FINANCIAL ACCOUNTING LEVEL 400 SECOND SEMESTER COURSE OUTLINE Week 1

1. The Regulatory and Financial Reporting Framework b. Apply the Companies Code 1963, Act 179 to limited liability companies in Ghana b. The International Accounting Standards Board (IASB) i The role of The International Accounting Standards Board (IASB) ii The standard setting process c. The framework for the preparation and presentation of financial statements i Objective of financial statements ii Qualitative characteristics of financial statements iii Elements of financial statements iv Recognition and measurement of elements of financial statements v Fair value basis of measurement vi Concepts of capital and capital maintenance

Week 2 -5 d. Prepare and present the financial statements of limited companies in conformity with legal requirements, approved accounting standards and generally accepted accounting principles

Week 6 IA

Week 7 - 9 2. Preparation of consolidated financial statements Group accounting- introduction Describe the concept of a group and objective and usefulness of consolidated financial statement Describe the circumstances and reasoning for subsidiaries to be excluded from consolidated financial statements Preparation of a consolidated balance sheet for a simple group dealing with pre and post acquisition profits, minority interest and consolidated goodwill. Prepare a consolidated profit a and loss account for a simple group including scenario where acquisitions occur during the year and situation where there are minority interest.

Week 9-11 3. Group accounting- Intra group transaction adjustments Explanation of why intra-group transactions should be eliminated on consolidation Account for the effect in the profit and loss account and balance sheet) of intra group trading and other transactions including:Unrealised profit in stock

4. Application of International Financial Reporting Standards a. Identify and recommend accounting treatments for items in financial statements 1. Revenue recognition 2. Impairment of assets 3. Inventories. 4. Property, plant and equipment. 5. Revenue.

Week 12 IA

Week 13 Revision FORM OF EXAMINATION The examination will be a three-hour paper consisting of 4 questions. Marks have been allocated based on the efforts required to answer each question LECTURING The methods: The following methods and forms of study are used in the course:

lectures (3 hours a week) teacher's consultations individual assignment group assignment

Reading Materials Frankwood Volume2 Ghanas Companies Code ACCA Manual Financial Reporting IFRS Financial Reporting ICA Manual Accounting Theory and Practice by MWE Glautier and B Underdown Lecturers materials