Welcome to the ICB Financial Reporting and Regulatory Frameworks learning area. Please note the following:

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1 Unit 7 Bell House Westlake Business Park, Cape Town 7945 P O Box 98, Muizenberg, 7950, Cape Town, South Africa T: F: /60 E: info@edgelearningmedia.com support@ edgelearningmedia.com Proposed COURSE OUTLINE for: (48 contact hours) ICB Financial Reporting and Regulatory Frameworks Dear learner/facilitator Welcome to the ICB Financial Reporting and Regulatory Frameworks learning area. Please note the following: 1. This learning area is divided into three study phases, each ending with the submission of two pieces of work (five formative assessments and one summative assessment in total). 2. The five formative assessments comprise three formative activities (assignments) and two formative evaluations (class tests). The three completed formative activities will not be marked by the facilitator, but must be completed in the Formative Activity Answer Book included in the ICB Portfolio of Evidence (PoE) that will be sent to the learner upon registration for assessment. The two formative evaluations (class tests) will be marked by the facilitator, but will be assessed by the ICB s National Assessor upon completion of the course. 3. The five formative assessments will be assessed as a whole and will contribute 30% to the final mark. The final summative assessment (examination) will contribute the remaining 70%. In total, the learner needs to score at least 60% to be found competent. However, there is a subminimum of 50% for the summative assessment component only. For further information, please refer to the ICB s Assessment Policy available at 4. The learner will only receive the ICB Portfolio of Evidence (which includes the Formative Activity Question Paper Book as well as the Formative Activity Answer Book) upon successful registration for assessment with the ICB. 5. The formative activities need to be completed in the Formative Activity Answer Book, and the formative evaluations and summative assessment will be completed in answer books provided on the assessment dates. These answer books must be inserted in the PoE. All six assessments have to be completed in the learner s own handwriting (unless otherwise instructed), using blue or black ink in all instances. Typed versions will not be accepted. Also note that correction fluid (Tipp-Ex) of any nature is strictly prohibited. 6. Please note that class attendance is compulsory. However, should the learner not be able to attend any of the sessions listed below, he or she should inform the facilitator as soon as possible. Should the learner fail to attend a session during which one of the two formative evaluations is due to be written, it will be the learner s responsibility to contact the course coordinator to reschedule such an assessment. It is not the duty of the facilitator to schedule supplementary assessments. In most cases, a supplementary assessment will have to be scheduled during normal working hours. The details of the course coordinator are: Name: Tel no:

2 STUDY PHASE 1 Sessions (Two hours per session) Date Topic Notes Chapters 1 Welcome and introduction ICB Assessment Entry Form to be completed Introduction to International Financial Reporting Standards and the Conceptual Framework In addition to the various questions, learners must work through the sample assessment questions for Formative Evaluation 1 during this phase. Thereafter every learner should complete Formative Activity 1 in his or her Portfolio of Evidence (PoE) in preparation for Formative Evaluation 1. 2 IAS1 Presentation of financial statements Ch 2 3 IAS16 Property, plant and equipment Ch IAS16 Property, plant and equipment (continued) IAS40 Investment property IAS40 Investment property (continued) IAS36 Impairment of assets Ch 1 Ch 3, Ch 4 Ch 4, Ch 5 6 IAS38 Intangible assets Ch PoE administration: All learners should have received their PoEs from the ICB by the end of session 6. Learners must be assisted by the facilitator to complete Sections of the Portfolio Administration Book during this session. Learners should then work through the ICB Assessment Policy in Section 3. Complete and sign Section 3 as part of homework in preparation for the next session. Learners are reminded to complete Section themselves and ensure that Section 2 is completed by a witness before they submit their PoE for final assessment. IAS38 Intangible assets (continued) IAS2 Inventories Ch 6 Ch 7 9 Learners will write Formative Evaluation 1 during this session. The facilitator will mark this assessment and learners will include the marked assessment answer book in their PoE once received back from the facilitator. The facilitator will mark the evaluations in accordance with the ICB marking strategy indicated in the memorandum. Learners must receive the results back within two weeks after the assessment date. Before learners attempt Formative Evaluation 1 they must first have completed Formative Activity 1.

