I n t e r a c t I v e t e X t foundations in Accountancy/ acca financial accounting (ffa/FA) bpp learning Media is an acca approved Content Provider

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345 

C H A P T E R 

  

TOPIC LIST 

SYLLABUS 

REFERENCE 

1 IAS 

1 

Presentation of financial statements

 

F1(d), F2(a),(g)

2  The statement of financial position 

F1(a),(d), D8(l)

3  The statement of profit or loss and other comprehensive income 

F1(e), F2(a)–(g)

4  Statement of changes in equity 

D10(j), F1(c)

5  Notes to the financial statements 

F3(a),(b)

6  Company accounts for internal purposes 

F1(d), F2(a),(c)

7 IFRS 

15 

Revenue from contracts with customers

 

F2(b)

8 Practice 

question 

F1(d), F2(a),(c),(d)

 

 

Preparation of financial 

statements for 

companies

You have now come to the point in your studies for FFA/FA when 

you can look at the form and content of the financial statements of 

limited liability companies. Your later financial accounting studies 

will be concerned almost entirely with company accounts so it is 

vital that you acquire a sound understanding of the basic concepts 

now. 

The financial statements of limited liability companies are usually 

governed by national legislation and accounting standards. From 

an international standpoint, however, the general content of 

financial statements is governed by IAS 1 Presentation of financial 

statements. We will look at the standard and explain those items 

in the financial statements which have not yet appeared in the 

Interactive Text. 

We will look at another standard which has a significant impact on 

the content and form of company accounts, IFRS 15 Revenue 

from contracts with customers. 

All these standards are concerned with financial statements 

produced for external reporting purposes (ie to external users). 

However, companies also produce financial accounts for internal 

purposes, and we will look at the different approach in preparing 

accounts for internal as well as external use. 

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