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Advanced Financial Accounting-I |
Course Objectives
This advanced financial accounting-I course is designed to achieve some objectives. The specific objectives are to:
a.provides a conceptual framework of accounting; procedures and methods of financial reporting
b.provide accounting concepts related to assets, liabilities and equities.
c.provide elaborate understanding on financial reporting of assets and liabilities with due emphasis on international accounting standards
d.know the procedure of VAT accounting and NGO accounting
Accounting for Incomplete Records and Cashflows-Weight-15%
201.01 Financial Statements from Incomplete Records
Records in single entry system, Preparation of financial statements, Change to double entry system.
201.02 Statement of Cash Flows:
Cash inflows and cash outflows, Direct method of reporting operating cash flows, Indirect method of reporting operating cash flows, Reconciliation of net income with operating cash flows, International Accounting Standard (IAS-7).
Accounting for Joint Ventures, Consignments & Leases-Weight-15%
201.03 Accounting for Joint Ventures and Consignments
Jointly controlled operations, Consolidated and separate financial statements, Disclosures in financial statements, International Accounting Standard (IAS-31), Accounting for consignments, Books of consignor and consignee, Uncompleted consignments.
201.04 Accounting for Leases
Accounting by lessor and lessee, Capital lease and operating lease, Sales-type lease, Residual value, Bargain purchase options, Executory costs and discount rate, Lessor’s initial direct costs, Contingent rentals, Lease disclosures, Sale-lease back arrangements, Real estate leases, Leveraged leases, International Accounting Standard (IAS-17).
Accounting for Tax and VAT-Weight-15%
201.05 Accounting for Income Taxes
Deferred tax assets, Deferred tax liabilities, Temporary differences, Permanent differences Valuation allowance, Tax rate differences, Multiple temporary differences, Net operating losses, Financial statement presentation, Intra-period tax allocation, Multiple differences, and operating loss, International Accounting Standard (IAS-12).
201.06 Accounting aspects of VAT
Accounting for Employee Benefits & EPS-Weight-15%
201.07 Accounting for Employee Benefits
Post retirement benefits other than pension, Post retirement benefit obligation, Post retirement benefit expense, Stock based compensation plan, Stock award plans, Stock option plans , Stock appreciation rights, Broad based (non-compensatory) plans Compensation prior to retirement, Annual bonuses, Performance share plans and long-term cash bonus plans, Stock purchase plans, Vacation, sick days, other paid absences Post-employment benefits, International Accounting Standard (IAS-19), International Financial Reporting Standard IFRS-2
201.08 Earnings per Share
Basic earnings per share ,Issuance of new shares, Stock dividend and stock split, Reacquired shares, Earnings available to common shareholders, Diluted earnings per share, Potentially dilutive securities ,Options, rights, and warrants, Convertible securities, Anti-dilutive securities, Contingently issuable shares, Financial statement presentation of earnings data, International Accounting Standard (IAS-33).
Accounting for Financial Institutions-Weight-15%
201.09 Financial Reporting for Banks and Financial Institutions
Accounting and reporting for banks, Accounting and reporting for non-bank financial institutions, Particulars of book-debts, Provisioning for un-collectibles, Presentation of financial statements, Disclosure requirements, Bank Companies Act 1991, Financial Institutions Act 1993, International Accounting Standard (IAS-1) and (IAS-30).
201.10 Financial Reporting for Insurance Companies
Accounting and reporting for insurance companies, Financial statements of insurance companies, Disclosure requirements of general insurance companies, Disclosure requirements of life insurance companies, Insurance Act 1938, International Accounting Standard (IAS-1) and (IFRS-4).
Accounting for Errors, Contracts, Inflation and others-Weight-15%
201.11 Accounting for Changes and Error Corrections
Accounting changes, Changes in accounting principles, Changes in accounting estimates, Changes in reporting entity, Correction of accounting errors, Prior period adjustments International Accounting Standard (IAS-8).
201.12 Construction Contracts
Contract revenues and costs, Combining and segmented construction contracts, Recognition of expected loss, Disclosure requirements, International Accounting Standard (IAS-11).
201.13 Accounting for Changing Prices:
Price level changes, Current cost and constant taka accounting, Monetary and non-monetary items, Current costs adjustments, Presentation of financial statements, International Accounting Standard (IAS-29).
Accounting for Government and Non-profit Organizations-Weight-10%
201.14 Financial Reporting for Public Utility Concerns:
Accounts and reporting for Railways, Accounting and reporting for Electric companies, Accounting and reporting for natural gas companies, Accounting and reporting for Water supply companies, International Accounting Standard (IAS-1).
201.15 Financial Reporting for not-for-Profit Organizations
Fund accounting, Classification of revenue and expense, Current funds, contributions, plant funds, endowment funds, investment funds, loan funds, custodial funds, annuity and life income funds, Financial statements, International Accounting Standard (IAS-1).
201.16. Accounting for NGOs
Text Books
1.Intermediate Accounting, 3rd edition - Spiceland, Sepe & Tomassini (McGraw-Hill).
2.International Financial Reporting Standards. - IASB, London.
3.Modern Advanced Accounting,10th edition - E. J. Larsen (McGraw-Hill).
4.Advanced Accounting, - M. M. Khan (Ideal Library, Dhaka).
5.Modern Advanced Accounting in Canada, 4th Canadian edition - Hilton
6.Advanced Financial Accounting, 4th Canadian edition - Byrd & Chen
Reference Books
1.Intermediate Accounting, 11th edition - Kieso, Weygandt & Warfield (John Wily & Sons, Inc.).
2.Intermediate Accounting, 15th edition - Stice, Stice & Skousen (Thomson South-Western).
3.Advanced Accounting, 6th edition - Haried, Imdieke & Smith (John Wily & Sons, Inc.).
4.Advanced Financial Accounting, 6th edition - Baker, Lembke & King (McGraw-Hill).
5.Practice in Accountancy - Basu & Das (Rabindra Library, Kolkata).
6.Ethics Reading Handbook - CGA, Canada
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