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IAS 1 - The Foundation of Financial Reporting
Every financial report starts with IAS 1.
It's the backbone that tells us how to present financial statements clearly and consistently.
Here are the core takeaways you need to know:
1. Complete set of financial statements includes:
Statement of financial position (Balance Sheet)
Statement of profit or loss and other comprehensive income
Statement of changes in equity
Statement of cash flows
Notes (including accounting policies)
2. Current vs. Non-current:
Assets & liabilities are split based on liquidity (12-month rule).
Assets & liabilities are split based on liquidity (12-month rule).
Example: Trade receivables < 12 months = current.
3. Consistency & comparability:
Same format and classification every year unless there's a valid reason to change.
Prior period figures must be presented for comparison.
4. Materiality matters:
Don't clutter reports with irrelevant info.
Focus on what users of financials actually need.
Why it matters?
Without IAS 1, every company would present reports differently. This standard keeps things clear, consistent, and comparable
Accounting vs. FP&A - What's the Difference?
Many professionals confuse Accounting and FP&A (Financial Planning & Analysis), but they serve very different purposes in business. This visual breakdown makes it simple:
Accounting is about the past-recording, classifying, and ensuring compliance with financial transactions. Accountants focus on accuracy and financial statements like the Balance Sheet, P&L, and Cash Flow Statements.
FP&A, on the other hand, is all about the future-forecasting, budgeting, and helping businesses make data-driven financial decisions. FP&A professionals use tools like Excel, Power BI, and Anaplan to create reports that guide strategic moves.
Both roles are essential for a company's financial health! Accounting builds the foundation, while FP&A drives growth and strategy.
3 Types of Financial Statement Analysis
Financial analysis doesn't have to be complex.
Here are the three main types of analysis:
Vertical Analysis
Compare each number to a baseline to see which areas drive the largest percentage of revenue or cost.
Horizontal Analysis
Compare financial statements over multiple periods (quarterly or yearly) to spot trends.
Key Performance Indicators (KPIs)
Focus on key metrics like profit margin, current ratio, or return on equity to keep your goals in focus.
READING AND RESPONDING TO THE INTERNAL AUDIT REPORT
Too often, internal audit reports are viewed as paperwork rather than playbooks, says Abdul Khaliq
The real value isn't in the findings - it's in how leadership responds to them.
This audit flagged issues in reconciliation, documentation, and segregation of duties.
Not unusual. But what distinguishes top-performing finance teams is what comes next:
Ownership: Leaders take accountability for systemic fixes, not just tactical patches.
Prioritization: High-risk gaps are addressed immediately, with resources reallocated accordingly.
Transparency: The audit serves as a springboard
for cross-functional dialogue, rather than a compliance silo.
Momentum: Management responses don't just close gaps - they raise the bar.
If your internal audit reads like a list of missed controls, ask yourself:
Are we using this as a compliance formality performance accelerator? or a
That answer says more about your finance culture than the report ever will.
https://mega.nz/folder/6NohUIiC#ETIm_9ep6IwjiuMojHd-kA
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Here are the links
FINANCE ORGANIZATION CHART
How to Organize the Finance Function According to Nicolas Boucher.
The CFO leads the finance function.
Two distinct departments report to the CFO.
The Controller
The Head of FP&A
(...we shouldn't forget Treasury either)
The Controller is responsible for producing the numbers.
S/he does that by coordinating all accounting operational teams.
The Head of FP&A is responsible for using the numbers.
S/he does that through managing analytical, planning, and forecasting activities.
Under the Controller, we find Accounting and Tax.
Accounting is responsible for closing and consolidating numbers, as well as staying on top of accounts receivable (AR) and accounts payable (AP).
Tax is responsible for everything related to taxes, including operational, tactical, and strategic aspects.
Under the Head of FP&A, we find Business Partnering and Business Intelligence.
In some companies, business partnering is a standard activity for everyone in the finance function, whereas in others, specific teams are dedicated to it.
Business Partnering is responsible for decision support and helping business leaders meet or beat their targets.
Business Intelligence ensures that all financial and non-financial data is ready for use.
The department may also do part of the analysis to free up time for the business partnering teams.
WARREN BUFFETT'S
FINANCIAL STATEMENTS RULES OF THUMB BY BRIAN FEROLDI
📘 IFRS 18: Presentation and Disclosure in Financial Statements | NEW Standard Explained (2025)
In this video, we break down IFRS 18: Presentation and Disclosure in Financial Statements, the new standard that replaces IAS 1 starting from January 1, 2027.
✅ Key topics covered:
- What is IFRS 18 and why it was introduced
- Major changes from IAS 1
- New required categories in the statement of profit or loss
-Enhanced disclosures by MPMs (Management-Defined Performance Measures)
-Structure and classification of financial statements
🔍 Whether you're an ACCA student, accounting professional, or financial analyst, this video will help you understand how IFRS 18 improves transparency and comparability of financial reporting.
📅 Effective Date: Annual reporting periods beginning on or after 1 January 2027
🎓 Stay updated on the latest IFRS updates and how they are tested in exams like ACCA FR, SBR, and DipIFR.
🔔 Subscribe for more IFRS and ACCA exam guidance