P2 – Corporate Reporting

Corporate Reporting assumes knowledge acquired at the Fundamentals level including the core technical capabilities to prepare and analyse financial reports for single and combined entities.   The Paper P2 syllabus takes the subject into greater depth and contextualises the role of the accountant as a professional steward and adviser/analyst by initially exploring the wider professional duties and responsibilities of the accountant to the stakeholders of an organisation.   The syllabus examines the financial reporting framework within which the accountant operates and examines detailed financial reporting requirements for entities leading to the preparation of group financial reports in accordance with generally accepted accounting practice and relevant standards.   The syllabus then deals with the nature of reporting for specialised entities including not-for-profit and small and medium-sized enterprises.   The final sections of the syllabus explore - in more depth - the role of the accountant as financial analyst and adviser through the assessment of financial performance and position of entities, and the accountant's role in assessing and advising on the implications of accounting regulation on corporate reporting.   Finally, the syllabus covers the evaluation of current developments and their implications for financial reporting.