Intermediate Financial Accounting II

Course Description

This course is a continuation of Intermediate Financial Accounting I and provides students with deeper knowledge of financial reporting and accounting standards. It emphasizes the preparation and presentation of financial statements in accordance with International Financial Reporting Standards (IFRS). Topics include accounting for specialized transactions, partnerships, company accounts, financial instruments, leases, and group accounts. Students will also learn about ethical and regulatory frameworks guiding financial reporting.

Course Objectives

By the end of this course, students should be able to:

1. Apply IFRS and GAAP in preparing financial statements for companies and partnerships.

2. Account for complex transactions such as leases, revenue recognition, and financial instruments.

3. Prepare consolidated financial statements for parent and subsidiary companies.

4. Analyze financial reports for decision-making.

5. Demonstrate professional ethics in financial reporting.

Course Content (Main Topics)

• Review of Intermediate Financial Accounting I concepts

• Partnership accounting: admission, retirement, dissolution

• Company accounts: share capital, reserves, and dividends

• Accounting for financial instruments (bonds, debentures, preference shares)

• Revenue recognition under IFRS 15

• Leases under IFRS 16 (operating vs finance leases)

• Provisions, contingencies, and events after reporting date

• Earnings per share (EPS) and other disclosures

• Consolidated financial statements: parent, subsidiary, associates

• Regulatory framework and ethical considerations in financial reporting

Teaching Methods

• Lectures and tutorials

• Practical problem-solving sessions

• Case studies using real company financial statements

• Group projects on IFRS application

Assessment Methods

• Continuous Assessment Tests & Assignments (40%)

• Final Examination (60%)

Learning Outcomes

Upon successful completion, students will be able to:

• Prepare and present company financial statements in compliance with IFRS.

• Record and analyze complex accounting transactions.

• Consolidate financial statements for corporate groups.

• Interpret and evaluate financial information for business decisions.

• Apply ethical principles in reporting financial results.