ACC 302: Financial Reporting II

Learning Outcomes

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

1. analyse and interpret general purpose financial statements using ratio;
2. discuss the uses of earnings per share as a tool of ratio analysis (IAS 33);
3. write reports on the computed ratios drawing conclusion and making recommendations;
4. discuss the limitation of the use of ratios in the analysis and interpretation of general purpose financial statements;
5. discuss the provisions of Financial Reporting Council of Nigeria Act No. 6 of 2011;
6. account for property, plant and equipment under IAS 16 and IAS 40.;
7. identify simple accounting for taxes under IAS 12;
8. list simple accounting for Provisions, contingent liabilities and contingent assets under IAS 37;
9. appreciate simple accounting for Fair value in financial reporting under IFRS 13; and
10. explain simple accounting for related party transactions under IAS 24.

Course Contents

Analysis and interpretation of financial statements. The provisions of Financial Reporting Council of Nigeria Act No. 6 of 2011. The provisions of the following standards: IAS 10 – Events after the reporting period, IAS 33 – Earnings per share, IAS 16 – Property, plant and equipment, IAS 40 – Investment property, IAS 12 – Taxes, IAS 37 – Provisions, contingent liabilities and contingent assets, IFRS 13 – Fair value, and IAS 24 – Related party transactions.