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Module 5 Framework for Financial Reporting Presentation

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Module 5 The Framework for Financial Reporting Omar ElKheshen – 1 Learning Objectives By the end of this module you should understand: 1. The legal and quasi-legal framework within which companies draw up their financial statements 2. The principal features of the disclosure requirements contained in the International Financial Reporting Standards 3. The principles and basic mechanics of group accounting 4. How to read a published set of corporate financial statements 5. The role of the auditor and the report which he makes to the company Omar ElKheshen – 2 Agenda 5.1 Introduction 5.2 The Concept of Disclosure 5.3 Sources of Disclosure Requirements 5.4 Government Legislation – The UK Experience 5.5 Accounting Standards – A Brief History of the UK Experience 5.6 Stock Exchange Requirements – The UK Experience 5.7 Financial Reporting in Action 5.8 An Introductory Note on Groups of Companies 5.9 Abstract of Annual Reports: The MBA Company and The Award Company 5.10 The Accounting Policies 5.11 The Consolidated (or Group) Profit and Loss Account (or Income Statement) 5.12 The Consolidated (or Group) Balance Sheet 5.13 A Concluding Note on MBA’s Balance Sheet 5.14 Group Cash Flow Statement 5.15 Detailed Disclosure Requirements for Selected Items 5.16 The Lessons to Be Learned 5.17 Fundamental Accounting Principles 5.18 The External Auditor Omar ElKheshen – 3 We concluded from the first modules that we ...
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