Syllabus
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Course Code: MC 404 Course Name: Optional Group I (Finance & Taxation) - International Financial Reporting Standards |
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| MODULE NO / UNIT | COURSE SYLLABUS CONTENTS OF MODULE | NOTES |
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| 1 | International financial reporting standards: The structure of the International Accounting Standards Board (IASB); The standard setting process; The role of the International Financial Reporting Interpretations Committee; Progress towards international harmonization; The IASB “Framework for the Preparation and Presentation of Financial Statements”; first time adoption of international financial reporting standards. International financial reporting standards: Asset recognition and measurement, liability recognition and measurement, recognition of economic activity, measurement of inflation, group accounting; Specialist organizations and industries: Banks and financial institutions, agriculture, insurance contracts. Presentation and additional disclosures: Events after the balance sheet date; Earnings per share; Related party disclosures; Interim financial reporting; Effects of changes in foreign exchange rates; Operating segments. Preparation of external financial reports for single entities: Income statements and discontinued operations; Cash flow statements; Statement of changes in equity Preparation of external financial reports for combined entities and joint ventures: Definitions of subsidiaries, investments in associates and joint ventures; Preparation of consolidated balance sheets and income statements; Equity accounting; Proportionate consolidation and joint ventures |
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