ICB Financial Reporting and Regulatory Frameworks and Research Theory and Practice

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This subject combines both Financial Reporting and Regulatory Frameworks and Research Theory and Practice. Nearly 100 countries use or coordinate International Financial Reporting Standards (IFRS), which are issued by the International Accounting Standards Board (IASB). These countries or groups of countries include the European Union, Australia, and South Africa. While some countries require all companies to adhere to IFRS, others merely allow it or try to coordinate their own country’s standards to be similar. The purpose of this subject is to set out the principles and conceptual issues of IFRS, including their use in group statements. IFRS signifies a new era of financial reporting that will eventually touch thousands of companies across the globe. The broader a company’s international activities, the greater the effect of IFRS.

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Description

This subject combines both Financial Reporting and Regulatory Frameworks and Research Theory and Practice. Nearly 100 countries use or coordinate International Financial Reporting Standards (IFRS), which are issued by the International Accounting Standards Board (IASB). These countries or groups of countries include the European Union, Australia, and South Africa. While some countries require all companies to adhere to IFRS, others merely allow it or try to coordinate their own country’s standards to be similar. The purpose of this subject is to set out the principles and conceptual issues of IFRS, including their use in group statements. IFRS signifies a new era of financial reporting that will eventually touch thousands of companies across the globe. The broader a company’s international activities, the greater the effect of IFRS.

Accreditation

Institute of Certified Bookkeepers as a Quality Assurance Partner of the QCTO.

Qualification

SACOB Certificate of Completion.

This subject forms part of a national qualification. On completion of this subject and the remainder of the subjects in this level you will receive a national certificate.

Requirements

National Diploma: Technical Financial Accounting NQF L5, Diploma: Public Sector Accounting NQF L5 or
Higher Certificate: Office Administration NQF L5 with
ICB Financial Accounting or
ICB Public Sector Accounting or
ICB Business Management or
ICB Entrepreneurship

Duration

This subject can be completed in 3 months.

Subjects

• Introduction to International Financial Report Standards and the IASB Framework
• IAS1 – Presentation of financial statements
• IAS16 – Property, plant and equipment
• IAS40 – Investment property
• IAS36 – Impairment of assets
• IAS38 – Intangible assets
• IAS2 – Inventories
• IAS37 – Provisions, contingent liabilities and contingent assets
• IAS17 – Leases
• Financial Instruments
• IAS10 – Events after the reporting period
• IAS18 – Revenue
• IAS19 – Employee benefits
• IAS21 – The effects of changes in foreign exchange rates
• IAS33 – Earnings per share
• IAS12 – Income taxes
• IAS8 – Accounting policies, changes in accounting estimates and errors
• IAS7 – Statement of cash flows
• Consolidated financial statements
• Financial reporting requirements of the Companies Act 2008

Assessment

The ICB assesses the Financial Reporting and Regulatory Frameworks subject by means of a Portfolio of Evidence where you are required to complete Activities (assignments) and Evaluations (tests) and then complete a final summative assessment (exam) written at an ICB assessment centre. Please be sure to register for your assessment.

The Research Theory and Practice subject is assessed by means of a short dissertation on the topic of your chosen stream, either Financial Accounting, Public Sector Accounting, Business Management or Entrepreneurship.

You will notice that, when quoted, Financial Reporting and Regulatory Frameworks & Research Theory and Practice are priced together. Although these are separate learning areas, we recommend that they are completed together. Research Theory and Practice is not assessed by the ICB in the usual manner. Instead of five Formative Assessments and one Summative Assessment, this learning area is assessed by virtue of the submission of a short dissertation (a research study). The topics on which the research study is based are derived from the content studied in Financial Reporting and Regulatory Frameworks. Thus, you are advised to register with ICB for both assessments at the same time, and to work on your dissertation while studying towards the completion of the Financial Reporting and Regulatory Frameworks subject. It is ideal to send your completed research study to the ICB at more or less the same time as your scheduled final Summative Assessment for Financial Reporting and Regulatory Frameworks.