Syllabus of PIPFA Level 4 FINANCIAL REPORTING

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 of PIPFA Level 4 Financial Reporting

Syllabus GRID:

Here is the grid for syllabus of PIPFA Level 4 Financial Reporting.

GRIDWEIGHTAGE
Final account including consolidation with a single Subsidiary20 – 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 Reporting25 – 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
Total100

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

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