Financial Accounting 1 LO1: The regulatory framework for financial reporting | IFA Direct

Learning Outcome 1 of Financial Accounting 1 (R/650/9636), Level 4 Unit 1 of the ATHE Level 4 Extended Diploma in Accounting, taught by UK Versity for learners on the IFA Direct programme. LO1: Understand the regulatory framework for financial reporting. This outcome shows you how financial reporting is regulated and why the rules exist. You will learn what accounting is for, the qualities that make information useful, how the IASB and the IFRS for SMEs Accounting Standard work, the main accounting concepts, and the statements in a full set of accounts. These ideas sit behind every statement you prepare later. Assessment criteria covered: 1.1: Explain the role of accounting as a means of analysing, monitoring and controlling business performance 1.2: Analyse the conceptual and regulatory framework for financial reporting 1.3: Analyse the accounting concepts and principles used when preparing financial accounts 1M1: Assess the importance of accurately applying accounting concepts and principles when preparing different types of accounting statements Chapters 0:00 LO1 overview, aim and assessment criteria 0:42 Session roadmap 1:22 Accounting: analyse, monitor, control 2:18 Accounting in action: a coffee shop 3:06 Who uses accounts, and what they need 4:15 The four principles in the unit, and Section 2 5:06 How the qualities fit together 5:47 Substance over form: a yacht sold and bought back 6:35 Purposes of accounting standards 7:34 Assessing accounting standards 8:25 Working knowledge of the IASB 9:08 The IFRS for SMEs Accounting Standard 10:00 When the Standard is silent 10:35 The UK position: FRS 102 and the Companies Act 11:28 Going concern 12:30 Accruals, matching and realisation 13:22 When timing concepts fail: Tesco, 2014 14:16 Prudence and consistency 15:07 Materiality and money measurement 15:58 Accounting concepts at a glance 16:47 The complete set of financial statements 17:46 Example: reading a statement of financial position 18:46 What happens when concepts are misapplied 19:43 What Pass, Merit and Distinction look like 20:36 Key terms 20:55 Activity: concepts in a business you know 21:31 Check your understanding 22:15 Summary 23:12 Plenary: further reading and resources 23:51 Plenary Watch the full IFA Direct playlist on the UK Versity channel:    / @ukversity   Study accounting online with UK Versity: https://www.ukversity.co.uk Course enquiries: admin@ukversity.co.uk #IFADirect #ATHE #Accounting #UKVersity #FinancialAccounting1 #AccountingStudents UK Versity disclaimer: This video is UK Versity teaching material for learners on the ATHE Level 4 Extended Diploma in Accounting, studied with UK Versity on the IFA Direct programme. UK Versity is an ATHE approved centre; the video is produced by UK Versity and is not issued or endorsed by ATHE or the Institute of Financial Accountants. It is for study only and is not legal, tax, financial or professional advice. Organisation names are used for educational comment only. Figures and rules are correct at the time of recording; always check current guidance and your assignment brief. © UK Versity Online Limited. All rights reserved. COPYRIGHT NOTICE: All content in this video is the exclusive intellectual property of UK Versity Online. This video, in whole or in part, may not be copied, reproduced, distributed, uploaded to any third-party platform, embedded, or integrated into any website, application, or learning management system without the prior written permission of UK Versity Online and the payment of applicable royalties. Unauthorised use, reproduction, or distribution of this content constitutes an infringement of UK Versity's intellectual property rights and will be subject to legal action under applicable UK and international copyright law. For licensing or permissions enquiries, contact: info@ukversity.co.uk