Professional Documents
Culture Documents
COURSE BASICS
Credit Hours
Lecture(s)
Recitation/Lab (per week)
Tutorial (per week)
3
2
On need basis
On need basis
Duration
Duration
Duration
75 minutes
On need basis
On need basis
COURSE DISTRIBUTION
Core
Elective
Open for Student Category
Close for Student Category
Core
COURSE DESCRIPTION
The course builds on your knowledge of accounting theory and techniques as used to record, process, and report financial
information. While some emphasis is placed on analysis, interpretation, and use of accounting data for investing, credit, and
management decisions, the reporting function of accounting to external users (investors and creditors) will be stressed.
Current financial reporting and disclosure requirements, plus controversial and emerging practices, will be discussed in class. The
course will examine asset and income determination, preparation and interpretation of financial statements, and related
disclosure requirements. Please note that this course is a building block for the financial reporting issues encountered in the
daily professional life.
COURSE PREREQUISITE(S)
MAPPING OF OBJECTIVES
PROGRAM LEARNING GOALS
AND OBJECTIVES
CP
N/A
N/A
Assignments, Cases
EXAMINATION DETAIL
Quizzes
Yes/No: Yes
Combine/Separate: TBA
Duration: TBA
Preferred Date: TBA
Exam Specifications: TBA
Midterm Exam
Yes/No: Yes
Combine/Separate: TBA
Duration: TBA
Preferred Date: TBA
Exam Specifications: TBA
Final Exam
Yes/No: Yes
Combine Separate: TBA
Duration: TBA
Exam Specifications: TBA
Chapter: Title /
Topic / IAS or IFRS
Chapter 2:
Conceptual
Framework for
Financial
Reporting / IAS 1
3-4
Chapter 10:
Acquisition and
Disposal PPE (incl.
Borrowing Costs) /
IAS 16, 23 & 40
Chapter 11:
Depreciation,
Impairment and
Depletion / IAS 16,
& 36
6-7
Chapter 12:
Intangible Assets /
IAS 38
9 - 11
Chapter 9:
Inventories:
Additional
Valuation Issues
Chapter 18:
Revenue
Recognition / IFRS
SESSION OBJECTIVES
1. Describe the usefulness of a conceptual framework.
2. Describe efforts to construct a conceptual framework.
3. Understand the objective of financial reporting.
4. Identify the qualitative characteristics of accounting information.
5. Define the basic elements of financial statements.
6. Describe the basic assumptions of accounting.
7. Explain the application of the basic principles of accounting.
8. Describe the impact that the cost constraint has on reporting accounting
information.
1. Describe property, plant, and equipment.
2. Identify the costs to include in the initial valuation of property, plant, and
equipment.
3. Describe the accounting problems associated with self-constructed assets.
4. Describe the accounting problems associated with interest capitalization.
5. Understand accounting issues related to acquiring and valuing plant assets.
6. Describe the accounting treatment for costs subsequent to acquisition.
7. Describe the accounting treatment for the disposal of property, plant, and
equipment.
8. Overview of investment properties and their accounting treatment.
9. Distinguish between investment properties and property, plant and equipment.
1. Explain the concept of depreciation.
2. Identify the factors involved in the depreciation process.
3. Compare activity, straight-line, and diminishing-charge methods of depreciation.
4. Explain component depreciation.
5. Explain the accounting issues related to asset impairment.
6. Explain the accounting procedures for depletion of mineral resources.
7. Explain the accounting for revaluations.
8. Explain how to report and analyze property, plant, equipment, and mineral
resources.
1. Describe the characteristics of intangible assets.
2. Identify the costs to include in the initial valuation of intangible assets.
3. Explain the procedure for amortizing intangible assets.
4. Describe the types of intangible assets.
5. Explain the accounting issues for recording goodwill.
6. Explain the accounting issues related to intangible asset impairments.
7. Identify the conceptual issues related to research and development costs.
8. Describe the accounting for research and development and similar costs.
9. Indicate the presentation of intangible assets and related items.
1. Describe and apply the lower-of-cost-or- net realizable value rule.
2. Explain when companies value inventories at net realizable value.
3. Explain when companies use the relative standalone sales value method to value
inventories.
4. Discuss accounting issues related to purchase commitments.
5. Determine ending inventory by applying the gross profit method.
6. Determine ending inventory by applying the retail inventory method.
7. Explain how to report and analyze inventory.
1. Understand revenue recognition issues.
2. Identify the five steps in the revenue recognition process.
3. Identify the contract with customers.
12 - 13
Chapter 13:
Current Liabilities,
Provisions and
Contingencies /
IAS 37
14
Chapter 23:
Statement of Cash
Flows
15
16 - 17
Midterm
Chapter 15: Equity
(excl. Appendix)
18 - 19
Chapter 17:
Investments (excl.
Appendices) / IAS
32 & IFRS 9
20
Chapter 22:
Accounting
Changes and Error
Analysis / IAS 8
21
22
23
24 - 26
27 28
IAS 10 / Handout /
Chapter 24:
Presentation and
Disclosure (excl.
Appendices)
IAS 34 / IFRS 5 /
Handout / Chapter
24: (as above)
IAS 24 / Handout /
Chapter 24: (as
above)
Consolidation,
Associates & Joint
Ventures / IFRS 3
& IAS 28
Group
Presentations
5.
Describe the accounting for changes in estimates.
6.
Describe the accounting for correction of errors.
7.
Identify economic motives for changing accounting policies.
8.
Analyze the effect of errors.
Events after the reporting date:
(i) Distinguish between and account for adjusting / non-adjusting events after the
reporting date.
(ii) Identify items requiring separate disclosure, including their accounting treatment
and required disclosures.
1. The understanding of the need of interim financial statements.
2. Specific implementation issues.
3. Describe the accounting problems associated with interim reporting.
4. Discuss the importance of identifying and reporting the results of discontinued
operations.
5. Define and account for non-current assets held for sale and discontinued
operations.
6. Indicate the circumstances where separate disclosure of material items of income
and expense is required.
1. Discuss the disclosure requirements for related-party transactions.
2. Indicate the effect that the related party relationship may have on the separate and
the consolidated financial statements.
1.
Describe the concept of a group as a single economic unit.
2.
Explain and apply the definition of a subsidiary within relevant accounting
standards.
3.
Identify and outline using accounting standards and other applicable regulation the
circumstances in which a group is required to prepare consolidated financial statements.
4.
Describe the circumstances when a group may claim exemption from the
preparation of consolidated financial statements.
5.
Explain why directors may not wish to consolidate a subsidiary and outline using
accounting standards and other applicable regulation the circumstances where this is
permitted.
6.
Explain the need for using coterminous year ends and uniform accounting polices
when preparing consolidated financial statements.
7.
Explain why it is necessary to eliminate intragroup transactions.
1. Students will present to the class on reporting requirements around one of the
disclosure areas (financial statement items) covered above.
2. They would relate in their presentation these requirements to extracts from the
audited accounts of a business.
TEXTBOOK(S)/SUPPLEMENTARY READINGS
Recommended Textbook:
Intermediate Accounting, 2nd edition, Kieso, Weygandt, Warfield.
Supplementary Material:
IAS/IFRS Text
Further material provided during course progress.