Advanced Financial Accounting Course Outline

UGANDA CHRISTIAN UNIVERSITY
SCHOOL OF BUSINESS
DEPARTMENT OF BUSINESS AND FINANCE
COURSE OUTLINE – ADVANCE FINANCIAL ACCOUNTING &ADVANCED
ACCOUNTING (BBA3.1 & BSAF3.1)
SEMESTER 1, ACADEMIC YEAR 2022/2023
A. COURSE DESCRIPTION
Advanced Financial Accounting equips students with knowledge and understanding of more
advanced financial reporting practices in accordance with current legislations, and accounting
standards (IASs / IFRSs) so as to logically handle several accounting aspects.
Course Objectives
 To enable students understand the international and local corporate reporting framework
 To enable students prepare, and interpret financial statements including consolidated
financial statements.
 To enable students cope with the current financial reporting issues and developments.
 To enable students understand the IAS/ IFRS in issue.
Learning Outcomes
At the end of the course students should be able to;
 Prepare financial statements for external use, following the GAAP & International
Accounting Standards.
 Apply the selected International Financial Reporting Standards (IFRS)
 Use the knowledge obtained from this course to solve the day-today financial accounting
problems in line with the Uganda’s financial reporting environment, practices and
international financial reporting framework
 Measure the elements of financial statements
 Analyze financial statements and interpret accounting information
 Prepare consolidated financial statements of a simple group structure
B. DETAILED COURSE OUTLINE

1) A conceptual framework for Accounting & Regulatory
framework for Financial Reporting / Theoretical Matters
 Meaning of conceptual framework
 Reasons for having a conceptual framework
 Alternatives to a conceptual framework
 Structure of the international regulatory system i.e. IFRS
Foundation, IASB, IFRIC,SAC
 Procedures for development of IFRSs and their usefulness to a
developing country like Uganda.
 The IASB and National Standard setters
1
 Why a regulatory framework is necessary
 Purpose of the framework
 Qualitative Characteristics of Financial information identified by the
framework
 Elements of Financial statements
2) Group accounting (IFRS 3 Business Combinations, IFRS 10-

Consolidated Financial Statements, IAS 27 Separate financial
Statements, IAS 28 Investment in Associates, IAS 31 Interests in
joint ventures)
Principles of consolidated Financial Statements

 Concept of group Accounts
 Objectives / purpose of consolidated Accounts
 IFRS 10 / IAS 27 definition of a subsidiary
 Consolidation of subsidiaries and circumstances where it is not
permitted to consolidate a subsidiary
 Elimination of intra group Transactions, Un Realized profits
 Use of coterminous year ends and Uniform Accounting policies
Consolidated Statement of Financial Position

 Consolidated statement of Financial Position for a simple group
 Deal with pre and Post acquisition profits
 Deal with Non-Controlling Interest
 Intra - group trading
 Fair value Adjustments
 Accounting treatment of Good will (IFRS 3 Business combination)
 Consolidation of other Reserves
 Consolidated statement of Financial Position involving an
Associate & Subsidiary
Consolidated Statement of Profit or Loss and Other

Comprehensive income / Statement of comprehensive income
 Consolidating subsidiaries(y)
 Dealing with associates / Equity method of Accounting
 Reasons behind the Use of Equity Accounting
 Consolidated Income statement involving an associate &
Subsidiary
3) Cash flow statements/ Statement of Cash flows (IAS 7)

 Benefits of cash flow statements
2
 Limitations of cash flow statements
 Preparation of cash flow statements as per IAS 7 using direct and
indirect method
4) Financial statements analysis, interpretation and comparability.

 Users of financial analysis.
 Silent features of financial Statement analysis.
 Specific areas of concern in financial statement analysis.
 Balance sheet, income statement ratios
 Operating or management ratios
 Income statement Vs. Balance sheet ratios.
 Horizontal analysis
 Concepts of financial balance and overtrading
 Producing written reports on financial statements analysis.
 Criticisms of ratio analysis and possible remedies.
5) Financial Statements for Publication (IAS 1 – Presentation of

Financial statements)
 Requirements of IAS 1
 Format and Contents Of financial Statements
 Statement of Financial Position
 Statement of comprehensive income / Statement of profit or loss
and other comprehensive income)
 Statement of changes in Equity and notes.
6) Application of IFRSs & International Accounting standards:

 IAS 16 : Property, Plant & Equipment
 IAS 20 : Accounting for government grants & disclosure of
government Assistance
 IAS 23 : Borrowing costs
 IAS 40 : Investment Property
 IAS 17 : Leases
 IAS 36 : Impairment of Assets
 IAS 37: Provisions, contingent assets and liabilities.
 IAS 38 : Intangible Assets
 IFRS 15 : Revenue from contracts with customers
 IAS 10 : Events after the reporting period
 IAS 12 : Income taxes
 IAS 8 : Accounting Policies, Changes In Accounting Estimates
& Errors
 IAS 2 : Inventories
3
C. ASSESSMENT & EVALUATION PROCEDURES
Continuous assessment to include:
Test 1 25%
Test 2 25%
Test 3 25% to take the best two done tests
End of Semester University exam 50%

100%
Pass mark 50%
D. METHODS OF INSTRUCTION
 Lectures
 Guided group discussions
 Group presentations
 Tutorials
E. FACILITATORS
o Alex Ahabwe Tel: 0754776432 / 0774790485

o Katisme Nicson Tel: 0702-759918/ 0777-064105
o Mwebesa Gordon Tel: 0702-743176
F. REFERENCES
 Eliot Barry & Eliot Jamie (2011): Financial Accounting & Reporting, Prentice Hall12th
Edition
 Gee Paul, Pegler and Spicer (1991): Spicer and Pegler’s Book - Keeping and Accounts,
Butterworth’s Law/HFL21st Edition
 Hennie Van Greuning, Scott Darrel and Terblanche Simonet (2011): International
Financial Reporting Standards - A practical guide, World Bank Publications 6th Edition
 International Accounting Standards Board (2012): International Financial Reporting

Standards, International Accounting Standards Board, United Kingdom
 Lewis Richard and Pendrill David (1999): Advanced Financial Accounting, Prentice Hall
6th Edition
 Rowan Jones & Pendlebury Maurice (2010): Public Sector Accounting, Pearson
Education 6th Edition
4
 Saleemi NA (2009): Advanced Accounting, ACME Press Ltd, Nairobi Kenya East
African Edition
 Sangster Allan (1997): Workbook of Accounting Standards, Trans-Atlantic Publications
4th Edition.

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UGANDA CHRISTIAN UNIVERSITY

B. DETAILED COURSE OUTLINE

2) Group accounting (IFRS 3 Business Combinations, IFRS 10-

Principles of consolidated Financial Statements

Consolidated Statement of Financial Position

Consolidated Statement of Profit or Loss and Other

3) Cash flow statements/ Statement of Cash flows (IAS 7)

4) Financial statements analysis, interpretation and comparability.

5) Financial Statements for Publication (IAS 1 – Presentation of

6) Application of IFRSs & International Accounting standards:

End of Semester University exam 50%

o Alex Ahabwe Tel: 0754776432 / 0774790485

 International Accounting Standards Board (2012): International Financial Reporting

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