Authorised by Academic Registrar, April 1996
Objectives On completion of this subject students should comprehend the basis of the specialist technical standards; have developed the necessary skills to be able to apply the particular accounting standards to an entity's financial statements; appreciate how fundamental accounting concepts for general purpose financial reporting, elucidated in the conceptual framework, can aid professional judgement in the application of the technical standards; be able to incorporate into material prepared for management decision making, the consequences of those decisions on the financial statements when the accounting standards are applied; be able to advise those designing the organisation's accounting system about the data that needs to be collected and stored, so that the financial statements may be prepared to comply with the accounting standards.
Synopsis This subject covers accounting standards relating to specific measurement problems as follows: accounting for income tax; accounting for leases; accounting for goodwill; accounting for the acquisition of assets (including business entities); disclosure of information about investments in asssociated companies; accounting for interests in joint ventures; foreign currency translation; related party disclosures and consolidated financial statements.
Assessment Examination: 100%