Accounting Standards
IAS 1 - Presentation of Financial Statements
Preparing and Presenting Year-End Financial Statements Under IAS 1
1 CPD credit on completion
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About This Course
Course Information
The learning outcomes from this accounting standards CPD course include: Producing year-end accounts Understanding the requirement
Certificate on Completion
This course is made up of videos, questions and additional reading materials and accounts for 1 unit of CPD . One unit is the equivalent of one hour of learning.
Course Sections
This course is made up of the following sections:
- Presentation Requirements (video)
- Presentation Requirements (quiz)
What You Will Learn
- Identify the full set of financial statements required by IAS 1, including the statement of financial position, profit or loss, changes in equity, and cash flows
- Describe the process from recording transactions in ledgers through to producing a trial balance and final year-end accounts
- Explain the year-end adjustments needed before preparing financial statements, including closing inventory, depreciation, accruals, prepayments, irrecoverable debts, and provisions
- Prepare a statement of financial position showing non-current assets at carrying value, current assets in order of liquidity, equity, and liabilities
- Prepare a statement of changes in equity detailing movements in share capital, share premium, revaluation reserve, and retained earnings
- Calculate cost of sales and distinguish between gross profit, profit from operations, and profit before tax on the statement of profit or loss
- Distinguish between realised profits reported in the statement of profit or loss and unrealised gains disclosed in other full income
Who This Course Is For
- Trainee accountants preparing for financial reporting exams that cover IAS 1
- Accountants responsible for producing annual financial statements under IFRS
- Finance professionals who need to read and interpret IFRS-compliant financial statements
Prerequisites
- Basic understanding of double-entry bookkeeping and trial balances
- Familiarity with accounting terms such as assets, liabilities, equity, revenue, and expenses
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Course Details
CPD Credits1
CertificateYes
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