FINANCIAL ACCOUNTING 2

Description

This module introduces students to the regulatory framework of accounting including the International Accounting Standards framework. The module will examine International Accounting Standards governing the preparation and presentation of company financial statements including accounting policies; the preparation of cash-flow statements; accounting for events after the reporting period; accounting for property, plant and equipment; investment properties; leases; income tax; financial instruments; government grants; contingencies; intangible assets and the correction of errors. Learning Outcomes: On successful completion of the module, students should be able to: Demonstrate an awareness of the role and function of the Regulatory Framework of Accounting, the history and context of its development and the professional bodies involved in its development and implementation; Appreciate the development of International Financial Reporting Standards (IFRS) and the significance of their implementation on the preparation of company financial statements; Apply the principles of IFRS to the treatment of specific business transactions including the preparation of relevant journal entries, relevant extracts from the financial statements and appropriate narrative descriptions; and Prepare and interpret a cash flow statement for a company prepared in accordance with IFRS. Teaching & Learning methods: 150 Assessment: 120 minutes