On successful completion of the module, students should be able to:
- Demonstrate a knowledge of The Regulatory Framework of Accounting including the professional bodies that are responsibilities for its development and implementation;
- Develop an appreciation of International Accounting Standards and demonstrate the significance of their implementation on the preparation of financial statements;
- Apply the principles of various International Accounting Standards and generally accepted accounting principles to the treatment of specific business transactions by preparing extracts from financial statements and journal entries;
- Demonstrate the knowledge of International Accounting Standards studied by providing narrative descriptions and disclosure requirements on the treatment of specific accounting related issues;
- Outline the key differences in accounting treatment for transactions under international accounting standards and local GAAP (UK. and Ireland); and
- Build on the existing knowledge of the preparation of financial statements.