COURSE DESCRIPTION
The course is designed to provide in-depth coverage of valuation of assets and liabilities, inventory
valuation, impairment of assets, borrowing costs, accounting for pensions, value added statements,
human resource accounting, capital structure and reconstruction and business combinations.
Pre-requisite: BAC 301
MODULE LEARNING OUTCOMES
The general objective of the course is to develop the candidate’s ability to exercise professional
judgment and competence in financial reporting. Specifically a student after completing this course
should be able to:
Prepare financial statements for groups
Apply accounting standards in the preparation of financial statements
Prepare value added statements and employee benefit plans.
Discuss current issues in accounting
COURSE CONTENT
TOPIC ONE VALUE ADDED STATEMENTS (VAS)
Definition of terms
Preparation of VAS
TOPIC TWOACCOUNTING FOR PENSION (IAS 19/ IAS 26)
Definition of terms
Administration of retirement benefits, pension schemes and funds
Preparation of pension funds accounts
TOPIC THREE INVENTORY VALUATION (IAS2)
Definition of terms as per IAS 2
Accounting for raw materials ,WIP and finished goods
TOPIC FOUR: HUMAN RESOURCES AND SOCIAL ACCOUNTING
Social responsibility accounting and reporting
Human resource accounting and reporting
TOPIC FIVE: IMPAIRMENT OF ASSETS (IAS 36)
Definition of Impairment of assets
Internal and External indicators of impairment:
Accounting for impairment of assets
TOPIC SIX: BORROWING COSTS (IAS 23)
Definition of borrowing costs
Capitalization of borrowing costs
Accounting for borrowing costs
TOPIC SEVEN: CAPITAL STRUCTURE AND RECONSTRUCTION
1. Schemes of reconstructions and reorganizations
2. Internal and external reconstructions
3. Journal entries
TOPIC EIGHT: BUSINESS COMBINATIONS (IFRS 3, IAS27, IAS28)
– The legal and institutional requirements for business combinations
– The consolidated income statement of changes in equity, balance sheet and cash flow statement
– Accounting for investments in associates
– Published group accounts.