IAB Level 4 Diploma in Accounting To International Standards
The overall aim of this qualification is to accredit candidates’ knowledge and understanding of the fundamental principles concerned in the preparation and publication of financial standards, ensuring they comply with International Accounting Standards and to the UK Accounting Concepts and Policies.
Within the qualification, candidates have the opportunity to gain knowledge of the processes necessary to prepare financial statements for sole traders, partnerships and limited liability businesses and complete the necessary calculations associated with Cash Flow Statements and consolidated financial statements. Candidates will also be able to develop the skills necessary to complete analysis of the organisations financial situation using pre-determined ratios.
The qualification requires candidates to understand the legal structure of a limited liability company and the preparation of the Trading Account, Profit and Loss Account and Balance Sheet, which form the Financial Statements, using UK Accounting Concepts and International Accounting Standards. Various scenarios are covered including the preparation of financial statements for those businesses who operate as a parent company incorporating one subsidiary company.
Accuracy, integrity and security of data should always be uppermost in the candidates mind.
Candidates may use this qualification as the basis of further study of manual systems at Level 5 of the National Occupational Standards, and use it as underpinning knowledge for the study of a Foundation degree in a relevant subject area.
To be awarded the qualification, candidates are required to successfully demonstrate their competence by means of an external examination. It will also provide progression to the NVQ in Accounting at Level 4. Candidates will receive acknowledgement of successful completion of the qualification.