FAC3764 | Financial Accounting

FAC3764 starts with the Conceptual Framework, building on 2^nd year knowledge. From there, IAS 12 Income Taxes is covered in great detail. This is a section that students often struggle with, and it applies to most of your Financial Accounting studies and topics, so it becomes assumed knowledge in your modules going forward. You really need to understand it here, because you won’t have time to re-learn it in the rest of your modules!

The first part of the course is also largely about assets and their measurement. There is more than one IFRS relating to different types of assets: property, plant and equipment; intangible assets; property bought for investment; assets that have been discontinued and will be sold; assets that need to be impaired and financial instruments. These make up a big part of the course - how to bring them on the books, calculate their values, and present them on the financial statements are the main things you’ll learn here. In addition, the accounting for leases and revenue from contracts with customers is also covered.

The biggest standards are covered with quite a few lectures to explain them with examples to illustrate them. You’ll probably be spending more time on these.

The second part of the course covers group accounting. We kick off with brief re-introduction of some of the basics in case you do not recall these from your prior studies. The module will teach you how to consolidate a group of companies, and how to account for associates and joint arrangements. This is an exciting and new challenge in your accounting journey!

Our lecturers follow a unique approach to teaching the consolidation process to students. The lecturers make use of a journal approach which has proven to aid students greatly in understanding very complex consolidations.

Overall, the course revisits some topics covered in 2^nd year (don’t worry, we don’t just assume you are an expert on these), builds on these and introduces some new topics. The entire syllabus is covered by video lectures. In these videos we will also be teaching you what the various IFRS standards are there for, how they’re structured, how they work, and how they’re presented on the financial statements.

For your exams, we’ve gone through two past exams, showing you in how to read, plan and answer your questions.

TOPICS/STANDARDS

• Conceptual framework for financial reporting
• Income taxes (IAS 12 and FRG1)
• Revenue from contracts with customers (IFRS 15)
• Leases (IFRS 16)
• Property, plant and equipment (IAS 16)
• Investment property (IAS 40)
• Fair value (IFRS 13)
• Intangible assets (IAS 38)
• Impairment of assets (IAS 36)
• Non-current assets held for sale and discontinued operations (IFRS 5)
• Accounting policies, changes in accounting estimates and errors (IAS 8)
• The effects of changes in foreign exchange rates (IAS 21)
• Financial instruments (IFRS 9 and IAS 32)
• Employee benefits (IAS 19)
• Revision: Introduction to Groups
• Revision: Intercompany Transactions and Balances
• Business Combinations: At Acquisition (IFRS 3)
• Business Combinations: After Acquisition (IFRS 3)
• Simple Groups
• Joint arrangements (including Joint Ventures)
• Associates
• Related Party Disclosures (IAS 24)
• Changes in Ownership
• Different reporting frameworks, accounting theories and emerging accounting trends

PLEASE NOTE: THIS COURSE IS DESIGNED TO SUPPORT 2024 ONLY. PURCHASE WILL GIVE YOU ACCESS TO THIS COURSE UNTIL THE OCTOBER/NOVEMBER EXAMINATIONS HAVE BEEN WRITTEN.