At the end of this course, students should be able to:
explain the conceptual framework for financial reporting;
prepare simple Partnership account;
explain Joint arrangement under IFRS 11;
account for goods on sale or return;
describe Revenue and Grants in accordance with the provision of the IFRS;
develop simple accounting policies; and
prepare final accounts.
Course Contents
Conceptual framework for financial reporting. The principles of Small and Medium-sized
Entities’ Guidelines on Accounting (SMEGA) and Level 3 guidance. Introduction to partnership
definitions, types of partners, deeds, partners’ capital and current accounts, profit sharing ratio and appropriation account. Introduction to IFRS 11 – Joint arrangement, and account for substance of transactions under goods on sale or return.
