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SCAQ - Advanced Financial Reporting (AFF) - Online
Description
Module Objective
The Advanced Financial Reporting module builds upon the knowledge and skills studied in the
Principles of Financial Reporting module. Upon successful completion of this module, Candidates will
be able to demonstrate sound knowledge of and apply the Conceptual Framework and the Singapore
Financial Reporting Standards (International) (SFRS(I)s) to produce a complete set of financial
statements for single entities and simple groups, including basic notes to the accounts. Candidates will
also be able to explain and advise on the application of the SFRS(I)s, including the appropriate
treatment and disclosure of hedge accounting, demonstrating appropriate professional judgment.
Module Assessment
The Foundation Programme is assessed by way of centralised examinations. Each module will be
assessed by way of a 3-hour and 15 minutes restricted open-book written examination. There will be
four questions, and each question may have multiple parts requiring structured responses.
Online
- Online: Max 20 Student
- Onsite: Max 20 Student
Course Curriculum
A) Explain the importance of ethical behaviour in the context of Financial Reporting and be able to apply ethical guidelines for professional accountants.
B) Describe and apply the appropriate measurement and recognition criteria for the elements of the financial statements, as required by the Singapore Financial Reporting Standards and related pronouncements and interpretations (e.g. Illustrative Examples, Guidance on Implementing, Interpretation of SFRS(I)) issued by the Accounting Standards Council.
C) Demonstrate the appropriate treatment and disclosure relating to derivatives, hedge accounting, financial instruments and fair value measurement.
D) Prepare consolidated financial statements with subsidiaries and associates under a business combination, including basic notes to the accounts.
E) Account for the effects of changes in foreign exchange rates for groups with foreign operations.
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