AFW3004

South African financial accounting issues ( 6 points, SCA Band 2, 0.125 EFTSL)

Leader:

Offered:
South Africa First semester 2005 (Day)

Synopsis: Framework for the preparation and presentation of financial statements, presentation of financial statements, accounting for income taxes, earnings per share, fundamental errors, changes in estimates, changes in accounting policies, provisions, contingent liabilities, contingent assets, leases, construction contracts, foreign exchange transactions, revaluation of property, plant and equipment, intangible assets, segment reporting and fair value accounting.

Objectives: On completion of this subject students will have: (1)Developed an understanding of framework for the preparation and presentation of financial statements. (2)Developed an understanding of presentation of financial statements. (3)Developed an understanding of accounting for income taxes, including secondary tax on companies. (4)Developed and understanding of accounting for earnings per share (5)Developed an understanding of fundamental errors, change in accounting estimates and changes in accounting policies. (6)Developed an understanding of provisions, contingent liabilities and contingent assets. (7)Developed an understanding of accounting for leases. (8)Developed an understanding of accounting for construction contracts. (9)Developed an understanding of foreign exchange transactions. (10)Develop an understanding of accounting for the revaluation of property, plant and equipment. (11)Develop an understanding of the accounting of intangible assets. (12)Develop an understanding of fair value accounting, including investment properties and financial instruments. (13)Develop an understanding of reporting of financial information by segment

Assessment: Assignment (up to 3000 words): 15% + Mid-semester test 15% + Examination (3 hours): 70%

Contact Hours: One 2-hour lecture and one 1-hour tutorial

Prerequisites: AFW2042