Award in Financial Reporting – Introduction
Module 3 of Accounting Bundle Part 1
Generic Unit description
The main objective of this unit is to provide learners with all the knowledge and skills required to prepare a set of financial statements for both partnerships and limited liability companies. This unit builds on the knowledge and skills acquired from studying Fundamentals of Intermediate Bookkeeping. Through this unit, learners will further develop their understanding of the preparation of the financial statements for other entities. This unit will enable learners to become familiar with the legal aspects of partnerships as outlined in the Companies Act, 1995. In addition, the learners will acquire skills to prepare an appropriation account as part of the final accounts as well as the partners’ capital and current accounts. Furthermore, learners will also develop the necessary skills to apply the fundamental accounting concepts and principles for the preparation and presentation of the period end financial statements of limited liability companies in according with the General Accounting Principles for Small and Medium Sized Entities (GAPSME) regulations and the Companies Act, 1995. The GAPSME is the default accounting framework for SMEs in relation to financial reporting. It should be noted that most business in Malta are small to medium and therefore adopt the GAPSME as their reporting framework. This unit will help learners get familiar with the accounting terminology as per the GAPSME. Learners will also be introduced to the elements of the financial statements including the Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and statutory notes to the accounts.
Overall Learning Outcomes
LO1 Prepare the financial statements for a partnership.
LO2 Review the regulatory framework to produce the financial statements suitable for publication.
LO3 Comprehend the capital structure of limited liability companies and finance costs.
LO4 Prepare the financial statements for a limited liability company.
LO1 Prepare the financial statements for a partnership
LO2 Review the regulatory framework to produce the financial statements suitable for publication
LO3 Comprehend the capital structure of limited liability companies and finance costs
LO4 Prepare the financial statements of a limited liability company