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    2023 Macc513 Mpac512 Module Outline

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    2023 Macc513 Mpac512 Module Outline

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    pakaim
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    2023 MACC513 MPAC512 MODULE OUTLINE

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    4 views4 pages

    2023 Macc513 Mpac512 Module Outline

    Uploaded by

    pakaim

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 4

    GREAT ZIMBABWE UNIVERSITY

    MUNHUMUTAPA SCHOOL OF COMMERCE


    DEPARTMENT OF ACCOUNTING AND INFORMATION SYSTEMS

    Master of Commerce in Applied Accounting & Master of


    Commerce in Professional Accounting and Corporate
    Governance

    MODULE CODE: MACC 513 & MPAC512

    MODULE TITLE: Applied Financial Reporting & Advanced Accounting &


    Financial Reporting

    LECTURER: P MATUNGAMIRE
    Cell 0773903416
    Email [email protected]
    [email protected]

    1.0 Aim of the Module

    By the end of the course, you should be able to use financial accounting information
    to make informed judgments and economic decisions. It will also help you to prepare
    and interpret the financial statements of companies and entities covered by IFRS for
    SMEs. Please note that the module will have bias on International Accounting
    Standards and International Financial Reporting Standards. Groups including foreign
    entities and branches may be introduced as foundation for the second level of the
    study. The grounding of this module is enhanced through the study of International
    Financial Reporting Standards and International Accounting Standards and the
    Framework of the IASB and its pronouncements and exposure drafts.

    2.0 Objectives of the Course

    By the end of the course, the student should be able to:


     Discuss the regulation of financial reporting;
     Prepare and present financial statements that comply with the requirements of
    International Financial Reporting Standards (IFRSs);
     Prepare financial statements for companies and other undertakings, for publication
    in accordance with the International Financial Reporting Standards and
    International Accounting Standards.
     Evaluate recent development to improve the regulation of financial reporting.
     Apply all International Financial Reporting Standards with a greater emphasis is
    on disclosure and adjustments and fair presentation of financial results.
     Choose the correct International Accounting Standards or International Financial
    Reporting Standards when reporting the activities of listed entities.
    2.1 SPECIFIC OUTCOMES
     Specific Outcome 1
     Correct preparation of financial statements according to the requirements of
    International Financial Reporting Standards (IFRS).
     Specific Outcome 2
     Correct preparation of cash flow statements according to the requirements of
    International Financial Reporting Standards (IFRS).
     Specific Outcome 3
     Correct identification of different transactions and deals which require specific
    accounting requirements in conformity of those accounting standards.
     Specific Outcome 4
     Ability to evaluate recent developments to improve the regulations of financial
    reporting.
     Specific Outcome 5
     Ability to prepare the annual financial statements for SMEs in terms of the
    requirements of International Financial Reporting Standards (IFRS) for SMEs.
     Specific Outcome 6
     Ability to contribute to the development of accounting standards and national
    regulations based on the work of local accounting bodies.

    3.0 Course Content


    Deals extensively with the application of International Financial Reporting Standards,
    Interpretations and Discussions. The module deals with standards which are grouped
    into four categories namely, income and expenses, assets and liabilities, financial
    instruments and general purpose financial reporting for companies and SMEs (which
    are not group companies).

    This is a build up from lower levels of accounting work and exposure through
    learning, training and hands on work of candidates.

    3.1 Financial Reporting Standards.


    Candidates are expected to apply and present financial information in conformity to a
    number of accounting standards which may include the following but not restricted to
    these only.
    More than one standard may be asked in one question and candidates are expected to
    integrate these standards by clearly demonstrating their ability to correctly apply
    them.

    3.1 IAS1 Presentation of financial statements


    3.2 IAS2 Inventories
    3.3 IAS7 Cash flow statements
    3.4 IAS8 Accounting policies, changes in accounting estimates and
    errors
    3.5 IAS10 Events after reporting period
    3.6 IAS12 Taxes
    3.8 IAS16 Property Plant and equipment
    3.9 IAS20 Government grants
    3.10 IAS21 The effects of changes in Foreign Exchange Rates
    3.11 IAS23 Borrowing costs
    3.12 IAS24 Related Parties Disclosures
    3.13 IAS32 Financial instruments: Disclosure & Presentation
    3.14 IAS33 Earnings per share
    3.15 IAS34 Interim Financial Reporting
    3.16 IAS36 Impairment of Assets
    3.17 IAS37 Provisions Contingent Liabilities & Contingent Assets
    3.18 IAS38 Intangible Assets
    3.19 IAS40 Investment Property
    3.20 IFRS1 Fist time adoptions of IFRS
    3.17 IFRS5 Non-current assets held for sale & discontinued ops
    3.18 IFRS8 Segment Reporting
    3.19 IFRS9 Financial Instruments: Recognition & Disclosure
    3.20 IFRS15 Revenue
    3.21 IFRS16 Leases
    3.22 IFRS17 Insurance (not examinable)
    3.23 IFRS FOR SMES
    3.24 The Conceptual Framework

    4.0 Financial Reporting -Financial Statements


    4.1 Statement of profit or loss and other comprehensive income
    4.2 Statement of changes in equity and reserves
    4.3 Statement of financial position.
    4.4 Statement of cash flows
    4.5 Notes to financial statements.

    5.0 Deductive reasoning and good application of financial reporting standards on complex
    business transactions and decision making based on guided interpretations and
    pronouncements of the IASB

    5.0 Module Evaluation


    The evaluation is as follows:
    Group Course work and presentation 20%
    Group in class test and presentation 20%
    Final Exam 60%
    100%
    5.1 A candidate need to obtain 50% or more in the final examination in order to pass the
    module. This means a candidate should obtain 30% of the 60%, which translate to
    50% on the exam.

    Binnekade et al Group Statements Volume 1 & 2 (2020) Lexis Nexis Durban


    RSA
    Wingard H C et al GAAP Handbook Financial Accounting & Reporting Practice
    Volume 1 & 2 (2020) Lexis Nexis Durban RSA
    Voster Q et al Descriptive Accounting (18th Edition ; Lexis Nexis Durban
    RSA
    Opperman et al Accounting Standards 20th Edition ; Lexis Nexis Durban RSA
    H Van Greuning International Financial Reporting Standards (2006) World
    Bank USA
    T Doupnik and H Perera International Accounting (2007) McGraw-Hill International
    USA
    http://treasury.worldbank.org
    [email protected] International Accounting Standards (2021)
    [email protected] International Financial Reporting Standards (2021)
    IFRS for you IASB
    [email protected] IASB

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