The aim of this course is to supply a comprehensive understanding of the knowledge contained in the financial statements and how it may very well be utilized in making enterprise choices. For public companies in the United States, businesses are required to carry out financial accounting in accordance with Typically Accepted Accounting Rules (GAAP) International public corporations additionally incessantly report monetary statements in accordance to International Financial Reporting Requirements.

Purpose: To equip college students with the elemental ideas, requirements and ideas of monetary accounting; to offer an knowledgeable understanding of accounting transactions; in addition to the aim and use of enterprise documents; the recording of cash and credit score transactions; the preparation of financial institution reconciliations; the accounting for stock; for different property and liabilities within the financial statements.

An additional aim of IJMFA is to develop an understanding of the environment in which reporting decisions are made, what the options are, how one can use these information in making selections, and how you can avoid misusing monetary assertion knowledge.

Objective: To equip students with the information of and perception into the next subject material as well as the flexibility to apply this knowledge when making ready a set of annual financial statements with accompanying notes to the monetary statements for an entity in accordance with the requirements of Worldwide Monetary Reporting Requirements with the conceptual framework as a basis.

Best preparation for this module could be our OU level 1 module Introduction to bookkeeping and accounting (B190) , but please note that the credit you achieve for B190 cannot be counted towards the Skilled Certificate in Accounting or the BA (Hons) Business Research.