Section outline

    • Topic One (1): The reporting framework of accounting in Uganda File

      1. Definition of accounting, types of accounting, role of accounting.

      2. The regulatory system for accounting in Uganda 

       ✓ The need for regulation of accounting 

       ✓ Forms of regulation e.g. the Companies Act, the Financial Institutions Act, and the Capital Markets Authority 

       ✓ Accounting standards – their purpose, the standard-setting process, the role of the Institute of Certified Public Accountants and the International Accounting Standards Board.

      3.0 The framework for the preparation of financial statements 

       ✓ The main financial statements and their purpose 

       ✓ Users of accounting information and their information needs 

       ✓ Accounting concepts – going concern, accruals, consistency, materiality, substance over form & prudence 

       ✓ Qualitative characteristics of financial statements – relevance, reliability, comparability & understandability 

       ✓ Elements of financial statements – definitions of assets, liabilities, equity, revenue and expenses; Measurement of the elements – historical cost, replacement cost, net realizable value & economic value