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    ACF 411AC421 - International Accounting Course Outline

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    Simphiwe Dlamini
    This document outlines an International Accounting course offered at the University of Swaziland Faculty of Commerce. The course aims to deepen students' understanding of international accounting standards like IAS, IFRS, and IPSAS. Students will learn about the conceptual framework for financial reporting, accounting policies and changes, fair value measurement, and public sector accounting. Assessment will consist of tests, coursework, and a final exam. Topics covered include the evolution of accounting standards, the IASB standard setting process, qualitative characteristics of financial reporting, recognition and measurement principles, and accounting in the public and private sectors.

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    ACF 411AC421 - International Accounting Course Outline

    Uploaded by

    Simphiwe Dlamini
    37 views3 pages
    This document outlines an International Accounting course offered at the University of Swaziland Faculty of Commerce. The course aims to deepen students' understanding of international accounting standards like IAS, IFRS, and IPSAS. Students will learn about the conceptual framework for financial reporting, accounting policies and changes, fair value measurement, and public sector accounting. Assessment will consist of tests, coursework, and a final exam. Topics covered include the evolution of accounting standards, the IASB standard setting process, qualitative characteristics of financial reporting, recognition and measurement principles, and accounting in the public and private sectors.

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    ACF 411AC421 - International Accounting Course Outline (1)

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    This document outlines an International Accounting course offered at the University of Swaziland Faculty of Commerce. The course aims to deepen students' understanding of international accounting standards like IAS, IFRS, and IPSAS. Students will learn about the conceptual framework for financial reporting, accounting policies and changes, fair value measurement, and public sector accounting. Assessment will consist of tests, coursework, and a final exam. Topics covered include the evolution of accounting standards, the IASB standard setting process, qualitative characteristics of financial reporting, recognition and measurement principles, and accounting in the public and private sectors.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    37 views3 pages

    ACF 411AC421 - International Accounting Course Outline

    Uploaded by

    Simphiwe Dlamini
    This document outlines an International Accounting course offered at the University of Swaziland Faculty of Commerce. The course aims to deepen students' understanding of international accounting standards like IAS, IFRS, and IPSAS. Students will learn about the conceptual framework for financial reporting, accounting policies and changes, fair value measurement, and public sector accounting. Assessment will consist of tests, coursework, and a final exam. Topics covered include the evolution of accounting standards, the IASB standard setting process, qualitative characteristics of financial reporting, recognition and measurement principles, and accounting in the public and private sectors.

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    UNIVERSITY OF SWAZILAND

    FACULTY OF COMMERCE
    DEPARTMENT OF ACCOUNTING AND FINANCE
    Academic Year: 2020/ 2021

    Programme : Bachelor of Commerce


    Course Title : International Accounting
    Course Code : ACF 411/421
    Lecturer : Mr. B. Mogunde
    Email : bmmogunde@uniswa.sz

    Aim of the course


    The aim of the course is to deepen students understanding of international accounting standards
    (IAS), International Financial Reporting Standards (IFRS) and International Public Sector
    Accounting Standards (IPSASs).

    Learning Outcomes
    By the end of the course students should be able to:
     Describe the need for international accounting standards
     Prepare and present financial statements as per organization’s accounting policy
    compatible with the conceptual framework
     Prepare financial statements in accordance with the requirements of accounting policies,
    changes in accounting estimates, and errors (IAS 8)
     Apply basic principles of accounting to a public sector environment, understand some of
    the requirements of the International Public Sector Accounting Standards relating to assets,
    liabilities, revenue and expenses, explain the differences and similarities between public
    sector and private sector accounting.
     Explain fair value concept, describe a framework for measuring fair value, specify
    disclosures about fair value measurement and prepare financial statements in accordance
    with IFRS 13.

    Course assessment
    Students will be required to write two tests and a final examination. The final grade will consist
    of a combination of continuous assessment and a three hours written final examination. The
    weighing of the final overall grade will be one-third of the course work and two-thirds for the
    final examination (Continuous Assessment33 % + Final Examination 67 % = Total 100%). To
    achieve a pass in the course students must achieve an overall grade of at least 50%.

    1
    Course content

    1. Introduction to International Financial Reporting Standards


    1.1 How accounting profession has evolved
    1.2 Does International Financial Reporting Standards Matter?
    1.3 The IASB and IFRS
    1.4 IFRS Standard Setting Process
    1.5 The adoption of IFRS around the world
    1.6 Current proposals to amend existing standards, relevant exposure drafts and
    other discussion papers
    2. The Conceptual Framework for Financial Reporting 2010
    2.1 Introduction
    2.2 Contents, Purpose and the Scope of the IASB’s Conceptual Framework
    2.3 The Objective of General Purpose Financial Reporting
    2.4 Qualitative Characteristics of Useful Financial Information
    2.5 Financial Statements and Reporting Entity
    2.6 The Elements of Financial Statements
    2.7 Recognition and Derecognition
    2.8 Measurements
    2.9 Presentation and Disclosure
    2.10 Concept of Capital and Capital Maintenance
    2.11Management Commentary
    3. Accounting Policies, Changes in Accounting Estimates, and
    Errors IAS 8
    3.1 Accounting Policies and Selection of Accounting Policies
    3.1.1 Changes in Accounting Policies and Retrospective application of change in
    accounting policy
    3.1.2 Limitation on retrospective application
    3.1.3 Disclosure of a change in accounting policy
    3.1.4 Judgements- IAS8
    3.2 Changes in accounting estimates
    3.3 Correction of errors
    3.3.1 Impracticability exception
    3.4 Future Developments
    4. Fair Value Measurement IFRS 13
    4.1 Background, objective and scope of IFRS 13
    4.2 Measurement
    4.3 Valuation techniques
    4.4 Liabilities and an entity’s own equity instruments
    4.5 Disclosure
    5. Public Sector Accounting
    5.1 International Public Sector Accounting Standards (IPSASs)
    5.2 Objectives, Scope and Authority of IPSASs
    5.3 Developments in Public Sector Financial Statements
    5.4 Disclosure of Information about the General Government Sector Accounting

    2
    Reading materials
    1. Alibhai et al. Interpretation and Application of IFRS Standards, Wiley, 2018.
    2. Barnes et al. International GAAP, 14th edition, Wiley 2019.
    3. Pontoppidan C. and Andernack I., Interpretation and Application of IPSAS,Wiley 2016
    4. Relevant journals

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