Assignment Detail


Describe the different users of financial statements

    Assignment Instructions

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    Financial Accounting and Reporting


    In this unit learners will prepare financial statements for different types of business, complying with relevant legal and regulatory provisions and the basic principles of group accounts. Learners will also develop tools for the interpretation of financial statements.

    Learning outcomes and assessment

    LO1 Understand the regulatory framework for financial reporting

    1.1 describe the different users of financial statements and their needs

    1.2 explain the legal and regulatory influences on financial statements

    1.3 assess the implications for users

    1.4 explain how different laws/regulations are dealt with by accounting and reporting standards

    LO2 Be able to prepare financial statements from complete or incomplete records

    2.1 prepare financial statements for a variety of businesses from a trial balance, making appropriate adjustments

    2.1 prepare financial statements from incomplete records

    2.3 prepare a consolidated balance sheet and profit and loss account for a simple group of companies

    LO3 Be able to present financial information in accepted formats for publication

    3.1 explain how the information needs of different user groups vary

    3.2 prepare financial statements in a form suitable for publication by a sole trader, partnership and limited company

    LO4 Be able to interpret financial statements

    4.1 calculate accounting ratios to assess the performance and position of a business

    4.2 prepare a report incorporating and interpreting accounting ratios, including suitable comparisons.

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