COURSE DESCRIPTION
This course was designed to allow students opportunities to understand the subject matter, theoretical foundations, issues and research frameworks in carrying out studies in accounting and finance. Topics discussed will cover both financial and accounting management principles in depth.
COURSE OBJECTIVES
The objectives of this subject are to help students to understand:
- Apply conceptual principles when selecting appropriate accounting policies.
- Demonstrate the ability to assess a situation, identify issues and alternatives, and provide a recommendation using advanced accounting knowledge and ethical professional judgment.
- Classify and account for various financial instruments using International Financial Accounting Standards.
- Explain the concept of business combinations and the main theories and methods of accounting for business combinations.
- Prepare consolidated financial statements at acquisition and in subsequent years for both fully owned and partially owned subsidiaries
COURSE LEARNING OUTCOMES (CLOs)
On completion of this subject, students are expected to be able to:
- Explain the rationale, discuss the usage and carry out basic computational exercise for each of the topics covered.
- Explain the underlying assumptions and limitations in the use of theories and approaches in the research of accounting and finance issues.
- Adopt and use relevant theory, approach, methodology and analytical technique carry out an accounting or finance research, analyze the data and evaluate and synthesis the results obtained to explain the phenomenon being studied or the issue being discussed.
Course Outline:
Topic 1: The Financial Reporting Environment
Topic 2: The Theory Underlying Financial Reporting
Topic 3: Judgement and Applied Financial Accounting Research
Topic 4: Review of the Accounting Cycle
Topic 5: Statements of Net Income and Comprehensive Income
Topic 6: Statements of Financial Position and cash Flows and the Annual Report
Topic 7: Accounting and the Time Value of Money
Topic 8: Revenue Recognition
Topic 9: Cash and Receivables
Topic 10: Short-Term Operating Assets – Inventory
Topic 11: Acquisition, Cost Allocation, and Derecognition of Long-term Operating Assets
Topic 12: Departures from Historical Cost of Long-term Operating Assets
Topic 13: Operating Liabilities and Contingencies
Topic 14: Financing Liabilities
Topic 15: Accounting for Stockholders’ Equity
Topic 16: Investing Assets
Topic 17: Accounting for Income Taxes
Topic 18: Accounting for Leases
Topic 19: Accounting for Employee Compensation and Benefits
Topic 20: Earnings Per Share
Topic 21: Accounting Changes and Errors
Topic 22: The Statement of Cash Flows Revisited
Course Textbook
Financial Accounting, 12th Edition
- William Thomas, Baylor University
Wendy M. Tietz, Kent State University
Walter T. Harrison, Jr., Baylor University
Link: https://www.pearson.com/us/higher-education/program/Thomas-Financial-Accounting-Plus-My-Lab-Accounting-with-Pearson-e-Text-Access-Card-Package-12th-Edition/PGM2247602.html
Feedback Given to Participants in Response to Assessed Work
- Individual written feedback on coursework
- Feedback discussed as part of a tutorial
- Individual feedback on request
- Model answers
Developmental Feedback Generated Through Teaching Activities
- Feedback is given at presentations and during tutorial sessions
- Dialogue between participants and staff in tutorials and lectures
GRADING AND SCORING
The course grade will be based on a final project presented by the participant and graded by the instructor. Participants much achieve a passing grade of 70% or more to be awarded a certificate of completion of the course.
