Advanced Intermediate Accounting

Course Code: ACT 324

Credit Hour: 3

Course Group: Specialization Course: Accounting

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Conceptual Framework of Accounting: Financial Accounting environment, financial reporting standards, conceptual framework, qualitative characteristics of accounting information, elements of financial statement, ethics in accounting.

Balance Sheet and Financial Disclosures: Usefulness of financial statements, classification of assets and liabilities, financial disclosure, disclosure notes, managements responsibility, intangible assets, international accounting standards, international financial reporting standards, IAS-1, IAS-24, IAS-10, IFRS-1.

Income statement and statement cash flows: Comprehensive income, elements of income statement, cash flows statement, methods of cash flows statement, classifying cash flows, operating activities, investing activities, financing activities, non-cash activities, IAS-1, IAS-24, IAS-7.

Cash and Receivable: Cash and cash equivalent, internal control of cash, bank reconciliation, accounts receivable, notes receivable, bad debts, interest bearing and non-interest-bearing notes, IAS-7, Current liabilities and contingencies, IAS-37.

Inventory Measurement: Perpetual and periodic inventory system, reporting low of cost or market, adjusting cost to market, inventory estimation techniques, gross profit method, retail inventory method, LIFO, FIFO, IAS-2.

Acquisition, Disposal, Utilization and Impairment of operation assets: Types of operational assets, cost to be capitalized, disposition and exchange, IAS-16, Cost allocation and measuring cost allocation, depreciation, group and composite depreciation, depletion, amortization of intangible assets, assets impairment, recording impairment, IAS-16, IAS-38, IAS-36, and IFRS-5.

Investments: Accounting for investments securities, security held to maturity, trading securities, equity method, reporting investment, investment derivatives, impairment of an investment, IAS-40, 32, 39.

Bond and Long-Term Notes: Nature of long-term debt, bonds, types of bonds, bond premium and bond discounts, issuing bonds and recording bond issue and interest, debt issue cost, debt retiring, financial disclosure on long term debt, IAS-39.

Shareholders’ Equity: Corporate organization paid in capital, fundamental share rights, classes of shares, share valuation techniques, treasury stock, retained earnings, dividends, types of dividends, right share, share split, EPS calculation, IAS-33.

Financial Reporting and Analysis: Financial reporting standards, list of IFRS, current trend in reporting, importance of reporting, decision making on the basis of financial statements.

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Text Books

Study materials – Intermediate Financial Accounting-ICMAB

Intermediate Accounting, latest edition, Spiceland, Sepe & Tomassini (McGraw-Hill Ryerson).

Intermediate Accounting, latest edition, Beechy & Conrod (McGraw-Hill Ryerson).

Reference Books

Intermediate Accounting, latest edition, Kieso, Weygandt & Warfield (John Wily & Sons, Inc.

Intermediate Accounting, latest edition, Stice, Stice & Skouse (Thomson South-Western.