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FACULTY OF ACCOUNTING & FINANACECOURSE OUTLINECOURSE CODE AND TITLE: PBBF 301 – FINANCIAL ACCOUNTING TARGET AUDIENCE : LEVEL 300 (BANKING & FINANCE) YEAR AND SEMESTER :2016/2017- SECOND SEMESTERCOURSE INSTRUCTOR :MR. LEXIS TETTEH EMAIL :tetteh.lexis@upsamail.edu.ghPHONE:0242-785892COURSE DESCRIPTIONThe course is a blend of theory and practice of accounting in details to enable the student prepare financial statements in accordance with the recent development in accounting and reporting practices under the International Financial reporting standards (IFRS).The course seeks to introduce students to accounting for companies. The course aims at equipping students with the knowledge and skills required in the preparation of financial statements of companies especially those of financial institutions. The course also introduces students to the nature, importance and preparation of cash flow statements. Also covered are the analysis and interpretation of financial statements.COURSE OBJECTIVESAt the end of the course, the student should;Identify the users of financial statements and the tools employed in analyzing financial statements as well as performing some analysis from a given data.Develop the knowledge and skills in the analysis and preparation of accounts relating to companies.Prepare the financial statements of limited liability companies in accordance with the prescribed formats of IFRS.Explain the importance of liquidity in a business and why it is important for companies to prepare cash flow statementsPrepare a cash flow statement for an individual company in accordance with IAS 7 COURSE CONTENTSWeek 1: Conceptual and Regulatory Framework for Financial ReportingMeaning and importance of Conceptual FrameworkObjectives and coverage/scope of the Conceptual FrameworkRegulatory framework for preparation of financial statementDefinition and importance of Accounting Standards The standard setting processWEEK 2-4: Application of International Financial Reporting Standards (IFRS)IAS 1 – Presentation of financial StatementsIAS 2 – InventoriesIAS 16 - Property, Plant and EquipmentIFRS 15-Revenue from Contracts with CustomersWEEK 5-6: Issue of Shares and Debentures/BondsWhat is a share?What are the classes of shares?Methods of issuing sharesStages in the issue of sharesAccounting entries for the issue of sharesRedemption of Redeemable Preference SharesAccounting entries for the issue of Debentures WEEK 7: INTERIM ASSESSMENTWEEK 8-10: Financial Statements of Trading companies and Banks Identify and explain the contents of an annual published accountsExplain the Banking Act and relevant portions of the Ghana Companies Code 1963, Act 179Discuss the format for presenting financial statements of trading companies and Banks (statement of comprehensive income, statement of changes in equity and statement of financial position) according to the suggested format of IFRSWEEK 11: Statement of Cash Flow-IAS 7The importance of liquidity in a businessThe need for cash flow statements aside the income statement and the balance sheetComponents of a cash flow statementCash flow from operating activitiesCash flow from investing activitiesCash flow from financing activities WEEK 11: Analysis and Interpretation of Financial StatementsUsers of financial statementsTools applied in financial statement analysisProfitability ratiosLiquidity ratiosEfficiency ratiosSolvency ratiosInvestment ratiosGUIDE TO FINAL EXAMINATIONS AND ASSESSMENT Assessment may involve a mixture of quizzes, assignment, group work and presentations. All these will form the basis for taking part in interim assessment as well as end of semester examinations.Allocation of Marks shall be as follows:End of Semester Exams ………………...60%Interim Assessment ……………………..30%Assignment……………………………...10%Total ………………..…………………..100%READING LISTACCA (2015). Study text-corporate reporting. London: Kaplan Publishing.ACCA-F7 (BPP or KAPLAN)David Y. & Jacob C. (2013). Corporate reporting and analysis. (3rd ed.) New York: Addison and Wesley.ICAG (2015). Study manual: financial reporting. London: BPP Learning MediaReferences such Contemporary textbooks, journals, relevant articles, websites etc to be prescribed on topical basis. ................
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