Course Outline

Programe M.Sc Accounting and Finance

Semester 2nd
Course Title Financial Reporting
Course Code FIN 302

Course Summary and Objective:

This course is designed to provide understanding of accounting methods and procedures as
followedby business organizations. The objectives of financial reporting are to provide
• Information that is useful in investment and credit decisions,
• Information that is useful in assessing cash flow prospects, and
• Information about enterprise resources claims to those resources, and changes in them.

Course Contents:

Topics Book, Chapter

Introductory matters Book 1,
• Preface of International Accounting Standards (IAS) Ch.A
• The IASB’s framework and objectives of financial statements
IAS-1 Presentation of Financial Statements. Book 1,
• Statement of Comprehensive Income (Income Statement) Ch. B (IAS-1)
• Statement of financial position Book 3,
• Statement of Changes in stockholders’ equity.
• Statement of Cash Flows
• Notes to Financial Statements
Accounts of limited Companies according to Companies Ordinance 1984 and
IFRS’s.
IAS-2 Inventories Book 1,
• Cost Ch, C (IAS-2)
• Measurement&Recognition
IAS-7Statement of Cash flows (Single company only) Book 1,Ch, D (IAS-7)
IAS-8 Accounting Policies, changes in accounting estimates and errors Book 1,
• Treatment and disclosure Ch, E (IAS-8)
• Prior period errors
• Types of errors
IAS-12 Income Taxes Book 1,
• Current tax Ch, G (IAS-12)
• Deferred tax
• Unused tax losses and tax credits
• Recognition, Measurement and presentation
IAS-16, Property Plant and Equipment Book 1,
• Measurement at and after recognition Ch, H, O & M
• Cost model vs revaluation model (IAS-16, 36, & 38)
• Depreciation
• Derecognition
IAS-38, Intangible Assets
• Research and development cost
• Recognition
• Good will
 • amortization
IAS-36, Impairment of assets.
IAS-18 Revenue Book 1,
• Sale of goods Ch, J (IAS-18)
• Rendering of services
• Interest, Royalties and Dividends.
IAS-23Borrowing Costs Book 1,
• Recognition Ch, k (IAS-23)
• Capitalization
• Commencement, Suspension and Cessation of Capitalization.
IAS-24 Related Party Disclosures Book 1,
Ch, L (IAS-24)
IAS-10 Events after the reporting period Book 1,Ch. F & N (IAS-10 &
IAS-37 Provisions, Contingent Assets and Contingent Liabilities. 37)

Recommended Texts and Readings:

1. Salah uddin“IFRS Volume 1”thirteenth edition a publication of PAC.
2. ACCA study text for F7 by kaplan and BPP.
3. Company Final Accounts by Javed H Zubairi, Latest edition.
4. Gripping IFRS Graded Question published by ICAP.
5. Companies Ordinance, 1984; (Fourth & Fifth Schedules and provision related to preparation
of accounts of limited companies).
6. Kieso, Weygandt, and Warfield () Intermediate Accounting, 12th Edition Wiley higher education.