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INTRODUCTION 

Following our continued effort to provide quality study and revision materials at an affordable price for the private students who study on their own, full time and part time students, we partnered with other team of professionals to make this possible.

This Revision kit book (Question and answers) contains kasneb past examination past papers and our suggested answers as provided by a team of lecturers who are experts in their area of training. The book is intended to help the learner do enough practice on how to handle exam questions and this makes it easy to pass kasneb exams.

 

 PAPER NO. 14 ADVANCED FINANCIAL REPORTING AND ANALYSIS

 UNIT DESCRIPTION

This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to account for more complex transactions, prepare advanced financial statements and reports in the private and public sectors and demonstrate awareness of trends in accounting practice.

 

LEARNING OUTCOMES

A candidate who passes this paper should be able to:

• Prepare financial statements for subsidiaries, associates and jointly controlled entities in compliance with International Financial Reporting Standards (IFRSs) and International Public Sector Accounting Standards (IPSASs) as applicable
• Analyse financial statements for public and private sector entities
• Account for complex accounting transactions
• Apply ethical standards in accountancy work and practice

 

CONTENT

 Accounting for Assets and Liabilities

1.1 (Assets and Liabilities as covered in Financial Accounting and Financial Reporting are also relevant here)

1.2 Leases Including Sale and leaseback and dealers in leased assets

1.3 Deferred Tax (With group aspects)

1.4 Employee Benefits

1.5 Share Based Payments

1.6 Financial Assets and Financial Liabilities (Impairment, Hedging, Embedded Derivatives and Disclosures)

1.7 Fair Value Measurement

1.8 Impairment of Assets

 

Preparation of Financial Statements for Interests in Other entities

2.1 Subsidiaries (Including foreign subsidiaries, piecemeal acquisitions, reduction in shareholding and disposals as well as statement of cash flows)

2.2 Accounting for Associates and Joint Ventures (Including foreign entities)

2.3 Disclosures of interests in other entities

 

Preparation of Financial Statements for other entities

3.1 Financial Statements for Banks

3.2 Financial Statements for Insurance Companies

3.3 Interim Financial Statements

3.4 Financial Statements in a hyperinflationary economy (including the preparation of financial statements)

3.5 Financial Statements complying with IFRS for SMEs.

 

Analysing Financial Statements

4.1 Earnings Per Share

4.2 Related Party Disclosures

4.3 Operating Segments

4.4 Financial Reorganisations and reconstructions

 

Public Sector Accounting Standards

5.1 Segment Reporting

5.2 Related Party Disclosures

5.3 Impairment of cash generating assets and non-cash generating assets

5.4 Disclosure of information about the general government sector

5.5 Consolidated Financial Statements

5.6 Investments in Associates and Joint Ventures

 

Other Reports and Emerging Issues in Financial Reporting

6.1 The conceptual Framework and the process of developing new accounting standards

6.2 Proposals to revise/update existing standards and recommendations to issue new ones (Discussions Papers and Exposure drafts)

(The Examinations Board shall provide guidelines on which Discussion Papers and Exposure drafts are examinable for specific years)

6.3 Management Commentary (Management Discussion and Analysis)

6.4 Capital Markets Authority Corporate Governance Reporting Requirements

6.5 Global Reporting Initiatives Guidelines on Sustainability Reporting

6.6 Integrated Reporting

6.7 Materiality Guidelines for Financial Reporting

6.8 Legal and Ethical issues in Financial Reporting.

 

SAMPLE WORK

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