The main objective of of the CIMA syllabus for CIMA BA3 Fundamentals of Financial Accounting is to obtain a practical understanding of financial accounting and the process behind the preparation of financial statements for single entities. These statements are prepared within a conceptual and regulatory framework requiring an understanding of the role of legislation and of accounting standards. The need to understand and apply necessary controls for accounting systems, and the nature of errors is also covered. There is an introduction to measuring financial performance with the calculation of basic ratios. Students are required to be aware of the format and content of published accounts but are not required to prepare them. Generally, detailed knowledge of specific accounting treatment contained in the International Financial Reporting Standards (IFRSs) is not required, including the International Accounting Standards (IASs). Some knowledge of IAS 2 Inventories, IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets is needed, as is explained in the relevant Course Book chapters.IAS 1 Presentation of Financial Statements and IAS 7 Statement of Cash Flows formats will form the basis of the financial statements. The terminology used for all entities will be that of International Financial Reporting Standards. This will enable students to use a consistent set of accounting terms throughout their studies within the CIMA syllabus.