ICB Business Management Advanced Level (Financial Reporting and Regulatory Frameworks and Research Theory and Practice)

This subject combines both Financial Reporting and Regulatory Frameworks and Research Theory and Practice. Nearly 100 countries use or coordinate International Financial Reporting Standards (IFRS), which are issued by the International Accounting Standards Board (IASB).

These countries or groups of countries include the European Union, Australia, and South Africa. While some countries require all companies to adhere to IFRS, others merely allow it or try to coordinate their own country’s standards to be similar. The purpose of this subject is to set out the principles and conceptual issues of IFRS, including their use in group statements. IFRS signifies a new era of financial reporting that will eventually touch thousands of companies across the globe. The broader a company’s international activities, the greater the effect of IFRS.

Accreditation:

Institute of Certified Bookkeepers as a Quality Assurance Partner of the QCTO.

Qualification:

SACOB Certificate of Completion.

This subject forms part of a national qualification. On completion of this subject and the remainder of the subjects in this level you will receive a national certificate.

Requirements:

• National Diploma: Technical Financial Accounting NQF L5, Diploma: Public Sector Accounting NQF L5 or
• Higher Certificate: Office Administration NQF L5 with
• ICB Financial Accounting or
• ICB Public Sector Accounting or
• ICB Business Management or
• ICB Entrepreneurship

Subjects:

• Introduction to International Financial Report Standards and the IASB Framework
• IAS1 Presentation of financial statements
• IAS16 Property, plant and equipment
• IAS40 Investment property
• IAS36 Impairment of assets
• IAS38 Intangible assets
• IAS2 Inventories
• IAS37 Provisions, contingent liabilities and contingent assets
• IAS17 Leases
• Financial Instruments
• IAS10 Events after the reporting period
• IAS18 Revenue
• IAS19 Employee benefits
• IAS21 The effects of changes in foreign exchange rates
• IAS33 Earnings per share
• IAS12 Income taxes
• IAS8 Accounting policies, changes in accounting estimates and errors
• IAS7 Statement of cash flows
• Consolidated financial statements
• Financial reporting requirements of the Companies Act 2008