A-level Accounting₇₁₂₇

The use of accounting techniques and principles when drafting financial statements for limited companies (based on IAS1).

• statements of cash flow (in accordance with IAS7 using the indirect method)
• schedules of non-current assets.

Note: the financial statements of a group of companies will not be examined.

Statement of comprehensive income will not be examined.

Accounting for the revaluation of non-current assets.

The difference between the issue of shares, a rights issue and a bonus issue, and recording the effect of such transactions in financial statements.

The requirement to publish accounts and how these are used by a variety of stakeholders.

The requirement to publish accounts could include:

• the reasons for publishing accounts
• benefits and limitations of published accounts
• the main elements in published accounts and the purpose of each as required by:
  • IAS1
  • Companies Acts.
• the limitations of published accounts.

The purpose and importance of the international accounting standards framework.

Note: specific standards will not be examined (other than in reference to the IAS1 and IAS7 mentioned above).