Financial Accounting

1. Key Concepts and Techniques
   1. Depreciation Methods
      1. Straight-Line Method
         1. Basic formula and calculation
         2. Impact on financial statements
         3. Applicability and examples
      2. Declining Balance Method
         1. Formula variations (e.g., double declining balance)
         2. Use for tax purposes
         3. Advantages and disadvantages
      3. Units of Production Method
         1. Calculation based on activity level
         2. Suitable assets for this method
         3. Comparison with other methods
      4. Sum-of-Years'-Digits Method
         1. Calculation process
         2. Use cases and benefits
         3. Impact on asset valuation
      5. Component Depreciation
         1. Definition and scenarios for use
         2. Regulatory requirements
         3. Impact on precision of asset tracking
   2. Inventory Valuation Methods
      1. First-In, First-Out (FIFO)
         1. Calculation and impact on cost of goods sold
         2. Effect during inflationary periods
         3. Tax implications
      2. Last-In, First-Out (LIFO)
         1. Calculation process
         2. Contrasts with FIFO in terms of tax and inventory costs
         3. Regulatory restrictions and why it may be prohibited under IFRS
      3. Weighted Average Cost
         1. Calculation method and application
         2. Pros and cons compared to FIFO and LIFO
         3. Impact on profit levels and inventory valuation
      4. Specific Identification Method
         1. Application to select inventories
         2. Benefits in precision and tracking
         3. Limitations and typical use cases
   3. Revenue Recognition Issues
      1. Criteria for revenue recognition
         1. IFRS and GAAP guidelines
         2. Steps involved in assessing revenue transactions
      2. Performance obligations
         1. Definition and identification
         2. Handling complex contracts
      3. Revenue recognition in long-term contracts
         1. Percentage of completion vs. completed contract method
         2. Impact on financial evaluation
      4. Timing and matching issues
         1. Matching principle in relation to revenue
         2. Deferred revenue handling
      5. Sales with right of return
         1. Calculating potential returns
         2. Influence on revenue timing
   4. Cost Accounting Integration
      1. Role in managerial decision making
         1. Cost control techniques
         2. Budget preparation
      2. Activity-Based Costing (ABC)
         1. Allocation of overheads based on activities
         2. Advantages compared to traditional costing
      3. Job-order Costing
         1. Application and sector-specific uses
         2. Comparison with process costing
      4. Process Costing
         1. Industries and scenarios where applicable
         2. Calculation of equivalent units and cost per unit
      5. Standard Costing
         1. Setting and analyzing variances
         2. Integration with budget control
      6. Marginal Costing
         1. Impact on pricing decisions
         2. Contribution margin analysis
   5. Advanced Techniques and Concepts
      1. Fair value accounting
         1. Impact and implications on financial statements
         2. Differences between historical cost and fair value
      2. Leasing considerations
         1. Operating vs. financial leases
         2. Impact on balance sheets following changes in regulations
      3. Foreign currency transactions
         1. Translation and conversion techniques
         2. Impact on consolidation of financial statements
      4. Consolidation accounting
         1. Inter-company transactions and eliminations
         2. Minority interest handling
      5. Financial derivatives and accounting implications
         1. Recognition and measurement strategies
         2. Hedging and risk management techniques