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AC201Intermediate Accounting Introduction This course is a comprehensive study of financial accounting theory and practice for different organisations. The course provides a detailed study of the theory of accounts and problems of recording, tracing, and valuation, revenue recognition and income determination under various theories of recognition. Heavy emphasis is placed on the understanding and applications of International Financial Reporting Standards (IFRSs). The course is designed to advance (focusing on the theoretical aspects) the aspects of financial accounting begun in previous financial accounting courses taught in the Department of Accounting i.e. AC 100 and AC 101.

Course Objectives At the end of this course students are expected to be able to:

i. Explain the financial accounting theory.

ii. Explain the development of accounting standards.

iii. Explain the conceptual framework underlying financial accounting

iv. Identify and describe main financial statements components, uses and limitations.

v. Describe the concept of time value of money and apply it to account for equity securities, debt securities and leases.

vi. Identify and explain accounting procedures for non-current and current assets, current and long term liabilities, valuing inventories and intangible assets according to IFRSs.

Prerequisite

AC101

Course Contents

1.

Introduction to financial accounting and accounting standards

2

The role, scope and objectives of accounting standards setters

The National Board of Accountants and Auditors (NBAA)

The International Accounting Standards Board (IASB)

The International Public Sector Accounting Standards (IPSASB)

Financial Accounting Standards Board (FASB)

IFRS and IAS the due process and parties involved

3.

Conceptual Framework underlying financial accounting

The need for conceptual framework

Conceptual framework IASB and FASB

Basic Objectives

Financial statements and its elements

Fundamental recognition and measurements concepts

Concepts of capital and capital maintenance

Procedures for IFRS 1 st time adopters

4.

Components of Financial Statements and related information

Income statement

Balance sheet

Statement of Changes in Equity

Notes to the Financial Statements

Cash Flow Statement

5

Accounting and Time Value of Money

Basic Time Value concepts

Singles and sum problems

Annuities

Complex situations

6

Current Assets and Liabilities

Cash and receivables

Current Liabilities and Contingencies

7.

Non-current Assets and Long Term Liabilities

Treatment for Property, Plant and Equipments

Depreciation, Impairments and Depletion

Intangible Assets

Long-Term Liabilities