financial reporting skills and knowledge provide business advice to board directors, analysts, shareholders, creditors, colleagues and other stakeholders. Members of the accounting profession who provide assurance services for financial reports also require a good understanding of the IFRSs. Directors are also required to declare that the financial statements are fairly stated. These examples underscore the importance of the skills taught in this segment. In addition to the completion of this segment, CPA Australia encourages continuous professional learning to further develop in financial reporting, which is constantly evolving.This subject's technical content includes linkages with the other segments in the CPA programme. Financial reporting is a significant part of an entity?s governance and accountability process. This segment builds on the themes contained in the segment, Ethics and Governance. Compliance with the IFRSs results in the presentation of fairly stated financial statements except in rare circumstances. This compliance outcome is also the aim of audit and assurance services. The assurance knowledge and audit skills are taught in the subject, Advanced Audit and Assurance. While taxation is covered in the segment, Advanced Taxation, and is by and large distinct from financial reporting, the accounting for tax is recognised as material information and therefore included in this subject.Financial reporting provides information about the business operations and the financial results. As a result, there is a relevant topical link with the segment, Contemporary Business Issues.Financial Reporting is a compulsory subject in the CPA programme professional level for candidates commencing from semester 2, 2009. It is an elective subject for candidates who commenced prior to semester 2, 2009.

Learning Target Outcomes:

Prerequisite: N/A

Prerequisite Sentence: CPA Foundation Units

Credit Point: 20

Offered In: Semester 1