This course will focus on advanced topics in accounting. This course is of primary interest to students who intend to pursue a career in professional accounting. It focuses on developing core theoretical and practical issues in respect of financial accounting.

Emphasis is placed on key issues that face accountants in practice and the development of an understanding of how different contexts affect accounting and financial reporting.
 

The course builds on technical skills and conceptual understanding developed in earlier courses, particularly financial accounting and cost accounting. Its primary focus is on accounting for long-term inter-corporate investments, particularly methods of consolidation accounting; but there is also coverage of accounting for partnership engagements, and the treatment of events that occur post balance sheet.

At the end of this course, students should be able to participate in complex undertakings that require them to:

• Outline the principles in advanced financial accounting, theories and concepts for company and partnership accounting.
• State the role that Financial Accounting plays in the business and the importance of reporting the results of business operations to the relevant stakeholders in the business in keeping with IFRS Standards.
• Prepare and analyze financial records to ensure that they meet with generally accepted accounting standards –including Cash Flow/Profit & Loss/Consolidated Accounts/Source and Application of Funds Statement.
• Assess the requirements for corporation tax, how to treat with deferred taxation and proposed dividends.

Identify and explain the adjustments necessary in post-balance sheet activities, such as accounting for contingencies through appropriate case examples.