| CODE | ACC5958 | ||||||||||||
| TITLE | Advanced Aspects of Financial Reporting 1 | ||||||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||||||
| MQF LEVEL | 7 | ||||||||||||
| ECTS CREDITS | 10 | ||||||||||||
| DEPARTMENT | Accountancy | ||||||||||||
| DESCRIPTION | Aspects of International Financial Reporting Standards (IFRSs) and the equivalent sections of the General Accounting Principles for Small and Medium-Sized Entities (GAPSME) will be addressed. The accounting for business combinations is covered during the study-unit. This includes the accounting for complex consolidation adjustments and the compilation of a consolidated statement of financial position; the consolidated statement of profit and loss and other comprehensive income; and the consolidated statement of cash flows. The accounting for joint arrangements and associated companies, are covered. This includes the accounting under the equity method together with the relevant equity accounting adjustments. Accounting for changes in ownership interests and consolidation of foreign subsidiaries are also addressed. Preparation of a statement of financial position and a statement of profit and loss and other comprehensive income for inclusion in separate financial statements, inclusive of various international financial reporting adjustments required by financial reporting standards is also addressed. Accounting for the advanced topics of impairment and deferred taxation is also covered together with developments in international accounting. Aspects related to IT developments related to accounting are also addressed. Study-unit Aims: The main purposes of the study-unit are: a) To familiarise the student with some of the more important aspects of international financial accounting and reporting; b) To examine aspects related to business combinations; c) To examine aspects related to joint arrangements and associated companies; d) To examine the preparation of the primary statements in a set of financial statements inclusive of adjustments required by international financial reporting standards; e) To examine the accounting for impairment; f) To examine the accounting for deferred taxation; g) To familiarise the students with aspects related to IT developments related to accounting. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - Interpret aspects of and issues in financial reporting and accounting by writing descriptive and argumentative short essays; - Identify and discuss recent international accounting and reporting developments. 2. Skills By the end of the study-unit the student will be able to: - Prepare a consolidated statement of financial position, a consolidated statement of profit and loss and other comprehensive income; and a consolidated statement of cash flows for inclusion in consolidated financial statements, inclusive of various consolidation adjustments; - Account for joint arrangements and associated companies, inclusive of various adjustments required under the equity method; - Account for changes in ownership interests; - Consolidate foreign subsidiaries; - Prepare a statement of financial position and a statement of profit and loss and other comprehensive income for inclusion in separate financial statements, inclusive of various adjustments required by financial reporting standards; - Account for impairment of assets; - Account for deferred taxation. Main Text/s: - Elliott, B. and Elliott, J. Financial Accounting and Reporting (latest edition), Pearson. Supplementary readings: - International Accounting Standard Board ,International Financial Reporting Standards (latest edition), London: International Financial Reporting Standards Foundation. - Maltese Legislation and selected publications dealing with financial reporting. - The General Accounting Principles for Small and Medium-Sized Entities (GAPSME). Other material as indicated during the lectures. |
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| RULES/CONDITIONS | Before TAKING THIS UNIT YOU MUST TAKE EMA1316 AND TAKE ACC1994 AND TAKE ACC2851 AND TAKE ACC3461 | ||||||||||||
| ADDITIONAL NOTES | Pre-requisite Qualifications: Bachelor of Commerce with Accountancy Stream | ||||||||||||
| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Ivan Paul Grixti Monique Micallef Michelle Vassallo Pulis |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2025/6. It may be subject to change in subsequent years. |
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