Lahore University of Management Sciences

ACF 211 Corporate Financial Reporting 1

Fall,2009

Instructor: Abu Ibraheem Aneel Iqbal

Office: Room # 253
Office Hours: One hour after each session
E-mail address: aneeliqbal@lums.edu.pk

Required Text: IFRS Text

Class Notes

Lecture Standard Topic

Number Reference
1-2 IAS 1 Presentation of financial statements
3-4 IAS 2 Inventories
5-6 IAS 7 Cash Flow Statements
7 Quiz 1
8 IAS 10 Events after the Balance Sheet Date
9-10 IAS 11 Construction Contracts
11-12 IAS 16 Property, Plant and Equipment
13-14 IAS 18 Revenue
15 Quiz 2
16 IAS 23 Borrowing Costs
17 IAS 24 Related Party Disclosures
18 IAS 34 Interim Financial Reporting
19-20 IAS 38 Intangible Assets
21 IAS 40 Investment Property
22 Quiz 3
23 IAS 41 Agriculture
24 IFRS 1 First-time Adoption of International Financial Reporting
Standards
25 IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
26 Accounting for revenue
27 Accounting for investments

Course Objective:
The course builds on your knowledge of corporate theory and techniques as used to record, process,
and report financial information. While some emphasis is placed on analysis, interpretation, and use of
accounting data for investing, credit, and management decisions, the reporting function of accounting
to external users (investors and creditors) will be stressed. Current financial reporting and disclosure
requirements, plus controversial and emerging practices, will be discussed in class. The course will
examines asset and income determination, preparation and interpretation of financial statements, and
related disclosure requirements. Please note that this course is a building block for the financial
reporting issues encountered in the daily professional life.
Students entering this class are assumed to have a foundation in:
a) The accounting cycle, debits and credits, and financial statements
b) Use of electronic spreadsheets (e.g., Excel)

In this course, students need to develop and demonstrate:

Financial Accounting Knowledge
a) Learn and evaluate current financial accounting framework and standards/rules
b) Understand complex financial events and their effect on financial statements, cash flows and
accounting-based contracts.
c) Read and critically evaluate financial statements and understand the interrelationships among
the income statement, balance sheet, statement of cash flows, and notes to the financial
statements.

Critical Thinking and Communication Skills

Develop critical thinking skills by completing research tasks, group learning and interaction tasks,
and written and oral communication tasks. Critical thinking is a rational response to questions that
cannot be answered definitively and for which all the relevant information may not be available.

Grading:

The following table summarizes each component of your grade for this course and the weight
assigned to each component:

Class Participation and Attendance 10%

Three Quizzes 60%
Final 30%
Total 100%

Class participation will be based on quality of input, not quantity of "air time". Quality class
participation includes both insightful comments and relevant, thoughtful questions. Regular
attendance and appropriate preparation are essential in scoring highly in class participation, and, more
importantly, in getting the most out of this class. If you miss more than 5 classes you will
automatically get an F grade in the course. I expect you to be punctual and be in your seat
before the class starts. Late walk-in will be counted as a nonattendance and will lower your
attendance grade. It is important to note that the course structure is integrated and one missed class
may result in relatively pervasive impact on understanding of concepts.

Examinations are administered during class. Examinations are demanding of both your efficiency
and effectiveness in addressing accounting measurement, reporting, and analysis issues. There are
four examinations during the term.