A. The context and purpose of financial
reporting
1. The scope and purpose of financial statements for external reporting
2. Users’ and stakeholders’ needs
3. The main elements of financial reports
4. The regulatory framework (legislation and regulation, reasons and limitations, relevance of accounting standards)
5. Duties and responsibilities of those charged with governance.
B. The qualitative characteristics of financial information
1. The qualitative characteristics of financial information
C. The use of double-entry and accounting systems
1. Double-entry book-keeping principles including the maintenance of accounting records and sources of accounting information
2. Ledger accounts, books of prime entry,and journals
D. Recording transactions and events
1. Sales and purchases
2. Cash
3. Inventory
4. Tangible non-current assets
5. Depreciation
6. Intangible non-current assets and amortisation
7. Accruals and prepayments