SYLLABI – PART C (Professional Programme I) ADVANCED ACCOUNTING & FINANCIAL REPORTING

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THIS IS A FOUR HOUR PAPER

  1. Aim

The aim of the module is to equip the candidate with the key competencies necessary to run a fully fledged Financial Accounting function, including reporting both for Internal and External purposes.

  1. Learning Outcomes

At the conclusion of this module the candidate will be able to:

  • Understand the theory and practice of Financial Accounting and Reporting.
  • Understand the International Accounting Standards governing the discipline of Accounting.
  • Prepare Financial Accounts at all levels including the use of inflation accounting.
  • Prepare Financial Statements for Internal use and external use.
  • Make the necessary interpretations, evaluation of Accounts and be able to account for leases, Reconstructions, Mergers and Amalgamations.
  • Prepare group accounts and financial statements of all forms.

Pre-requisite Learning

Evidence of assessed pre-requisite knowledge and understanding in the following disciplines must be demonstrated through the Institute’s examinations, or those of equivalent qualifications which have been approved as meeting the Institute’s requirements.

  • All of Part A
  • Financial Accounting
  • Taxation
  1. Learning Content

General revision of earlier courses in accounting.

  1. Accounting Framework

Accounting theory, measurement of profit, standard setting (including national and international accounting standards).

  1. International Accounting Standards

Coverage of all the International Accounting Standards and the framework in which they are set or reviewed.

  1. Financial Statements

Preparation of advanced financial statements, group accounts, accounting for associated companies, taxation and deferred taxation in financial statements.  Group cash flows.

  1. Inflation Accounting (IAS 29)

Changing prices.  Accounting under conditions of changing prices;  Hyperinflation.

  1. Specialised Accounting

Special aspects relating to limited companies including acquisitions, mergers, reconstructions and amalgamations.  Valuation of business and other securities.

  1. Interpretation of Accounts

Analysis and interpretation of financial statements, use and limitations of accounting ratios.

  1. Informational Content of Accounts

Financial statements as a source of information for management, investors, creditors and other interested parties.

Instalment and other credit agreement sales, allocation of profit, deferred taxation.

  1. Foreign Exchange

Treatment of Foreign exchange transactions – including branches and subsidiary companies.

  1. Current Developments

Modern developments in accounting and reporting.

Note:

  1. Knowledge of relevant International Accounting Standards is a pre-requisite.
  2. Knowledge of the Income Tax Act (as amended) and the Companies act (as amended) is essential.
  3. Candidates may make use of hand-held, self-powered, silent, non-programmable calculators but intermediate working steps must be shown.

Recommended Reading

AUTHOR TITLE AND EDITION PUBLISHER CITY
Lewis & Pendrill Advanced Financial Accounting Pitman London
Cilliers, Roussouw & Faul (2010) Group Statements Vol 1 13thEdition

Group Statements Vol 2 13thEdition

Butterworth

Butterworth

London

London

International Accounting Standards Board (IASB) (2011) International  Financial Reporting  Standards as issued at 1 January 2011 IASB London
Joubert & Viljoen Students Guide to Valuations 3rd Edition J. L. Van Schaik Pretoria
Institute’s magazine.
Cilliers & Roussouw Company Financial Statements Butterworth Durban
Cilliers & Roussouw Group Statements – Selected Questions & Computer Application Butterworth Durban
Lane Principles of Financial Statements Juta & Co. Capetown
Companies Act: Chapter 24:09 Govt. Printers
Everingaham G Corporate Reporting Juta & Co. Capetown
Opperman HRD (2001) Accounting Standards 14thEdition Juta & Co Capetown
Voster Q (2010) Descreptive Accounting 15thEdition Lexis News Durban
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