3 At EDGE Learning Media we believe that every learner that enrolls for an ICB programme has to know how he or she will be assessed. EDGE Learning Media has therefore provided learners with a series of Sample Assessment Questions with solutions that will adequately prepare them for their assessments. Learners must work through the following Sample Assessment Questions before they attempt the actual assessments for submission: Introduction to International Financial Reporting Standards and the Conceptual Framework Impairment Inventories Should learners need help completing EDGE Learning Media s Sample Assessment Questions they may need to use Upload Media s Revision Videos. Upload Media has developed Revision Videos for learners assessment preparation. These include questions that they are likely to receive in their assessments. Revision Videos are like Sample Assessment Questions except that the answers are presented in video format. Revision Video content applies to all assessments including activity, evaluation and summative assessment questions. Upload Media has taken all the Concept Videos for each learning module in the textbook and all the Revision Videos for the relevant activity, evaluation and Summative Assessment Questions, and structured them into a Video Playlist. This playlist is designed to ensure that learners studies are thorough and that they move forward in a methodical way. In order to have access to this playlist learners will need to buy a ticket. There are a number of tickets available: 1-month online-access-only ticket 3-month online-access-only ticket 6-month online-access-only ticket 6-month online-access + DVD (incl. full playlist) + Handbook ticket (Note that the DVD is available off line, and will not expire after 6 months.) Visit to watch a FREE demo playlist and experience this dynamic video learning for yourself! The following Revision Videos are applicable to this study phase: IFRS Introduction to IFRS & IAS PPAE Property, plant and equipment and impairment INVS Inventories

4 STUDY PHASE 2 Sessions (Two hours per session) Date Topic Notes Chapters 10 IAS37 Provisions, contingent liabilities and contingent assets In addition to the various questions, learners must work through the sample assessment questions for Formative Evaluation 2 during this phase. Thereafter every learner should complete Formative Activity 2 in his or her Portfolio of Evidence (PoE) in preparation for Formative Evaluation IAS17 Leases Ch 9 12 Financial Instruments Ch IAS10 Events after the reporting period IAS18 Revenue 14 IAS19 Employee Benefits IAS21 The effects of changes in foreign exchange rates Ch 8 Ch 11, Ch 12 Ch 13, Ch IAS33 Earnings per share Ch IAS12 Income taxes Ch 16 Learners will write Formative Evaluation 2 during this session. The facilitator will mark this assessment and learners will include the marked assessment answer book in their PoE once received back from the facilitator. The facilitator will mark the evaluations in accordance with the ICB marking strategy indicated in the memorandum. Learners must receive the results back within two weeks after the assessment date. Before learners attempt Formative Evaluation 2 they must first have completed Formative Activity At EDGE Learning Media we believe that every learner that enrolls for an ICB programme has to know how he or she will be assessed. EDGE Learning Media has therefore provided learners with a series of Sample Assessment Questions with solutions that will adequately prepare them for their assessments. Learners must work through the following Sample Assessment Questions before they attempt the actual assessments for submission: Leases The effects of changes in foreign exchange rates

5 Should learners need help completing EDGE Learning Media s Sample Assessment Questions they may need to use Upload Media s Revision Videos. The following Revision Videos are applicable to this study phase: LEASE Leases CFEXR Effects of changes in foreign exchange rates EPS Earnings per share

6 STUDY PHASE 3 Sessions (Two hours per session) Date Topic Notes Chapters 18 IAS12 Income taxes (continued) 19 IAS8 Accounting policies, changes in accounting estimates and errors Ch IAS7 Statement of cash flows Consolidated financial statements Consolidated financial statements (continued) 23 Consolidated financial statements (continued) Financial reporting requirements of the Companies Act Revision Preparation for the summative assessment At EDGE we believe that every learner that enrolls for an ICB programme has to know how he or she will be assessed. EDGE Learning Media has therefore provided learners with a Mock Assessment with solutions that will adequately prepare them for the summative assessment. Learners must work through the following questions in the Mock Assessment before they attempt the actual assessments for submission: Introduction to IFRS and the Conceptual Framework Presentation of financial statements Property, plant and equipment Investment property Impairment Intangible assets Inventories Provisions, contingent liabilities and contingent assets Leases Financial instruments In addition to the various questions, learners must work through the Mock Assessment during this phase. Thereafter every learner should complete Formative Activity 3 in his or her Portfolio of Evidence (PoE) in preparation for the Summative Assessment. Ch 16 Ch 18 Ch 19 Ch 19 Ch 19, Ch 20 Mock Assessment

7 Events after the reporting period Revenue Employee benefits The effects of changes in foreign exchange rates Earnings per share Income taxes Accounting policies, changes in estimates and errors Cash flow statements Consolidated financial statements Should learners need help completing EDGE Learning Media s Sample Assessment Questions they may need to use Upload Media s Revision Videos. The following Revision Videos are applicable to this study phase: PPE Prior period errors TAX Taxation IMP Impairment SOCF Statement of cash flows CON Consolidations