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Advanced Accounting Course Outline 2024-2025

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317 views4 pages

Advanced Accounting Course Outline 2024-2025

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Uploaded by

Ainebyona Solomonto
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MAKERERE UNIVERSITY

COLLEGE OF BUSINESS AND MANAGEMENT SCIENCE


SCHOOL OF BUSINESS
BACHELOR OF COMMERCE (ACCOUNTING OPTION)

Course Name: Advanced Accounting


Course Code : COA 3101
Credit Units : 4
Contact hours: 60
Year of Study: 3
Semester: 1

Course Description

Accountants engage in a wide variety of activities besides preparing financial statements and
recording business transactions including computing costs and efficiency gains from new
technologies, participating in strategies for mergers and acquisitions, quality management,
developing and using information systems to track financial performance, tax strategy, and health
care benefits management. There's a lot to get out of a job in accounting. Perhaps most important:
you will learn how business works. Accounting jobs offers stimulating and challenging work that
is constantly evolving. Because accountants spend a lot of time looking under the hoods of
businesses, they really learn the nuts and bolts of business. It's no surprise that many successful
players in business began their careers in accounting jobs. It's also no surprise that most Chief
Financial Officers of large corporations have a background in accounting. An accountant is
perfectly positioned to become a CFO because he or she probably has the best understanding of
what drives business and profits in a company. It's also worth bearing in mind that accountants are
in perennial short supply. Accounting jobs are plentiful even in the current weak economy and the
money for well-trained accountants is good. Taxes, audits, bookkeeping will always need to be
done. With the various financial scandals in recent years, the field has expanded.

Course Objective
To enable students, explore and acquire comprehensive knowledge and understanding of more
advanced accounting principles, concepts and best practices in accordance with the current
accounting regulatory framework so as to be able to logically handle several accounting tasks and
problems.
Learning Outcomes
At the end of the course the students will be to apply this understanding by preparing useable
financial statements, present them as may be suitable to a wide range of users and interpreting
financial reports in a practical context.
At the end of the course, the student should be able:

1
➢ To Prepare and present financial statements in accordance with the IASs/IFRSs.
➢ To prepare consolidated financial statements
➢ To account for business combinations and company liquidation.
➢ To be able to analyze, interpret and compare financial information produced.

Course Content (Topics)

1.0 Accounting Theory & Regulatory Framework /Accounting standards: (6 hours)


1.1 Accounting principles and concepts, accounting theory
1.2 The scope of accounting & Regulatory Framework of Accounting
1.3 Provision of financial information
1.4 The accounting standards and their setting.
1.5 The IASC’s conceptual Framework
1.5.1 Objectives of Financial Statements
1.5.2 Qualitative Characteristics of Financial Statements
1.5.3 The Elements of Financial Statements and their Measurement
1.5.4 Concepts of Capital and Capital Maintenance
1.5.5 IASC framework

2.0 Accounting for transactions in financial statements (6 hours)


2.1 Tangible non-current assets (IAS 16, IAS 36, IFRS 5, IAS 40)
2.2 Intangible assets (IAS 38)
2.3 Financial instruments (IAS 32, IFRS 7 and IFRS 9)
2.4 Taxation (IAS 12)

3.0 Preparation and Presentation of Financial Statements (6 hours)


3.1 Accounting and disclosure requirements of international accounting standards/
international financial reporting standards (IFRSs)
3.2 Presentation of Financial Statements for companies limited by liability (IAS 1)

4.0 IFRS3: Business combinations (5 hours)


4.1 Business Re Organizations/ Reconstructions, Absorptions and Amalgamations
4.2 Schemes of Reorganizations and Reconstruction
4.3 Amalgamations and absorptions (Business Combinations)
5.0 Analysis, Interpretation and Comparability of Financial statements/ Reports (5
hours)
5.1 Interpretation and Comparison of Financial Reports and related information and Analysis
of corporate information
5.2 Preparation of reports after financial analysis for various user groups

2
6.0 Accounting for Group of Companies (5 hours)
6.1 Introduction to Accounting for Group of Companies
6.2 Basic issues on Accounting for Group of Companies
6.3 Objective of Consolidated Accounts
6.4 The single entity assumption

7.0 Applicable accounting standards (5 hours)


7.1 IFRS 10: consolidated financial statements
7.2 IFRS 3: business combinations
7.3 IFRS 11: joint arrangements
7.4 IFRS 12: disclosure of interests in other entities
7.5 IAS 27: separate financial statements (as amended in 2011)
7.6 IAS 28: investments in associates and joint ventures (as amended in 2011).
7.7 Key issues as per IFRS 10: consolidated financial statements

8.0 Basic concepts in consolidated accounts (5 hours)


8.1 Control and non – controlling interest (NCI)
8.2 Goodwill on consolidation
8.3 Key issues in IFRS 3 business combinations
8.4 Pre- acquisition and post-acquisition reserves
8.5 Inter –company indebtedness/ transactions/trading/balances/items
8.6 Intercompany sales (unrealized profits)

9.0 Method of accounting for business combinations (5 hours)


9.1 The acquisition method (called the 'purchase method' in the 2004 version of IFRS 3) is
used for all business combinations.
9.2 Measurement of acquired assets and liabilities.
9.3 Measurement of NCI
9.3.1 Fair value (sometimes called the full goodwill method), or
9.3.2 The NCI's proportionate share of net assets of the acquiree (option is available on a
transaction-by-transaction basis).
9.4 Acquired intangible assets. Must always be recognized and measured at fair value. There
is no 'reliable measurement' exception.
9.5 Accounting requirements in preparation of consolidated financial statements

10.0 Preparing consolidated financial statements: (7 hours)


10.1 The Consolidated Statement of Financial position
10.2 The Consolidated Statement of Comprehensive income/income statement
10.3 The Consolidated Statement of Cash Flows
10.4 The Consolidated Statement of Changes in Equity

3
10.5 Notes to Consolidated Accounts (Consolidation Schedules)
10.6 Prepare consolidated financial statements to include a single subsidiary and an associate.
IAS 27,28, 31& IFRS3

11.0 Bankruptcy Accounting (Liquidation and Receivership) (5 hours)


11.1 Legal conditions of bankruptcy
11.2 Duties of the official receiver and trustee
11.3 Statement of affairs
11.4 Deficiency statement/account

Mode of Assessment
The assessment method is structured to include coursework and final examination. Coursework
consists of assignments, presentations and tests, represented as follows:
Course work assessment 30%
Final Examination 70%
Total 100%
The minimum mark required to pass this course is 50%.

Training Methodology.
- Straight lectures,
-Group discussion and
-Handouts
-Blended Learning
References and Text Books
1. Advanced Accounting: A practical Approach by Stephen Nkundabanyanga
2. International GAAP 2007
3. Jennings A.R Financial Accounting Manuals 1 And 2, DP Publications
4. Handbook on International Accounting Standards
5. Frank Wood, Business Accounting Volume 1 And 2
6. Wood, Frank and Sangster. A. (2008). Frank Wood’s Business Accounting II, 11th Edition
Prentice Hall.
7. Barry J. Epstein and Eva K. Jermakowicz. (2011). Wiley IFRS 2011. Interpretation and
Application of International Financial Reporting Standards.
8. International Accounting Standards Board, London (2011). International
Financial Reporting Standards.

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