Financial Accounting & Reporting

Rationale
The course aims to equip students with the appropriate technical skills for preparation of the financial statements in conformity with the requirements of International Accounting Standards, analyzing hem for purposes of investment and lending and to provide a framework for understanding the role of accounting regulations and statutory accounting requirements.

Learning Outcomes
At the end of this course students will be able:
1. Prepare financial statements for listed companies in accordance with IAS/IFRS.
2. To judge the usefulness and limitations of the information provided in financial statements
3. To interpret the performance of companies using the published financial statements.
4. To understand and discuss different methodological approaches to the Financial Accounting Research.

Indicative Content
Accounting framework
Financial accounting information: agency theory and contracting.
Framework for the Preparation and Presentation of Financial Statements
Presentation of Financial Statements (IAS1)

  • Balance sheet
  • Property, Plant and Equipment
  • Investment Property; Government grants
  • Impairment of Assets
  • Non-current Assets Held for Sale
  • Inventories
  • Accounting for uncertainty
  • Events After the Balance Sheet Date
  • Accounting Policies, Changes in Accounting Estimates and Errors
  • Provisions, Contingent Liabilities and Contingent Assets
  • Income statement
  • Revenue recognition; Comprehensive income; Earnings quality

Analysis and interpretation of financial information
Accounting for taxation in financial statements
Auditing and ethics
Accounting research methodologies

Assessment
Coursework 25% and written exams 75%.

Indicative Bibliography
• Weetman P., 2011, Financial Accounting. An introduction, fourth edition, Prentice Hall.
• Stolowy H., Lebas M., 2006, Financial Accounting and Reporting. A global perspective. 2nd edition, Thomson Learning.
• Kothari J., Barone E., 2008, Financial Accounting, an international approach, Prentice Hall.