At the end of this section, YOU should be able to:

1. Understand the key financial statements used in financial reporting, including the balance sheet, income statement, cash flow statement, and statement of changes in equity.
2. Explain the roles and responsibilities of auditors, management, and the board of directors in financial reporting.
3. Describe the role of accounting standards and International Financial Reporting Standards (IFRS) in financial reporting.
4. Understand the benefits of using IFRS in financial reporting, including enhanced comparability, transparency, accuracy, and reliability, as well as reduced costs and increased access to capital.
5. Analyze and interpret financial statements to assess a company's financial performance and position.
6. Identify and explain the limitations and challenges of financial reporting, including the subjective nature of accounting estimates and the potential for fraud and misstatement.