ACCA P2 Corporate Reporting aims to apply knowledge, skills and exercise professional judgement in the application and evaluation of financial reporting principles and practices in a range of business contexts and situations.

MAIN CAPABILITIES

On successful completion of this paper candidates should be able to:

  • A Discuss the professional and ethical duties of the accountant
  • B Evaluate the financial reporting framework
  • C Advise on and report the financial performance of entities
  • D Prepare the financial statements of groups of entities in accordance with relevant accounting standards
  • E Explain reporting issues relating to specialised entities
  • F Discuss the implications of changes in accounting regulation on financial reporting
  • G Appraise the financial performance and position of entities
  • H Evaluate current developments

RATIONALE

The syllabus for Paper P2, Corporate Reporting, assumes knowledge acquired at the Fundamentals level including the core technical capabilities to prepare and analyze financial reports for single and combined entities. The Paper P2 syllabus takes the subject into greater depth and contextualizes the role of the accountant as a professional steward and adviser/analyst by initially exploring the wider professional duties and responsibilities of the accountant to the stakeholders of an organisation.

The syllabus examines the financial reporting framework within which the accountant operates and examines detailed financial reporting requirements for entities leading to the preparation of group financial reports in accordance with generally accepted accounting practice and relevant standards.

The syllabus then deals with the nature of reporting for specialized entities including not-for-profit and small and medium-sized enterprises.

The final sections of the syllabus explore – in more depth – the role of the accountant as financial analyst and adviser through the assessment of financial performance and position of entities, and the accountant’s role in assessing and advising on the implications of accounting regulation on corporate reporting.

Finally, the syllabus covers the evaluation of current developments and their implications for financial reporting.

APPROACH TO EXAMINING THE SYLLABUS

The syllabus is assessed by a three-hour 15 minutes paper-based examination.

It examines professional competences within the corporate reporting environment.

Students will be examined on concepts, theories, and principles, and on their ability to question and comment on proposed accounting treatments.

Students should be capable of relating professional issues to relevant concepts and practical situations.

The evaluation of alternative accounting practices and the identification and prioritisation of issues will be a key element of the paper. Professional and ethical judgement will need to be exercised, together with the integration of technical knowledge when addressing corporate reporting issues in a business context.

Global issues will be addressed via the current issues questions on the paper. Students will be required to adopt either a stakeholder or an external focus in answering questions and to demonstrate personal skills such as problem solving, dealing with information and decision making.

The paper also deals with specific professional knowledge appropriate to the preparation and presentation of consolidated and other financial statements from accounting data, to conform to accounting standards.

The paper will comprise two sections:

  • Section A Compulsory question 50 marks
  • Section B 2 from 3 questions of 25 marks each 50 marks

100 marks

Section A will consist of one scenario based question worth 50 marks. It will deal with the preparation of consolidated financial statements including group statements of cash flows and with issues in financial reporting.

Students will be required to answer two out of three questions in Section B, which will normally comprise two questions which will be scenario or case-study based and one essay question which may have some computational element.

Section B could deal with any aspects of the syllabus. New accounting standards will feature prominently in this section on initial introduction

