 This is a new course for you that is advanced financial accounting and this is basically advanced of financial accounting which you have already studied in your earlier courses. Now advanced means that a lot of things added to this accounting profession. So let us see how much advanced we can go into it. These three words advanced financial accounting. Accounting is the same but advanced means to what extent international financial accounting standards which are now available all over the world and people are working on these standards. So let me give you an overview of it. Advanced financial accounting is mainly focusing on preparing the financial reports in accordance with international financial reporting standards and local regulations. Local regulation means Pakistani laws, international laws, all those laws we have to follow because if we look into this security exchange commission of Pakistan they have some regulation that you have to follow when you prepare the accounts because they sell your company's shares but that's why they need that the account should be prepared in accordance to the international accounting standards. Now the course will cover some of the latest not all but few of those international accounting standards keeping view the requirement of the subject and the users of those statements because we must keep in mind that these statements are going to be used by some individuals decision makers so you must provide them enough information so that they can take a proper decision. The traditional role was to prepare the statements or rather providing the information to the user which is currently available through computer. We prepare this financial statement get them audited and that's all prepare annual reports and that's what we are doing previously but now the dynamic role is to add value in business operation and that is the most important one and current situation the suggested role is turbulent environments to suggest ways and means how to create more value to the organization. Now we as an accountant some we have the course to follow because what we produce people are going to use them people are going to depend on them so if we are not following these codes which are tested responsibility, public interest, integrity, objectivity and independent free from conflicts of interest due care, scope and nature of the services so we must keep all these codes before we go into the final the profession of accountancy. Now the introduction of this subject. Framework has required professional judgment often within the complex situations in earlier courses of accounting some basic concepts and principles have been covered therefore the course emphasizes will be emphasized on the will be on advanced topic in the financial reporting. Financial reports that is not only the income statement balance sheet but there are many other reports you have to prepare because the annual reports comprises number of items number of things so you need to keep in mind all those plus you need to prepare some accounting ratios also so that you people know how the company is performing comparing from previous periods of current period and this is what you require now that you need to prepare some ratios also and then to give interpretation of those ratios. Now the learning objective is to learn the current accounting international financial reporting standards to prepare the financial statement as per IES and IFRS and others reported regulations to give adequate disclosure in the financial statement necessary for the users to prepare different ratios and their interpretation to study the financial statements and draw a conclusion to find out red flags and big bath these are something new words for you red flags means something wrong somewhere so you need to find out where the wrong is and then try to remove it big bath means some time to improve the situation at the end of the year at the end of the quarter we just add something to give a better picture of the report but this is what you need to be a why on completion of the course you understand the requirement of IES and IFRS to prepare financial reports in accordance with these standards and regulations prepare relevant ratios and their interpretation for the desired purposes evaluate business entities perform financial statements and provide an analysis of the performance then you need to explain the problems of profit and profit measurements and alternate approaches to the assets valuation and this is very important now because historically what we used to do we simply anchor an expense we sell products and we prepare income statement and then well balance sheet but now they have also changed the name of these statements and they need to more about like instead of using the cost method we used to use very fair value method and what is this fair value method we will discuss in later on that now we need to show in accounts in finance not the cost alone but we have to keep in mind what is the fair value what is the current values of those assets so that we can report them on the balance sheet because historically an asset maybe let's say a car maybe you are using for the last 10 years and you have a zero value in the balance sheet but it is already going on the road so you need to work out the fair value and that must be reported in the balance sheet discuss and evaluate current development in the external reporting acknowledge the complexity of the financial reporting and how to manage to perform safely the number of requirements nowadays to be followed before we go to the preparation of the accounting statements because those requirements are very very essential and they are we are guided by the international financial accounting that this is how you need to prepare these accounts these are how you follow those standards then maintain the ethical values in the preparing and communicating the results as I said this is the last one this is very very important that you must keep always in mind that your work is going to help somebody your work is somebody is going to depend on that and they have to take their decision economic decision and if you are giving them the wrong information then their decision will be wrong and ultimately you are also to be blamed so in this case you need to make you must keep in mind always always the ethical issues that what we have to follow thank you very much