What you will learn in FA
The syllabus for Financial Accounting (FA)/FFA introduces the candidate to the fundamentals of the regulatory framework relating to accounts preparation and to the qualitative characteristics of useful financial information.
The syllabus then covers the principles of accounts preparation, including an in-depth look at recording, processing, and reporting business transactions and events.
The syllabus also covers reconciliations, preparation of a trial balance, error correction and suspense accounts, all of which will lead to the preparation of financial statements for incorporated and unincorporated entities.
The syllabus then moves in two directions, firstly requiring the preparation of basic consolidated financial statements from the individual financial statements of entities within a group; and secondly requiring candidates to be able to conduct a basic interpretation of financial statements.
On successful completion of this exam, candidates should be able to:
A. Explain the context and purpose of financial reporting
B. Define the accounting principles, concepts and qualitative characteristics of useful financial information
C. Demonstrate the use of double-entry and accounting systems
D. Record transactions and events
E. Perform reconciliations
F. Prepare a trial balance
G. Prepare financial statements
H. Prepare basic consolidated financial statements
I. Interpret financial statements