Course: Financial Reporting
Course Code: ACCT6003
Credit Hours: 3
Managers and students of accounting need to show competency in financial accounting and reporting. They need to understand the significance and relevance of accounting information and the process by which it is acquired and reported. The management of business requires the analysis, presentation and interpretation of corporate financial performance and results including the implications for the organisation, shareholders and stakeholders, and for effective corporate governance. The aim of this course is to develop the competencies needed to supervise the execution of these professional responsibilities.
The main purpose of financial accounting is to provide financial information to managers and owners of business and a variety of other interested parties. This financial information fulfils different objectives, namely, accountability, planning and decision making and control. This course is concerned with the theory and practice of financial or external accounting. Its aim is to provide understanding of the concepts and choices that underlie how financial information is measured and reported in professional practice. The course highlights the reporting standards for tangible non-current assets, intangible non-current assets, inventory, lease, provisions, and taxation. Also, covered in the course are the reporting standards for the preparation and disclosure of items in the balance sheet and cash flow statements, income statement and owner’s equity and consolidated financial statements.