Financial Statements

Duration: 12 weeks (Saturday morning or Mon & Wed evening classes)

This Institute of Certified Bookkeepers (ICB) “Financial Statements” module, presented at Unigrad College, is part of the FET Certificate in Bookkeeping (NQFL Level 4) as well as the National Diploma in Technical Financial Accounting (NQF Level 5).

This module provides you with skills for depreciable asset disposal, year-end adjustments, preparation and analysis of financial statements of sole proprietorships, partnerships, close corporations and companies. It also includes a comprehensive study of cash flow statements.

Module outline

  • Finalisation and interpretation of accounts
    • Year-end accounting entries and financial statements of a sole proprietorship
    • Analysis and interpretation of financial statements
  • Depreciable assets
    • Methods of depreciation and accounting entries for depreciation
    • The asset register and the steps of asset disposal
    • Disclosure of depreciable assets
  • Financial statements of the sole trader
    • Year-end adjustments
    • Comprehensive financial statements
    • Year-end procedure for a VAT vendor
  • Partnerships
    • Accounting records of a partnership, financial statements and interpretation & analysis of financial statements
  • Corporate entities
    • Close corporations
    • Companies
    • Statements of comprehensive income and statement of changes in equity
    • Financial statements of a company
  • Introduction to IFRS and SMEs
    • Concepts of pervasive principles, financial statement presentation and accounting policies, estimates & errors
    • Inventories, investment property, intangible assets, revenue, employee benefits, impairment of assets and property, plant & equipment
  • Statement of cash flow
    • Definition of cash and the statement of cash flows
    • Methods & proposed format for the statement of cash flows and notes and the steps for preparing the statement of cash flow