201. Advanced Financial Accounting-I

ICMAB

201. Advanced Financial Accounting-I

Professional Level-II

 

201. Advanced Financial Accounting-I - 100

Course Objective : This course provides the students with a detailed knowledge of accounting principles, concepts, techniques and their application to develop an ability and skills in practical work situation. On completion of this course the students will be able to:

a.  appraise theoretical and regulatory national accounting frameworks of different concerns and international accounting standards.

 b. prepare financial statements for branches, joint ventures, financial institutions, govt. and non-govt. organizations.

c.  prepare financial reports for other organizational entities.

 

201.01 Financial statements from incomplete information

Single-Entry Systems; Records in Single-Entry Systems; Preparation of Financial Statements from Single-Entry Records; Change from Single-Entry to Double-Entry; Use of Single-Entry System.

 

201.02 Accounting for leases (IAS-17)

Basics of leasing; accounting by lessee; accounting by lessor; special accounting problems; lease accounting; sale and leaseback accounting.

 

201.03 Accounting for joint ventures, installment sales and consignments (IAS-31)

Joint ventures: forms of joint ventures; jointly controlled operations; jointly controlled assets; jointly controlled entities; transactions between a venturer and joint venture; consolidated and separate financial statements of a venturer; operators of joint ventures; disclosure in financial statements; installment sales: accounting for installment sales; profit in period of sales; profit in relation to cash realized; trade-ins; defaults and repossessions; consignments: accounting for the consignments; consignee’s books; consignor’s books; uncompleted consignments.

 

201.04 Accounting for income taxes (IAS-12)

Fundamentals of accounting for income taxes; accounting for net operating losses; financial statement presentation; special issues; asset-liability methods; inter-period tax allocation; deferred income taxes.

 

201.05 Accounting for Banks and financial institutions (IAS-1)

Bank companies Act, 1991 & 2003; Non-bank Financial Institutions Act, 1993; Designing a system of accounting for a Bank, full particulars of book debts, prescribed forms of profit and loss Account and Balance Sheet, statutory requirements and limitations; preparation of financial statements of banks and non-bank financial institutions and compliance of disclosure requirements.

 

201.06 Accounting for Insurance Companies (IAS–1, IFRS-4)

Insurance companies: Insurance Act, 1938 & 1973; financial statements of general insurance companies and life assurance companies; statutory requirements and limitations; preparation of financial statements of insurance companies; disclosure requirements.

 

201.07 Accounting for utility services (IAS-1)

Double account system; Capital Account and General Balance Sheet; construction of Capital Accounts; accounts of Railway Companies; accounts of Electric Companies; accounts of Gas and Water supply Companies.

 

201.08 Branch accounting

Accounting systems for branches; preparation of branch and home office statements; preparation of combined statements; adjustments for reciprocal accounts; special branch and home office relationships; inter branch transfer of merchandise and cash; branch billing at arbitrary rate above cost or at retail sales price; combined financial statements.

 

201.09 Accounting for not-for-profit organizations (IAS-1)

Fund accounting; accrual basis of accounting; classification of revenue and expense; accounting for current funds; contributions; accounting for plant funds; accounting for endowment funds; accounting for investments; accounting for loan funds; accounting for custodial funds; accounting for annuity and life income fund; financial statements.

 

201.10  Government Accounting

Nature and scope of Government Accounting; Summary of differences to Commercial Accounting; The frame-work and Structure of Government Accounting in Bangladesh; System of Accounts; Finance and Revenue accounts; Period accounts; budgets and annual development programme.

 

201.11 Accounting changes and error analysis (IAS-8)

Accounting changes, types of accounting changes, changes in accounting principles, changes in accounting estimates, reporting a change in entity, reporting a correction of an error, motivation for changes; error analysis, balance sheet error, income statement error, balance sheet and income statement effects, preparation of financial statements with error correction.

 

201.12 Accounting for insolvency

Contractual agreement; extension of payment period; composition agreements; formation of a creditors committee; voluntary assignment of assets; bankruptcy; voluntary petition; involuntary petition; secured and unsecured creditors; liquidation; duties of the trustees; accounting for reorganizations; troubled debt restructuring; the statement affairs; trustee accounting and reporting; realization and liquidation accounts as per Insolvency Act, 1997.  

 

201.13 Accounting for Construction Contracts (IAS-11)

Objectives; scope; definitions; combining and segmenting construction contracts; contract revenue; contract costs; recognition of contract revenue and expenses; recognition of expected losses; changes in estimates; disclosure of accounting policies; accounting for contract.

Text Books

1.         Intermediate Accounting (13th ed.)  -  Smith & Skousen

2.         Advanced Accounting –Karrenbrock and Simons (South Western) (3rd edition).

3.         Advanced Accounting–Harried, Imdieke and Smith (Wiley) (6th edition).

4.         International Accounting Standards, IASC, U. K.

Reference Books

1.         Intermediate Accounting (11th ed.)  -  Kieso & Weygandt

2.         Advanced Accounting – R.E. Baker, V.C. Lembke & T.E. King (6th edition).

3.         Advanced Accounting- Pahler & Mori (6th edition).

4.         Advanced Accounting–M.M. Khan (8th edition).

5.         IASC Publications, U. K.

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