ACCA - DipIFR (Diploma in International Financial Reporting) is a new qualification, provided by ACCA.

ACCA tasks and goals

• understand and explain the structure of international professional and conceptual framework of accounting; • apply appropriate accounting standards for key elements of accountability; • know and be able to apply requirements for disclosure of information in financial statements and notes thereto; • be able to prepare financial statements of individual companies and address key elements in accordance with International Financial Reporting Standards and their interpretations; • prepare financial statements (except for consolidated statements of cash flow), including subsidiaries, associates and joint ventures;

ACCA - DipIFR (Diploma in International Financial Reporting)

The examines documents which support figures within the financial statements, assesses the overall accounting principles used, and evaluates the overall financial statement presentation. A qualified opinion indicates that the CPA is not in agreement with aspects of the financial statements and/or methods used to prepare their financial documents.

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"Directors of every company (whether subject to audit or not) are responsible for ensuring that the company maintains proper accounting records and for preparing financial statements, which give a true and fair view in accordance with Generally Accepted Accounting Practice in Ireland including the accounting standards issued by the Accounting Standards Board and the Companies Acts, 1963 to 2006".

the discussions below deal specifically with common Financial Reporting disclosure issues, which arise in the Directors Report. Part B of this publication will deal with disclosure issues arising in the Auditors/Accountants Report while Part C will deal with disclosure issues arising in the Notes to the financial statements.

Risks ; Uncertainties

Section 13 of the Companies (Amendment) Act, 1986 (amended for Statutory Instrument No 116 of 2005) requires the directors of a company to identify the risks and uncertainties it's company faces and to disclose these in the Directors Report accompanying the company's financial statements.

Interests of Director's ; Secretary

Section 63 requires disclosure that no such interests were held if that is the case for a particular company.

Confusion often arises with regard to where in the Financial Statements such disclosures should be made. There are two options; as a paragraph in the Directors Report or alternatively in the Notes to the Financial statements.

Common Financial Reporting Disclosure Issues - (Part 1) Directors Report

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