FACULTY OF COMMERCE
DEPARTMENT OF ACCOUNTING & FINANCE
Bachelor of Commerce Honours Degree in Accounting and Finance (B. Comm. Acc & Fin)
ADVANCED FINANICAL ACCOUNTING
LECTURER: MR. K MAVENGERE
CONTACT DETAILS: 0719 168 041
EMAIL: kudamaven@gmail.com
Course Outline and Course Methodology
The course material will be disseminated through lecturers, class, discussions, and case studies.
Focus will be more on the practical application of the theories, principles and models learnt
during the course of the module. Sharing of personal and professional experiences among
students will be encouraged as this is envisaged to enrich all students and provide points of
reference for the practical application of the theoretical concepts of the course. Case studies
will also provide an opportunity for analyzing the practical application of certain theoretical
frameworks in various organizations, giving students a foundation for blending theory with
practical experience, requisite for fluid entry into industry during industrial attachments and
post qualification engagements.
Course Aim and Objectives
The course is a continuation of the Financial Reporting. It aims at providing a foundation for
Understanding the conceptual and practical issues surrounding accounting for agriculture,
business combinations, foreign operations, deferred taxation, share based payments, financial
Instruments and introduce students to current developments in accounting standards.
Objectives of the Course
At the conclusion of this module the candidate will be able to.
Prepare financial statements of groups of entities in accordance with accounting
standards.
Advise on treatment of transactions in relation to relevant accounting standards.
Appreciate the development of accounting standards and application on new standards
(new developments in accounting standards)
Module Assessment
1
Module assessment comprises course work and end of semester/block examination.
Coursework is assessed on completion of 2 assignments and 1 presentation which are
compulsory and constitute 30% of the final course assessment. The end of semester/block
examination constitutes 70% of the overall course mark. It is mandatory that students submit
course work to be allowed to sit for end of semester examination to satisfy the requirements
for successful completion of this module.
Plagiarism
Failure to acknowledge the work of other authors or scholars in your own write ups and
presenting it as your own material is an academic and professional offence, which is
tantamount to cheating and is not acceptable according to the university and general academic
and professional policies. It is therefore incumbent upon all students to properly acknowledge
the work of other authors and scholars.
TOPICS
1. IFRS 10 Consolidated financial statements
Complex groups, consolidating sub-subsidiaries, direct holding in sub-subsidiaries,
business combination in stages.
2. IAS 7 Statement of cash flows
Consolidated statement of cash flows, subsidiaries, associates e.t.c
3. IAS 21 The effects of changes in Foreign Exchange rates
Accounting for the consolidation of foreign entities, apply the translation of foreign
currency amounts and transactions to functional currency & presentation currency etc.
4. IFRS 8 Operating segments
Determining nature and extent of reportable segments, disclosures etc.
5. IFRS 11 Joint arrangements
Define joint arrangements, distinguish between joint arrangement and joint
ventures
Account for joint operations and interest in joint arrangement in the separate
financial statements of an investor and disclosure requirements etc.
6. Property , Plant and Equipment [IAS 16]-COMPLEX ASSETS
Initial measurement of NCAs, capital and revenue expenditure issues,
depreciation on cost and revaluation model of complex assets
Discuss the differences between IAS 16 and IAS 40 e.t.c
2
Disclosures
7. IFRS 5 Non-current assets held for sale and discontinued operations
Classification & measurement of assets held for sale, presenting discontinued
operations, disclosures etc.
8. IFSR 9 Financial instruments
Classification and measurement of financial instruments, business model,
impairments etc.
9. IFRS 2 Share based payments
Recognition, measurement & disclosure etc
10. IAS 29 Financial Reporting in hyperinflationary economies
11. Current developments
IFRS 17 Insurance
NB: ATTENDANCE TO CLASS IS MANDATORY
RECOMMENDED TEXTS
AUTHOR TITLE & EDITION PUBLISHER CITY
Service, C.L & Kolitz, GAAP: GRADED LEXIS NEXIS DURBAN
D.L QUESTIONS (2017
EDITION)
Koornhof, C, et al Descriptive Accounting LEXIS NEXIS Durban
(Latest Edition)
IASB IFRS ( BLUE/ GREEN/ IASB LONDON
RED) LATEST EDITIONS
