Financial Statements

This course forms part of the Intermediate Level in the ICB Financial Accounting, ICB Public Sector Accounting, ICB Business Management and the Entrepreneurship Programme as well at the Advanced Level in the ICB Office Administration Programme. It includes a study of year-end procedures via trading, profit and loss accounts and the interpretation of basic financial statements through a series of ratios, calculations and recordings of depreciation, the disposal of depreciable assets in the journals and general ledger, disclosing the movements of non-current assets in the notes to the financial statements. The application of accounting concepts such as that of accrual, matching prudence, cost and consistency to a set of financial records, preparation of the income statement and balance sheets (with notes) for a sole proprietorship, a partnership, a Close Corporation and a limited company as well as the preparation of the statement of cash flow and applicable notes thereto for a limited company


Institute of Certified Bookkeepers as a Quality Assurance Partner of the QCTO

• Finalisation and interpretation of accounts
• Depreciable assets
• Financial statements of the sole trader
• Partnerships
• Close corporations
• Companies
• Statement of cash flows



This course is assessed by the ICB by means of a Portfolio of Evidence where you are required to complete Activities (assignments) and Evaluations (tests) and then complete a final written summative assessment (exam). Please be sure to verify that you have been registered for your assessment


This course is a short course as part of a national qualification. Once you have completed this course and the remainder of the level you will receive a national certificate or diploma depending on which stream you have chosen.