Course Outcomes (COs):
Course Outcomes |
Learning and teaching strategies |
Assessment Strategies |
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On completion of this course, the students will be able to: CO116: Focus on The Professional and ethical duty of the accountant, Legal and Financial reporting framework, and Reporting of financial performances of entities CO117: Conclude in detail the practical applications of International Financial Reporting Standards and enable the development of skill-based application of IFRS CO118: Prepare Financial statements of groups of entities CO119: Organize and develop skills for Appraisal of financial performance and position of entities CO120: Summarize the Implications of changes in accounting regulation on financial Reporting and provide knowledge of Current developments organization strategies. CO121: Analyze and apply risk management strategies. |
Interactive Lectures, Discussion, Tutorials, assignments.
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Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Individual projects |
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· The Professional and ethical duty of the accountant: Professional behaviour and compliance with accounting standards. Ethical requirement of ethical reporting and consequences of unethical behaviour. Social Responsibility
· Legal and Financial reporting framework: The application strength and weakness of an accounting framework, Critical evaluation of principles and practice, The legal requirements relating to the preparation of single entry financial reporting statements.
· Reporting of financial performances of entities –I: Performance Reporting, Non – current Assets: Tangible and intangible
· Reporting of financial performances of entities- II: Provisions and contingencies and events after the reporting date transaction, Financial instruments, Leases, Segment reporting, Employee benefits, Taxation
· Reporting of financial performances of entities- III: Provisions, contingencies and events after the reporting date, Related parties, Share-based payment, Reporting requirements of small and medium sized entities (SMEs) including key differences between the requirements of the IFRS for SMEs and UK GAAP
· Financial statements of groups of entities: Group accounting including cash flow statements, Continuing and discontinued interests, Changes in group structures, Foreign transactions and entities
· Appraisal of financial performance and position of entities: The creation of suitable accounting policies, Analysis and interpretation of financial information and measurement of performance. Specialized entities and specialized transactions. Financial reporting in specialized, not for profit and public- sector entities Entity scheme for arrangement and reconstruction.
· Implications of changes in accounting regulation on financial
· Reporting: The effect of changes in accounting standards on accounting Systems, proposed changes to accounting standards
· Current developments: Environmental and social reporting, Convergence between national and international reporting standards, Current reporting issues