Financial Reporting 2

This document details the workings and general ledger accounts to illustrate how yo calcule current tax in the financial statements

This document details the consolidation process of subsidiaries to group financial statements as well as associates using detailed illustrative examples and notes .

This document summarises the application of IFRs 8

This document works through the IAS 37 standard and gives a detailed breakdown of what a provision is , what a liability is , what a contingent asset vs contingent liability is , what a reimbursement is and has detailed examples that display not only how to answer questions and what key areas to focus on but also how to apply the standard

This document entails a brief layout structure of presenting the statement of cash flows on the “ Direct” method versus the “ indirect” method as per IFRS 7 and additionally briefly gives guidance on what to include under “ operating activities” , “ investing activities” and “ financing activities” as per IFRS 7

This document introduces the topic of group accounting and indicates how to consolidate , what the starting point is before consolidating and what proforma journal entries need to be processed . Moreover , it includes detailed examples of how to do so . Additionally it illustrates how to present consolidated financial statements ; statement of comprehensive income , statement of financial position, statement of changes in equity and statement of cash flows . It illustrated through worked ...

This document details how to attribute profits in statement of comprehensive income to the non- controlling interest and parent equity holders , how to calculate goodwill using the full and partial method , how to account for preference shares in a group consolidation.

This is a document that contains the breakdown of the 5 step Revenue recognition process and breaks down the relevant definitions of “Revenue” , “Performance obligations” , “ Variable considerations” and how to disclose Revenue in the notes to the financial statements of an entity . This summary contains detailed lecture examples with solutions and detailed explanations of principles applied as well as addresses common errors made in applying IFRS 15.

Summary of IAS 38 Intangible Assets In-depth notes on important concepts like amortisation and residual values

These are my own personal outline notes for FR2. They are in line with the learning objectives that were given per module. All abbreviations used are on the last page