| CODE | ACC5958 | ||||||||||||
| TITLE | Advanced Aspects of Financial Reporting 1 | ||||||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||||||
| MQF LEVEL | 7 | ||||||||||||
| ECTS CREDITS | 10 | ||||||||||||
| DEPARTMENT | Accountancy | ||||||||||||
| DESCRIPTION | The accounting for business combinations is covered during the study-unit. This includes the accounting for complex consolidation adjustments and the compilation of a consolidated statement of financial position and consolidated statement of profit and loss and other comprehensive income. The accounting for joint arrangements and associated companies, are covered. This includes the accounting under the equity method together with the relevant equity accounting adjustments. Preparation of a statement of financial position and a statement of profit and loss and other comprehensive income for inclusion in separate financial statements, inclusive of various international financial reporting adjustments required by financial reporting standards is also addressed. Accounting for the advanced topics of impairment and deferred taxation is also covered together with developments in international accounting. Aspects of IT applications are also addressed. Study-unit Aims: The main purposes of the study-unit are: a) To familiarise the student with some of the more important aspects of international financial accounting and reporting; b) To examine aspects related to business combinations; c) To examine aspects related to joint arrangements and associated companies; d) To examine the preparation of the primary statements in a set of financial statements inclusive of adjustments required by international financial reporting standards; e) To examine the accounting for impairment; f) To examine the accounting for deferred taxation; g) To familiarise the students with aspects of IT applications. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - Interpret aspects of and issues in financial reporting and accounting by writing descriptive and argumentative short essays; - Identify recent developments in related international accounting and reporting standards. 2. Skills By the end of the study-unit the student will be able to: - Prepare a consolidated statement of financial position and a consolidated statement of profit and loss and other comprehensive income for inclusion in consolidated financial statements, inclusive of various consolidation adjustments; - Account for joint arrangements and associated companies, inclusive of various adjustments required under the equity method; - Prepare a statement of financial position and a statement of profit and loss and other comprehensive income for inclusion in separate financial statements, inclusive of various adjustments required by financial reporting standards; - Account for impairment of assets; - Account for deferred taxation; - Account for financial accounting transactions using a specified IT software. Main Text/s: - Elliott, B. and Elliott, J. (latest edition) Financial Accounting and Reporting. London: FT Press. Supplementary readings: - Alexander, D. Britton, A., and Jorissen, A. (latest edition) International Financial Reporting and Analysis. Hampshire: Cengage Learning EMEA. - Deegan, C. And Unerman, J. (latest edition)Financial Accounting Theory. London: Mc-Graw Hill Higher Eductaion. - International Accounting Standard Board (latest edition) International Financial Reporting Standards. London: International Financial Reporting Standards Foundation. - Lewis, R. and Pendrill, D. (latest edition)Advanced Financial Accounting. London: FT Press. - Melville, A. (latest edition) International Financial Reporting: A Practical Guide. London: FT Press. - Maltese Legislation and Local and EU Publications dealing with financial reporting. Other material as indicated during the lectures. |
||||||||||||
| RULES/CONDITIONS | Before TAKING THIS UNIT YOU MUST TAKE ACC2112 AND TAKE ACC2113 AND TAKE ACC2851 AND TAKE ACC3461 | ||||||||||||
| ADDITIONAL NOTES | Pre-requisite Qualifications: Bachelor of Commerce with Accountancy Stream | ||||||||||||
| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||||||||
| METHOD OF ASSESSMENT |
|
||||||||||||
| LECTURER/S | Ivan Paul Grixti Monique Micallef |
||||||||||||
|
The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
|||||||||||||