You are employed as a financial accountant for medium-sized accounting firm in your local area. You have worked for the firm for the last five years and had very positive feedback from your line manager and clients.
The firm has introduced a new bonus pay scheme for exceptional service and high-quality work.
At your latest appraisal meeting, it was suggested that you apply.
There are a number of criteria which have to be met. To demonstrate your skills and ability, you have to submit a portfolio of evidence to the firm’s partners that demonstrates your abilities.
You have reviewed the evidence that is required and decided to complete the following to include in your portfolio of evidence.
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You have decided to prepare a resource guide for distribution to trainee accountants working in the firm. The guide will focus on fundamental ethical and professional principles in relation to accounting standards and corporate reporting and the appropriateness of the financial reporting framework.
The resource guide must
• Explain the importance of professional behaviour and compliance with accounting standards.
• Analyse ethical requirements of corporate reporting.
• Assess the applications of the financial reporting framework.
• Analyse the strengths and weaknesses of the financial reporting framework.
To achieve a Merit, your resource guide must compare and contrast the reporting of financial performance of different entities.
You have decided to prepare a practical business case study showing how to prepare financial statements for groups of entities. You should explain how the financial statements have been prepared and show workings for all of your calculations.
Your case study must include:
Prepared group accounts:
• including statements of cash flows.
• incorporating associates and joint arrangements.
• involving changes in group structures.
LO3 AC 3.1, 3.3, 3.3
To achieve a Merit your case study must analyse the accounting requirements that relate to foreign transactions and entities.
To achieve a Distinction your case study must evaluate the need to prepare detailed financial statements when changes in a group structure occur.
For the final section of the portfolio, you have decided to provide an example of a report you would send to a client who has asked you to interpret financial statements and make justified recommendations for their business stakeholders
Your report must:
• Interpret financial statements using ratio analysis.
• Make justified recommendations based on financial statement integration.
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