Paper 09: Financial Reporting and Analysis

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About Course

The Professional courses are administered at Foundation, Intermediate and Advanced Levels. Each level requires an average of one year, though candidates are advised to provide for an additional one year to meet requirements for internship/ practical experience.

A student must book for a minimum of three papers in a level in any order unless is exempted or has credits.

Prior to certification, candidates will be required to:

  • Attend workshops on ethics, soft skills and emerging issues organised by kasneb and ICPAK and earn IPD hours.
  • Obtain 1-Year practical experience, or alternatively attend workshops on work based simulation organised by kasneb and ICPAK.

This course is aimed at persons who wish to qualify and work or practice as professional accountants, auditors, finance managers, tax managers and consultants in related areas in both public and private sectors.

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Course Content

JANUARY -APRIL 2026

  • 06 February
    36:33

SEPT – DEC 2025 CLASS RECORDINGS

MAY TO AUGUST 2025 CLASS RECORDINGS

JAN – APR 2025 CLASS RECORDINGS

Accounting for Assets and Liabilities

Accounting for Specialized Transactions

Preparation of Financial Statements for different entities/Transactions

Preparation of Published Financial Statements
Presentation of Financial Statements(IAS 1) Objective of financial statements Structure, Format and content of financial statements(Statement of financial position) Structure, Format and content of Statement of Comprehensive Income Notes to the accounts Format of the statement of changes in equity

Accounting and Financial Statements for Interests in Other Entities
5.1 Subsidiaries (Basic Consolidated Financial Statements with one subsidiary - excluding disposals and statement of cash flows) 5.2 Associates and Joint ventures 5.3 Accounting treatment of investments in subsidiaries, associates and jointly controlled entities in the financial statement of the investor (Separate financial statements) 5.4 Branches (Only autonomous and local branches)

Analyzing Financial Statements

Public Sector Accounting Standards
FINANCIAL STATEMENTS OF PUBLIC SECTOR ENTITIES INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSASS) International Public Sector Accounting Standards (IPSAS) are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements. These standards are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). The International Public Sector Accounting Standards (IPSAS) are a set of currently (February 2015) 38 accrual-based standards and one comprehensive cash-based standard on accounting for public sector entities. The Standards are developed and published by the so-called "International Public Sector Accounting Standards Board" (IPSASB or IPSAS-Board). The IPSAS aim to: improve the quality and transparency of public sector financial reporting as well to enhance governments' financial management capabilites. All standards are principally published in English. In terms of content, most IPSAS have a corresponding International Accounting Standards (IAS)/International Financial Reporting Standard (IFRS) on which they are based. These IAS/IFRS are primarily designed for enterprises - and not for public sector entities - which is why the IAS/IFRS were adjusted to public sector characteristics. IPSAS are designed to be used by public sector entities (e.g. state government, municipal government). However, they should not be applied by government business enterprises (GBE). GBEs are supposed to apply IAS/IFRS. One major problem of the International Public Sector Accounting Standards is that they primarily focus on accounting, i.e. ex-post financial reporting. A true modernisation of public financial management, however, requires the implementation of accrual-based accounting as well as accrual- based budgeting. In the public sector, the annual budget is one of the most (if not the most) important financial governance instrument(s). Hence, reforming public sector budgeting is absolutely essential for modernising public financial management. The IPSAS can function as a suitable basis for reforming and harmonising public sector accounting. Yet for the purposes of reforming and harmonising public sector budgeting, new public sector budgeting standards need to be developed (e.g. also inspired by existing national budgetary laws that are already based on accrual principles) IPSASB activities The IPSASB's current activities are focused on the development of International Public Sector Accounting Standards (IPSAS) for financial reporting by governments and other public sector entities (the Standards Project). The IPSASB's Standards Project was established in late 1996. The objectives of the initial stage of the project were to develop by the end of November 2001:  A background paper identifying current practices and issues in public sector financial reporting  A core set of IPSAS based (to the extent appropriate) on the International Accounting Standards in place as at August 1997  An IPSAS on the cash basis of accounting  Guidance on the transition from the cash to the accrual basis of accounting. The Preface to International Financial Reporting Standards issued by the International Accounting Standards Board explains that International Financial Reporting Standards (IFRSs) are designed to apply to the general purpose financial statements of all profit-oriented entities. Government Business Enterprises (GBEs) as defined by the IPSASB are profit-oriented entities. Accordingly, they are required to comply with IFRS. A Government Business Enterprise (GBE)  Is an entity with the power to contract in its own name  Has been assigned the financial and operational authority to carry on a business  Sells goods and services, in the normal course of its business, to other entities at a profit or full cost recovery  Is not reliant on continuing government funding to be a going concern (other than purchases of outputs at arm's length)  Is controlled by a public sector entity. Convergence of IPSAS with IFRSs The IPSASB develops accrual-based International Public Sector Accounting Standards (IPSAS) to address public sector financial reporting issues in two different ways: 1. By addressing public sector financial reporting issues  that have not been comprehensively or appropriately dealt with in existing International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB), or  for which there is no related IFRS; and 2. By developing IPSAS that are converged with IFRSs by adapting them to the public sector context. There are two types of IPSAS; Cash basis: Allows for transparent financial reporting of cash receipts, payments and balances, under the cash basis of accounting Accrual Accounting: Focuses on revenue, cost, assets, liability and equity, instead of cash flow only Most IPSAS are on accrual basis which is in line with IFRS THE BENEFITS OF ADOPTING IPSAS Quality and comparability The adoption of IPSASs by governments improves both the quality and comparability of financial information reported by public sector entities around the world. It improves the comparability of reports between various government agencies, parastatals, donor funded projects etc. Reports prepared in accordance with IPSASs provide for comparability between different financial periods, even within the same institutions, hence facilitating management decisions. Transparency Disclosure information requirements of various reports facilitate transparency in the financial dealings of public institutions. These disclosures enables users of financial information interpret the reports in the right context and better decision making processes. Consistency IPSASs also improve consistency in preparation and reporting of financial information. This in turn enables users to draw consistent conclusions given similar sets of financial statements. Accountability Adoption of IPSASs improves accountability and ease the audits of public institutions. This translates into timely audit reports, better information to donors and countries providing external assistance, better quality and credibility of financial reports. Governance IPSASs results in stronger governance procedures and a framework for the accounting practise in the public sector. This strengthens the financial management of public institutions. IPSAS Summary The following is a summary of the provisions of all International Public Sector Accounting Standards (IPSAS) outstanding at 1 February 2012. These standards are based on accrual accounting. .

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