Advanced financial accounting is designed to provide you with financial reporting and business skills that are applicable in an international professional environment. The subject is based on the International Financial Reporting Standards (IFRSs), which are issued by the International Accounting Standards Board (IASB). Many international jurisdictions have adopted or are progressively adopting the IFRSs.

Advanced financial accounting provides information for corporate leadership. Members of the accounting profession with financial reporting skills and knowledge provide business advice to board directors, analysts, shareholders, creditors, colleagues and other stakeholders. Members of the accounting profession who provide assurance services for financial reports also require a good understanding of the IFRSs. Directors are also required to state that the financial statements are fairly stated. These examples reinforce the importance of Advanced financial accounting.

Advanced financial accounting is a significant part of an entity’s governance and accountability process, issues that are covered in the subject Ethics and Governance. Compliance with the IFRSs is important because it results in the presentation of fairly stated financial statements. This presentation outcome is also the aim of audit and assurance services. The assurance knowledge and audit skills are taught in the subject Advanced Audit and Assurance. While taxation is covered in the subject Advanced Taxation, and while it is distinct from financial reporting, the accounting for tax is recognised as material information and therefore included in this subject. Financial reporting provides information about the business operations and the financial results.