AFW3730 - Financial accounting C

Offered

South Africa First semester 2009 (Day)

Synopsis

Critically analyse and apply selected accounting reporting standards (IFRS) in the accounting of financial information of companies.

Objectives

The learning goals associated with this unit are to:

• critically analyse the objectives of financial statements, the specific information needs of equity investors, the general information needs of other users and describe and assess the meaning of fair presentation
• comment on the need for and assess the application of a conceptual framework and the standards for financial reporting
• discuss the reporting requirements as it relates to the statutory reporting requirements, and the reporting requirements of Generally Accepted Accounting Practice or financial reporting standards
• discuss the underlying assumptions on the basis of which financial statements are prepared
• discuss the qualitative characteristics of financial statements and assess their applicability to fair presentation and measurement issues to enhance the decision-usefulness of financial reporting
• assess the appropriate elements of financial statements and the presentation of the elements in the financial statements
• discuss recognition criteria and assess their application in financial statements
• criticise the measurement criteria, models and their incorporation and disclosure in the financial statements
• criticise the concepts of fair value accounting.

Assessment

Within semester assessment: 30%
Examination (3 hours): 70%

Prerequisites

AFW2720

Prohibitions

AFW2042, AFW3004