ACC 401: Advanced Financial Reporting

Learning Outcomes

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

  1. prepare simple group account of one subsidiary and an associate;
  2. understand the provisions of relevant accounting standards on preparation of group account, such as IAS 28, IFRS 3, IFRS 10, IFRS 11, IFRS 12, IFRS 13;
  3. account for non-controlling interest at fair value, goodwill, and acquisition during the year;
  4. account for adjustment for intra-group transactions including sales, unrealised profit, transfer of assets, debenture, loans, current account, fair value adjustment, dividends, etc;
  5. discuss related party transactions under IAS 24;
  6. discuss operating segments under IFRS 8;
  7. analyse and interpret financial statement of a simple group involving one subsidiary and an associate; and
  8. discuss the impact of technology on the accounting profession.
Course Contents

Preparation of simple group account of a direct subsidiary and an associate. Discuss and account for business combinations using IFRS 3 – Business combinations. Application of other applicable standards such as IFRS 10 – Accounting for consolidated financial statement, IAS 28 – Accounting for investments in associates, IFRS 12. Disclosure of interests in other entities and IFRS 13 – Fair value. Analysis and interpretation of simple group financial statements, IFRS 8 – Operating segments; and IFRS 11- Joint arrangements, IAS 24 – Accounting for related party disclosures, and discuss the following transformational and disruptive technologies and their impact on the accounting profession – Artificial Intelligence (AI), cloud

computing, big data analytics, block chain technology, virtual and augmented reality, digital currency, distributed ledger.