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Advanced Financial Accounting: Course Outline (MS A & F)

Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as

Course Outline

A. Advanced Financial Accounting Framework (Overview)

International Financial Reporting Standards (IFRSs/IASs/IFRIC & SIC Interpretation Statements)

a. History

  1. How it all started?
  2. Since when?
  3. Its evolution over time

b. Organization

  1. By whom issued (IFRSs/IASs)?
  2. What is the current organization? Who reports to whom?
  3. What is the IFRSs/IASs issuance process?

c. Financial Reporting Framework - Globally

d. Application in Pakistan

  1. Legal framework
  2. Application of specific IFRSs/IASs
  3. Specific exemptions in Pakistan

B. Inventories, Accounting Policies, Changes in Accounting Estimates and Errors, Events after the Reporting Period (IAS 2, 8, 10) 

C. Property Plant & Equipment, Intangible Assets, Investment Property (IAS 16, 38, 40) 

D. Impairment of Assets (IAS 36)

E. Foreign Currencies (IAS 21)

  1. Functional currency / presentation currency / foreign currency
  2. Foreign Currency Translations (Transactions + Balances)
  3. Translation of Foreign Operations

F. Existing and new “Revenue Recognition Standards”

  1. Existing Revenue Standards (IAS 11 & IAS 18)
  2. Accounting for agreements for construction of real estate (IFRIC 15)
  3. New comprehensive revenue standard (IFRS 15)
  4. Significant variations from existing practices and their implications

G. Leases (IAS 17 & IFRS 16)

  1. Classification of leases
  2. Accounting by lessees
  3. Accounting by lessors
  4. Accounting for sale and lease back transactions
  5. New lease standard (IFRS 16) – Major variations from existing practices and implications

H. Accounting for Employee Benefits (IAS 19)

  1. Short term employee benefits
  2. Post-employment benefit plans
  3. Other long term employee benefits
  4. Termination benefits

I. Taxation (IAS 12)

  1. Current tax assets and current tax liability
  2. Deferred tax assets and deferred tax liabilities
  3. Tax effect of investment in subsidiaries/branches/joint arrangements/associates
  4. Deferred tax arising from business combinations

J. Group Accounts

  1. Separate Financial Statements – IAS 27
  2. Business Combinations – IFRS 3
  3. Consolidated Financial Statements – IFRS 10
  4. Joint Ventures and Associates –  IAS 28 & IFRS 11
  5. Fair Value Measurements – IFRS 13

K. Financial Instruments (IAS 39 & IFRS 9)

  1. Classification of financial instruments
  2. Recognition and derecognition of financial instruments
  3. Measurements
  4. Impairments
  5. Hedge Accounting

L. Performance Reporting

  1. Earnings per share (IAS 33)
  2. Ratio analysis

M. International Financial Accounting and Reporting

  1. IFRSs Vs US GAAP
  2. International Convergence
  3. Recent Developments