On the successful completion of this paper candidates will be able to:
1- prepare statement of changes in equity and statement of cash flows (other than consolidated statement of cash Flow) in accordance with specified international pronouncements.
2- interpret and evaluate the financial statement with the help of ratio analysis.
3- prepare income and expenditure account, accounts from incomplete records and manufacturing account.
4- understand the requirements for recognition and measurement of the elements of financial statements and concepts of capital and capital maintenance.
5- account for transactions related to property, plant and equipment in accordance with international pronouncements.
6- account for transactions related to government grants and provide disclosures for the same in accordance with international pronouncements.
7- account for transactions related to impairment of assets (other than cash generating units), investment property and financing of assets in accordance with international pronouncements
8- understand the nature of revenue and account for the same in accordance with international pronouncements.