Get access to latest and updated syllabus of PIPFA Level 4 Financial Reporting now. Here you will find detailed course content or Syllabus of PIPFA Level 4 Financial Reporting for upcoming attempt.
Unfortunately, PIPFA does not publish it’s own study text. But you need not to worry as you can use study texts of ICAP and/or ICMAP. You will have the advantage on other students. The reason being ICAP and ICMAP study texts are comparatively more difficult than the books recommended by PIPFA examination body.
Syllabus GRID:
Here is the grid for syllabus of PIPFA Level 4 Financial Reporting.
| GRID | WEIGHTAGE |
| Final account including consolidation with a single Subsidiary | 20 – 30 |
| Accounting for tangible and intangible assets, leases, borrowing costs and impairment of assets (IES 16, 17, 23, 36, 38) | 20 – 25 |
| Ethics in Financial Reporting, Accounting for taxation, Revenue from contracts with customers, Basic Earnings per share and Segment Reporting | 25 – 30 |
| Changes in Accounting policies and estimates and correction of errors, non-current assets held for disposal, investment properties and basic financial instruments. | 20-25 |
| Total | 100 |
Course Outline:
The course outline of PIPFA Financial Level 4 Reporting for upcoming attempt gives an overview of the course .The detailed Syllabus of PIPFA Level 4 Financial Reporting for upcoming attempt is given below the course outline section.
Final Accounts including Consolidation with a single subsidiary:
- Preparation of financial statements of limited companies under international financial reporting standards (those covered in syllabus) and Companies Act 2017.
- Consolidated financial statements involving a single subsidiary and simple adjustments i.e. elimination of investment in subsidiary and recognizing goodwill/gain from bargain purchase; identification of non-controlling interest, inter-company sales and purchases and profit/loss on inventories (excluding tax impact).
Accounting for Tangible and Intangible assets, leases, borrowing costs and impairment of assets:
- Recognition, de-recognition, measurement, depreciation/ amortization and measurement after recognition of non-current assets (IAS 16 and IAS 38).
- Leases (IFRS 16)
• Accounting for right-of-use (ROU) of asset and lease obligations by lessee.
• Operating and finance lease (excluding sale and lease back transactions and dealer leasing)
• Preparation of amortization schedules and journal entries
• Preparation of extracts of financial statements showing required disclosures
- Borrowing costs (IAS 23)
• Criteria for qualifying assets
• Determining amount of borrowing cost to be capitalized
• Disclosure requirements
- Impairment of individual assets (excluding cash generating unit, goodwill and financial assets) (IAS 36)
• Costs of disposal, fair value and recoverable amount of an asset
• Measuring recoverable amount and value in use
• Recognizing an impairment loss
• Reversal of impairment loss recognized in prior period(s)
Ethics in Financial Reporting, Accounting for taxation, Revenue from contracts with customers, Basic Earnings per share and Segment Reporting:
- Ethics in Financial Reporting Fundamental principles (sections 100 to 150 of the Code of Ethics for Chartered Accountants)
- An understanding of ethics relating to preparation and reporting of financial information (Section 320 of Code of Ethics for Chartered Accountants)
- Taxation (IAS 12)
• Current and prior period tax
• Difference between temporary and permanent timing differences
• Deferred tax asset, liability and charge (excluding impact of revaluation of fixed assets, business combinations and goodwill, investments in subsidiary/associated undertakings and share based payments)
• Journal entries
• Disclosures
- Revenue from contract with customers (IFRS-15)
- Basics Earning per share (IAS-33)
- Segment reporting (IFRS 8)
• Operating segments
• Aggregation criteria
• Quantitative thresholds
• Disclosure requirements
- Changes in Accounting Policies and Estimates and Correction of Errors, non-current assets held for disposal, investment properties, Basic financial instruments.
- Changes in Accounting Policies and estimates, error (IAS-8)
- Non-current Assets held for Disposal (IFRS 5)
- Investment Properties (IAS 40)
- Basis Financial Instruments: Classification, recognition and measurement of debt and equity instruments.
COURSE OBJECTIVES:
The course objectives for syllabus of PIPFA Level 4 Financial Reporting for upcoming attempt is given below.
| Prepare financial statements including consolidated financial statements with one subsidiary Containing disclosures in accordance with IFRS and Companies Act, 2017. |
| Accounting for transactions related to tangible and intangible assets and leases. Understand the concept of capitalization of borrowing costs. |
| Accounting for transactions related to taxation.Comprehend rules of revenue recognition. Understand the reporting of basic earing per share and segment reporting. |
| Understand the implications of changes in accounting policies, estimates and Errors. Understand the accounting of investment properties and non-current assets held for disposal. Understanding the definition of financial instrument and classification, recognition, measurement and presentation of basic financial instruments (excluding all kind of derivatives). |
syllabus of PIPFA Level 4 Financial Reporting syllabus of PIPFA Level 4 Financial Reporting