This is the fifth level course for Financial Accounting and Reporting. This course builds on knowledge and skills introduced in FAR1-4 and reinforce the fourth stage capabilities and competency building in IFRS. The discussion in FAR 1 on role of professional accountants in society is revisited to reinforce notions of public interest and ethics. It also provides an overview of professionalization of accountants and history of accounting. It draws lessons from corporate scandals and the implications for the development of accounting standards and the profession. Based on the context of specific standards such as are share-based payments, employee benefits, revenue, IFRS for SMEs, the standard setting process is evaluated. Students are exposed through comprehensive cases involving use of professional judgment and making estimates in terms of fair-value measurements and disclosures regarding accounting policy changes and estimates.