ACC 301: Financial Reporting I

Learning Outcomes:

At the end of this course, students should be able to:

1. prepare advanced partnership account involving: admission, retirement, dissolution, change of interest, treatment of goodwill on admission/retirement, conversion of partnerships to limited companies, and amalgamation of partnerships;
2. discuss joint arrangements under IFRS 11;
3. account for company formation: issue and redemption of shares, and debentures;
4. prepare and present general purpose financial statements in accordance with IAS 1 and IAS 7, incorporating the provisions of other standards such as IAS 8 and IAS 10;
5. identify different components of Income taxes;
6. distinguish between Provisions, contingent liabilities and contingent assets; and
7. explain Related Party transactions in accounting.

Course Contents

Advanced partnership accounts involving admission, retirement, dissolution, change of interest. The treatment of goodwill on admission/retirement. Conversion of partnerships to limited companies, and amalgamation of partnerships. IFRS 11: Joint arrangements, company account, involving – formation, issue and redemption of shares, debentures, and preparation and presentation of final accounts of limited liability companies in line with relevant IAS (IAS 2, IAS 7, IAS 8, IAS 16, and IAS 40). Introduction to IAS 12 – Income taxes, introduction to IAS 37 – Provisions, contingent liabilities and contingent assets. Introduction to IFRS 13 – Fair value. Introduction to IAS 24 – Related party transactions.