Level 7 units
These units have been designed to provide the advanced knowledge and skills required by senior finance professionals.
These units are suitable for those who:
- have completed an accountancy qualification at Level 5 or 6 or the IFA Direct Level 5 units
- are part-qualified learners seeking a pathway to membership of the IFA
Corporate Reporting for Strategic Business – Advanced
This unit will ensure that learners are able to examine corporate reporting from a number of perspectives, i.e. the preparer of corporate reports and from the perspective of a variety of different stakeholders such as finance providers.
Learners are required to have a cohesive understanding of the International Accounting Standards Board’s (IASB) Conceptual Framework for Financial Reporting and to use the framework as a basis for judgement in applying International Financial Reporting Standards in corporate reports.
On completion of the unit, learners will also be proficient in the assessment and evaluation of the reporting decisions made by management and their implications for a range of stakeholders and entities. The unit also explores the professional and ethical responsibilities of the accountant to these stakeholders.
Learners will consider both the principles and practices of International Financial Reporting Standards (IFRS) and use these principles as a basis for the preparation of the financial statements of single entities and groups. By reflecting on the usefulness of corporate reports to stakeholders, including developments in narrative reporting such as integrated reporting, learners will be able to discuss the nature of the information that would help various stakeholders.
UK Taxation for Business and Individuals – Advanced
The aims of this unit are to ensure that learners have a detailed understanding of the techniques of the key aspects of taxation. It will extend the learner’s knowledge of the tax system, together with the ability to apply that knowledge to the issues commonly encountered by individuals and businesses in the UK. This knowledge will allow learners to interpret and analyse the information provided and communicate the outcomes in a manner appropriate to the intended audience.
The unit builds on previous taxation study and extends the knowledge of income tax, corporation tax, capital gains tax and inheritance tax to encompass further overseas aspects of taxation, the taxation of trusts, and additional exemptions and reliefs.
The unit does not focus in detail on the numerical and computational aspects of taxation, but seeks to develop a learner’s ability to analyse, interpret and communicate taxation information. Computations and practical examples will be used to support explanations and client advice.