ACCA FA (F3) - A Complete Course

Demonstrate fair presentation by aligning financial statements with IFRS and the true and fair view, and explain historical cost, current cost, realisable value, and present value concepts.

This lecture revisits core accounting concepts and qualitative characteristics of financial information, including materiality, accrual and business entity concepts, substance over form, relevance, and faithful representation.

Explore the IASB conceptual framework and qualitative characteristics shaping financial information, including relevance and faithful representation, accrual basis concepts, and the going concern and business entity assumptions.

Explain fair presentation of financial statements under IFRS and true and fair view. Describe measurement methods—historical cost, current cost, net realizable value, and present value—and the role of consistency.

Explores the qualitative characteristics of financial information through theoretical questions, explains correct answers and the reasoning behind them, including business entity, accrual, materiality, consistency, and substance over form.

Explore the role of source documents in recording transactions, including day books, cash book, and petty cash, and learn how these feed into the journal, ledger, and trial balance.

Learn how source documents evidence financial transactions, from quotations and purchase orders to goods received notes and debit or credit notes, plus petty cash and imprest systems.

Master double-entry accounting through the ledger, journal, and posting process, learning the accounting equation, debit and credit rules, and the full cycle from journal to balance sheet.

Learn ledger accounting through journal entries and double-entry methods across assets, liabilities, purchases, sales, expenses, and drawings, to prepare ledgers, income statements, and balance sheets.

Cover the complete accounting cycle by recording double entries in the general journal, posting to ledgers, and preparing the trial balance, income statement, and balance sheet.

Post journal transactions to simplified accounts, including cash, capital, purchases, sales, and receivables, then close ledgers to compute balances for the income statement and balance sheet.

Classify ledgers into balance sheet assets, liabilities, and capital, and income statement items; post transactions, close balances, and prepare trial balance, income statement, and balance sheet.

Compute a trial balance from the balances, determine the 31 December bank balance, adjust inventories and personal-use goods, then prepare the income statement and balance sheet.

This lecture defines inventory as current assets for resale or production, including raw materials, work in progress, finished goods, consumables, and explains cost of sales and net realizable value concepts.

Explain and compare inventory cost estimation methods—FIFO, LIFO, and simple/weighted average—and show how they affect cost of sales and closing inventory when costs vary.

Explore inventory costing under IAS 2, comparing simple average, weighted average, and FIFO methods. See calculations of opening stock, purchases, and closing inventory.

Read the requirement first, then adjust ending inventory for purchases, sales, and returns. Apply lower of cost and NRV, plus FIFO or LIFO calculations with practical examples.

Explore tangible non-current assets under the IFRS standard 16, covering asset definitions, recognition, measurement bases, depreciation, revaluation, and disposal.

Learn how the cost of a non-current asset equals the purchase price plus costs to bring the asset to its location and condition, including transport, duties, and installation.

Define depreciation as the systematic allocation of the depreciable amount over an asset's useful life. Show how it matches asset use to revenue and reduces carrying value through accumulated depreciation.

Explore methods of depreciation, including straight-line and reducing-balance calculations, with real-world examples, residual values, and asset classes to understand depreciation expense and net book value.

Learn how to revalue non-current assets under IFRS 16, choosing between cost and revaluation models. Calculate revaluation gains, reverse prior depreciation, and adjust equity via revaluation surplus and retained earnings.

Learn to dispose tangible non-current assets by calculating net book value and recognizing gain or loss, then apply double-entry accounting including reversing cost and depreciation and recording proceeds.

Learn how to calculate capital expenditure for non-current assets, including purchase price and prep costs, exclude maintenance and recoverable sales tax, and apply revaluation adjustments and depreciation.

ACCA FA (F3) depreciation and asset disposal scenarios are illustrated using straight-line method, pro-rata monthly depreciation, and revaluation considerations, covering opening balances, purchases, disposals, and net book value.

Explore intangible non-current assets, including patents, copyrights, licenses, and trademarks, and learn how research and development costs are capitalized or expensed under IFRS, with amortisation guidance.

Learn to distinguish research and development costs: expense research, capitalize development only if six criteria are met, amortize intangibles when available for use, and disclose accounting policies.

Explain how to apply reducing balance depreciation with proportionate monthly charges, handling disposals and purchases across dates, to compute total depreciation and closing asset value.

Explore accruals and prepayments within accrual-based accounting, contrasting with cash-based methods, and apply end-of-year adjustments for accrued expenses, prepaid expenses, accrued income, and prepaid income.

Explains accruals and prepayments with practical examples, illustrating how to record accrued expenses, prepaid expenses, and related entries under IFRS, including monthly adjustments for electricity, rent, and insurance.