UNIT 13: FINANCIAL  REPORTING
   Learning Outcome 3.Evaluate financial reporting 
    standards and theoretical models and concepts
        THE BASIC SYLLABUS
   1. Analyse the context and purpose of 
    financial reporting.
   2.Interpret Financial statements
   3.Evaluate financial reporting standards 
    and theoretical models and concepts
   4. Evaluate international differences in 
    financial reporting
            LEARNING OUTCOMES
     Evaluate financial reporting standards and 
      theoretical models and concepts
     P5: Explain the benefits of International Accounting 
      Standards(IAS) and International Financial Reporting 
      Standards (IFRS). 
           OVERVIEW
    An accounting standard is a principle 
   that guides and standardizes 
   accounting practices. An accounting 
   standard is a guideline for financial 
   accounting, such as how a firm prepares 
   and presents its business income, 
   expenses, assets and liabilities.
       FINANCIAL REPORTING 
            STANDARDS
   Accounting standards are a set of principles 
    companies follow when they prepare and publish 
    their financial statements, providing a standardised 
    way of describing the company’s financial 
    performance. 
   Publicly accountable companies (those listed on 
    public stock exchanges) and financial institutions 
    are legally required to publish their financial reports 
    in accordance with agreed accounting standards.