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AFA Course Description

This document provides information on the ACFNN 611: Advanced Financial Accounting course. The 3-credit course covers advanced topics in financial accounting including ethical issues, business combinations, consolidated financial statements, accounting for foreign currency transactions, translation of foreign currency statements, bankruptcy, and recent developments. The course objectives are to provide a thorough grounding in key advanced accounting topics and develop students' abilities to analyze IFRS/IAS standards and integrate topics. The course is assessed through quizzes, assignments, exams, and a group project.

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117 views5 pages

AFA Course Description

This document provides information on the ACFNN 611: Advanced Financial Accounting course. The 3-credit course covers advanced topics in financial accounting including ethical issues, business combinations, consolidated financial statements, accounting for foreign currency transactions, translation of foreign currency statements, bankruptcy, and recent developments. The course objectives are to provide a thorough grounding in key advanced accounting topics and develop students' abilities to analyze IFRS/IAS standards and integrate topics. The course is assessed through quizzes, assignments, exams, and a group project.

Uploaded by

tewodrosbayisa
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ACFNN 611: Advanced Financial Accounting

Credit hour: 3
Prerequisite: No Pre-requisite
Course description:
The topics in the course are: Ethical Issues in Advanced Accounting, Business
combinations, Consolidated financial statements, Accounting for foreign currency
transactions, Translation of foreign currency financial statements, Bankruptcy: Liquidation
and reorganization, and Recent Developments in Accounting on IFRS based.
Course objectives:
The major emphasis of this course is to provide students with a thorough grounding in a
number of key advanced topics of financial accounting, practice and research of Profit objective
organizations; to develop their familiarity with and powers to analyze International Financial
Reporting Standards & International Auditing Standards, and to develop their ability to integrate
and synthesize between topics in order to enter usefully into current debates and to suggest
potentially fruitful avenues for development.

Course outline:
1. Ethical Issues in Advanced Accounting
 Ethical standards for preparers of financial statements and financial reports
 What is fraudulent financial reporting?
 Significant events in the establishment of Ethical standards for accountants
and financial executives
 Analysis of ethical standards for management accountants and financial executives
 EPAAA and IFAC Code of Ethics
2. Business combinations and consolidations
 Legal forms of business combinations
 Methods of accounting for business combinations
 Appraisal of accounting standards for business combinations
 Consolidated financial statements: On date of acquisition and Subsequent to date
of acquisition
 Inter-company transactions, income taxes and cash flows
3. Accounting for foreign currency transactions
 International accounting standards: IASB’ s IAS & IFRS, and FASB’s Statements
 Accounting for foreign currency transactions
 Forward contracts
 Disclosures regarding foreign currency transactions
4. Translation of foreign currency financial statements
 Alternative methods for translating foreign entities
 Re-measurement of a foreign entity’s accounts
 Translation of foreign entity’s financial statements
5. Bankruptcy: Liquidation and reorganization
 Enterprises in financial difficulty – available options: The non-judicial route &
the judicial route
 The Bankruptcy code
 Bankruptcy liquidation
 Bankruptcy reorganization
6. Recent Developments in Accounting
 Inflation accounting
 Environmental accounting:
 Human resource accounting
 Value added accounting
 Internet, Electronic commerce, Electronic Government and accounting

MODE OF INSTRUCTION:
The mode of instruction of this course will assimilate class lecture, all of which will
involve a substantial commitment on the part of the students. However, the process,
though challenging, should prove be interesting. Preparation for class by reading the
chapters and working the homework problems is essential to fully integrate the material.
Students should keep up-to-date with the class throughout the semester. Participation in class
discussions and problem-solving exercises is expected.
ASSESSMENT METHOD:
 Online Quiz………………………………………………………………..…5%
 Individual Assignments ………………..…………………………………...15%
 Group project/assignment and online presentation………………………….20%
 Home take mid Examination……………………………………………… 20%
 Home take Final Examination …………………………………………… 40%
Total ……………………………………………………………................. 100%

REFERENCES:
1. Asif Chaudhry and et, all, Interpretation and Application of IFRS, A John Wiley &
Sons, Ltd., Publication, 2015.
st
2. Dieter Christian and Norbert Ludenbach, IFRS Essential, 1 Edtion, A John Wiley &
Sons, Ltd., Publication, 2013.
3. Joe B. Hoyle, Thomas E. Schaefer, and Timothy S. Doupnik, Advanced Accounting,
th th
6 or 7 edition, McGraw – Hill & Irwin, 2012
4. Richard E. Baker, Valdean C. Lembke, and Thomas E. King, Advanced
th th
Financial Accounting, 5 or 7 edition, McGraw – Hill Irwin, 2012
th th
5. E. John Larsen, Modern Advanced Accounting, 9 or 19 edition, McGraw-
Hill International editions, 2009
6. Accounting for Governmental and Nonprofit Entities, 9th Edition, Hay and Wilson,
Irwin Inc., 1992.
7. Essentials of Accounting for Governmental and Not-for-Profit Organizations,
8th Edition, Paul A. Copley and John H.Engstrom, McGraw-Hill/Irwin,2007.
8. Any recent IFRS edition on Advanced Financial Accounting Books.
9. EITPA Magazine Published by the Ethiopian Information Technology Professionals
Association

10. Proclamations: No. 235/2001, 236/2001, 262/2002, and 77/2002

11. Proclamations No 847/2014 and Regulation 332/2014

Journals:
The International Journal of Accounting,
Certified Accountant,
Journal of Accountancy,
The Accounting
Review, Accounting
Horizons,
Journal of Information Systems [AAA]
Accounting & Business [ACCA] Student
Accountant [ACCA] Ethiopian Trade
Journal,
Lessane-Auditor,
Ethiopian Journal of Development Research,
The Ethiopian Journal of Education;
The Ethiopian Journal of Accountancy and Finance,
The Ethiopian Information Technology Professionals Association Magazine, etc
ICT Focus, the Independent Magazine on Information and Communication Technology
Few selected Websites:
Students should consult the following sites regularly for upcoming activities, assignments,
assigned readings, etc. Students are also be expected to be familiar with MS Excel & MS
PowerPoint; any student deficient in these areas is strongly encouraged to work additionally
with the program outside of class.

http://www.ifrs.org

http://www.aabe.org

http:// www.fasb.org

http://www.gasb.org

http:// www.iasb.org.uk

http:// www.ifac.org

www.ictfocus.net

http://www.eitpa.org

www.accaglobal.com http://accounting.rutgers.edu/raw/fasb/brrppg.html
http://accounting.rutgers.edu/raw/fasb/fars/farspg.html
http://accounting.rutgers.edu/raw/fasb/public/index.html
http://accounting.rutgers.edu/raw/gasb/pub/codop.html
http://www.aicpa.org/cefm/perfmeas/index.html
http://www.aicpa.org/members/div/acctstd/index.html
http://www.csu.edu/anet/education/index.html
http://www.csu.edu.anet/wwwbib/index.html http://www.unctad.org/ecommerce/
http:// www.mofaed.org http://
www.xe.com
http://www.mor.gov.et
http://www.ethiopar.net

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