The preparation of financial statements are regulated by laws, standards, generally accepted accounting principles and by codes. The regulations ensure that financial statements of different entities are comparable and that they present a reasonably accurate picture of the performance, position and prospects of the organisation to their users. In this module we cover who the regulators are, what they do and why, and how the regulations are applied. The objective is to provide candidates with a strong foundation for preparing and interpreting financial statements.

We are also going to cover the main elements of the financial statements, what they intend to convey, the key financial reporting standards and how they are applied to prepare financial statements.

One of the implications of value creation is how that value is distributed to different stakeholders. Taxation is part of this distribution. We will help candidates to distinguish between different types of taxes and to calculate corporate taxes. In a digital world where revenue is earned through online trading that spans national boundaries, candidates are introduced to the issues relating to taxation across international borders and the ethics of taxation.

Cash is the life blood of any organisation. The ability to provide cash, at the appropriate cost when it is needed is one of the key contributions that finance makes to organisations. It fulfils finance’s role of enabling organisations to create and preserve value. We will provide candidates with the tools to ensure that the organisation has enough cash to ensure its continuing operations.