CA Professional Level – Financial Accounting and Reporting: UK GAAP

The Financial Accounting and Reporting: UK GAAP (FAR) Course provides an advanced understanding of financial reporting under the UK Generally Accepted Accounting Practice (UK GAAP). It equips learners with the knowledge and skills necessary to prepare, interpret, and critically assess financial statements, ensuring compliance with UK financial reporting standards and regulations.

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Overview

The Financial Accounting and Reporting: UK GAAP (FAR) Course is designed for professionals aiming to deepen their expertise in financial reporting. As part of the ACA Professional Level qualifications, this course focuses on equipping learners with the ability to apply UK GAAP principles in preparing and interpreting complex financial statements.

This course emphasises key topics, including financial statement preparation for single entities and groups, application of UK GAAP standards, and the interpretation of financial performance and position. Learners will also develop a strong understanding of regulatory frameworks, ethical considerations, and the role of professional judgment in financial reporting.

By mastering these skills, learners will be well-prepared to support organisations in meeting their financial reporting obligations and making informed decisions based on accurate financial data.

Course Objectives

Understand the UK GAAP framework and its application in financial reporting
Develop skills to prepare financial statements for single entities and groups under UK GAAP
Gain proficiency in interpreting and analysing financial performance and position
Learn to apply specific UK GAAP standards to various transactions and reporting scenarios
Enhance understanding of regulatory compliance and ethical considerations in financial reporting
Build expertise in handling complex reporting issues, including leases, tax, and revenue recognition
Apply professional judgment in resolving financial reporting challenges

Upon completion, learners will possess the knowledge and skills to prepare and interpret financial statements effectively, ensuring compliance with UK GAAP standards and supporting strategic decision-making in their organisations.

Average completion time

1 Month

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Course Includes

Expert-led Sessions
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24/7 Tutor Support
Downloadable Resources & Challenges
Interactive Learning
Exercise Files
Scenario-Based Learning

Course Details

Develop your understanding of essential financial, business and management accounting techniques with ACCA Applied Knowledge. You'll learn basic business and management principles and the skills required of an accountant working in business.

Entry Requirements

Certificate Level Completion: Candidates must have successfully completed the Certificate Level, demonstrating foundational knowledge in relevant subject areas.
Qualifications in Accountancy and Finance: Prior education or certifications in accountancy and finance are essential to ensure readiness for advanced topics covered in the course.
Business Knowledge: A background in business studies or equivalent qualifications is required to support understanding of strategic and operational aspects of the curriculum.

Learning Outcomes

Understand the UK GAAP Framework: Gain an in-depth understanding of the principles and objectives of UK GAAP.
Prepare Financial Statements: Develop the ability to prepare and present financial statements for single entities and groups.
Apply UK GAAP Standards: Learn to handle complex reporting issues, including revenue recognition, leases, and deferred tax.
Interpret Financial Performance: Enhance skills in analysing and interpreting financial statements to support decision-making.

Target Audience

The Financial Accounting and Reporting: UK GAAP (FAR) Course is perfect for learners aiming to advance their expertise in financial reporting or pursue roles requiring deep knowledge of UK GAAP. Below are the roles and individuals who can benefit from this course:

Aspiring Financial Accountants
Financial Reporting Specialists
Audit Associates
Compliance Officers
Finance Managers
Controllers

Course content

Accounting and reporting concepts and ethics
Single entity financial statements
Consolidated financial statements

MPES Support That Helps You Succeed

At MPES, we offer comprehensive support to help you succeed in your studies. With expert guidance and valuable resources, we help you stay on track throughout your course.

MPES Learning offers dedicated support to help you succeed in Accounting and Finance courses.
Get expert guidance from tutors available online to assist with your studies.
Check your eligibility for exemptions with the relevant professional body before starting.
Our supportive team is here to offer study advice and support throughout your course.
Access a range of materials to help enhance your learning experience. These resources include practice exercises and additional reading to support your progress.

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ACA Roadmap

Have Questions? We’ve Got You

If you have any questions, we’re here to help. Find the answers you need in the MPES detailed FAQ section.

Q. What is the focus of the ACA Financial Accounting and Reporting: UK GAAP course?

The course focuses on understanding UK GAAP principles, preparing financial statements, and ensuring compliance with UK-specific reporting standards.

Q. Who should join this course?

This course is ideal for accountants, auditors, financial analysts, and professionals managing or analysing financial reports under UK GAAP.

Q. How will this course benefit my career?

This course enhances the learner’s knowledge of financial reporting, compliance, and decision-making, preparing you for advanced professional roles in financial management.

Q. Is prior knowledge required for this course?

Yes, a basic understanding of accounting principles is recommended for optimal learning outcomes.

Q. What learning outcomes can I expect?

You’ll gain skills in preparing financial statements, interpreting reports, ensuring compliance, and solving financial reporting challenges effectively.

Q. What topics are covered in the Financial Accounting and Reporting: UK GAAP (FAR) Course?

The course covers the UK GAAP framework, preparation of single entity and group financial statements, application of key standards, regulatory compliance, and interpretation of financial performance and position.

Q. How is the course assessed?

The FAR Course is assessed through a written exam that tests theoretical understanding and practical application of UK GAAP principles in financial reporting scenarios.

Q. What career opportunities does the course prepare learners for?

Completing the FAR Course equips learners with advanced knowledge to pursue roles in financial reporting, audit, and compliance, such as financial accountant, financial reporting specialist, or audit associate.

Q. What learning materials are provided during the course?

Learners receive comprehensive study guides, practice exams, access to interactive e-learning resources, and materials to ensure a well-rounded understanding of the subject matter.

Q. How does this course fit into the broader ACA Qualification framework?

The Financial Accounting and Reporting: UK GAAP (FAR) Course is part of the ACA Professional Level qualifications and provides the groundwork for more advanced ACA modules, building towards full ICAEW membership.

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