Course Curriculum

ACCA P2 SECTION A: The professional and ethical duty of the accountant
ACCA P2 A1: Professional behaviour and compliance with accounting standards
ACCA P2 A1: Professional behaviour and compliance with accounting standards Details 00:00:00
Quiz ACCA P2 A1: Professional behaviour and compliance with accounting standards 00:00:00
ACCA P2 A2: Ethical requirements of corporate reporting and the consequences of unethical behaviour
ACCA P2 A2: Ethical requirements of corporate reporting and the consequences of unethical behaviour Details 00:00:00
Quiz ACCA P2 A2: Ethical requirements of corporate reporting and the consequences of unethical behaviour 00:00:00
ACCA P2 A3: Social responsibility
ACCA P2 A3: Social responsibility Details 00:00:00
Quiz ACCA P2 A3: Social responsibility 00:00:00
ACCA P2 SECTION B: The financial reporting framework
ACCA P2 B1: The applications, strengths and weaknesses of an accounting framework
ACCA P2 B1: The applications, strengths and weaknesses of an accounting framework Details 00:00:00
Quiz ACCA P2 B1: The applications, strengths and weaknesses of an accounting framework 00:00:00
ACCA P2 B2: Critical evaluation of principles and practices
ACCA P2 B2: Critical evaluation of principles and practices Details 00:00:00
Quiz ACCA P2 B2: Critical evaluation of principles and practices 00:00:00
ACCA P2 SECTION C: Reporting the financial performance of entities
ACCA P2 C1: Performance reporting
ACCA P2 C1: Performance reporting Details 00:00:00
Quiz ACCA P2 C1: Performance reporting 00:00:00
ACCA P2 C2: Non-current assets
ACCA P2 C2: Non-current assets Details 00:00:00
Quiz ACCA P2 C2: Non-current assets 00:00:00
ACCA P2 C3: Financial instruments
ACCA P2 C3: Financial instruments Details 00:00:00
Quiz ACCA P2 C3: Financial instruments 00:00:00
ACCA P2 C4: Leases
ACCA P2 C4: Leases Details 00:00:00
Quiz ACCA P2 C4: Leases 00:00:00
ACCA P2 C5: Segment reporting
ACCA P2 C5: Segment reporting Details 00:00:00
Quiz ACCA P2 C5: Segment reporting 00:00:00
ACCA P2 C6: Employee benefits
ACCA P2 C6: Employee benefits Details 00:00:00
Quiz ACCA P2 C6: Employee benefits 00:00:00
ACCA P2 C7: Income taxes
ACCA P2 C7: Income taxes Details 00:00:00
Quiz ACCA P2 C7: Income taxes 00:00:00
ACCA P2 C8: Provisions, contingencies and events after the reporting date
ACCA P2 C8: Provisions, contingencies and events after the reporting date Details 00:00:00
Quiz ACCA P2 C8: Provisions, contingencies and events after the reporting date 00:00:00
ACCA P2 C9: Related parties
ACCA P2 C9: Related parties Details 00:00:00
Quiz ACCA P2 C9: Related parties 00:00:00
ACCA P2 C10: Share-based payment
ACCA P2 C10: Share-based payment Details 00:00:00
Quiz ACCA P2 C10: Share-based payment 00:00:00
ACCA P2 C11: Reporting requirements of small and medium sized entities (SMEs)
ACCA P2 C11: Reporting requirements of small and medium sized entities (SMEs) Details 00:00:00
Quiz ACCA P2 C11: Reporting requirements of small and medium sized entities (SMEs) 00:00:00
ACCA P2 SECTION D: Financial statements of groups of entities
ACCA P2 D1: Group accounting including statements of cash flows
ACCA P2 D1: Group accounting including statements of cash flows Details 00:00:00
Quiz ACCA P2 D1: Group accounting including statements of cash flows 00:00:00
ACCA P2 D2: Continuing and discontinued interests
ACCA P2 D2: Continuing and discontinued interests Details 00:00:00
Quiz ACCA P2 D2: Continuing and discontinued interests 00:00:00
ACCA P2 D3: Changes in group structures
ACCA P2 D3: Changes in group structures Details 00:00:00
Quiz ACCA P2 D3: Changes in group structures 00:00:00
ACCA P2 D4: Foreign transactions and entities
ACCA P2 D4: Foreign transactions and entities Details 00:00:00
Quiz ACCA P2 D4: Foreign transactions and entities 00:00:00
ACCA P2 SECTION E: Specialized entities and specialized transactions
ACCA P2 E1: Financial reporting in specialized, not-for-profit and public sector entities
ACCA P2 E1: Financial reporting in specialized, not-for-profit and public sector entities Details 00:00:00
Quiz ACCA P2 E1: Financial reporting in specialized, not-for-profit and public sector entities 00:00:00
ACCA P2 E2: Entity reconstructions
ACCA P2 E2: Entity reconstructions Details 00:00:00
Quiz ACCA P2 E2: Entity reconstructions 00:00:00
ACCA P2 SECTION F: Implications of changes in accounting regulation on financial reporting
ACCA P2 F1: The effect of changes in accounting standards on accounting systems
ACCA P2 F1: The effect of changes in accounting standards on accounting systems Details 00:00:00
Quiz ACCA P2 F1: The effect of changes in accounting standards on accounting systems 00:00:00
ACCA P2 F2: Proposed changes to accounting standards
ACCA P2 F2: Proposed changes to accounting standards Details 00:00:00
Quiz ACCA P2 F2: Proposed changes to accounting standards 00:00:00
ACCA P2 SECTION G: The appraisal of financial performance and position of entities
ACCA P2 G1: The creation of suitable accounting policies
ACCA P2 G1: The creation of suitable accounting policies Details 00:00:00
Quiz ACCA P2 G1: The creation of suitable accounting policies 00:00:00
ACCA P2 G2: Analysis and interpretation of financial information and measurement of performance
ACCA P2 G2: Analysis and interpretation of financial information and measurement of performance Details 00:00:00
Quiz ACCA P2 G2: Analysis and interpretation of financial information and measurement of performance 00:00:00
ACCA P2 SECTION H: Current developments
ACCA P2 H1: Environmental and social reporting
ACCA P2 H1: Environmental and social reporting Details 00:00:00
Quiz ACCA P2 H1: Environmental and social reporting 00:00:00
ACCA P2 H2: Convergence between national and international reporting standards
ACCA P2 H2: Convergence between national and international reporting standards Details 00:00:00
Quiz ACCA P2 H2: Convergence between national and international reporting standards 00:00:00
ACCA P2 H3: Current reporting issues
ACCA P2 H3: Current reporting issues Details 00:00:00
Quiz ACCA P2 H3: Current reporting issues 00:00:00

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