Accounting and Finance

Course Title: Advanced Financial Accounting.
Course Objective: Is to provide students with essential knowledge and topics in advanced financial reporting that enhance and enrich their information about financial reporting and IFRS, as well as to increase their employment chances.
Course content:
PREPARATION OF FINANCIAL STATEMENTS
1) Preparation of single entity financial statements

a) Prepare an entity's statement of financial position and statement of profit or loss and other comprehensive income in accordance with the structure and content prescribed within IFRS and with accounting treatments.
b) Prepare and explain the contents and purpose of the statement of changes in equity.
c) Prepare a statement of cash flows for a single entity (not a group) in accordance with relevant accounting standards using the indirect method with accordance with IAS 7.

2) Preparation of consolidated financial statements including an associate

a) Prepare a consolidated statement of financial position for a simple group (parent and one subsidiary and associate) dealing with pre- and post-acquisition profits, non-controlling interests, and consolidated goodwill.
b) Prepare a consolidated statement of profit or loss and consolidated statement of profit or loss and other comprehensive income for a simple group dealing with an acquisition in the period and non-controlling interest.
c) Explain and account for other reserves (e.g. share premium and revaluation surplus).
d) Account for the effects in the financial statements of intra-group trading.
e) Account for the effects of fair value adjustments (including their effect on consolidated goodwill) to
i) depreciating and non-depreciating non-current assets
ii) inventory
iii) monetary liabilities
iv) assets and liabilities not included in the subsidiary’s own statement of financial position,
v) including contingent assets and liabilities
f) (f) Account for goodwill impairment.
g) (g) Describe and apply the required accounting treatment of consolidated goodwill.
h) Explain and illustrate the effect of a disposal of a parent's investment in a subsidiary in the parent's individual financial statements and/or those of the group (restricted to disposals of the parent's entire investment in the subsidiary).


3) Preparation of single entity Statement of cash flows
learning objectives
a) prepare a statement of cash flows for a single entity using the indirect method in accordance with IAS 7
b) compare the usefulness of cash flow information with that of a statement of profit or loss and other comprehensive income
c) interpret a statement of cash flows to assess the performance and financial position of an entity
d) indicate other information, including non-financial information, that may be of relevance to the assessment of an entity’s performance.

References:
Financial Reporting (FR)- The Association of Chartered Certified Accountants _ ACCA_ Kaplan & BPP publishing Text books and previous exam kits.