Financial Accounting 1 Course Outline

Oda Bultum University
College of Business and Economics

Department of Accounting and Finance
Courses of the Module
Advanced Financial Accounting I
Advanced Financial Accounting II
Course code ACFN4101
Course Title Advanced Financial Accounting I
Degree Program BA Degree in Accounting and Finance
Lecturer Abdurahman A. (MSc in Accounting and Finance)
information Gmail: abdukiya54@gmail.com
ETCTS Credits 5
Contact Hours 3
Course Description This course addresses the skills needed to apply some selected financial reporting standards in business
environments. The topics covered in the course include income taxes, share-based compensation,
agriculture, insurance contracts, statement of cash flows, and asset valuation.
Course Objectives In this, course students examine several complex topics and their effect on financial reporting and
disclosure. The course is designed to cover a selected group of financial accounting topics under IFRS.
Upon successful completion of this course the student will be able to:
 Record, analyze and report financial information related to income taxes, biological assets, insurance
contracts, share-based compensations, and employee benefits.
 Prepare and present statement of cash flows.
 Undertake valuation of financial assets for financial reporting purposes.
WEEKS Course Contents
1. Income Taxes
1.1. The tax base concept
Weeks 1 and 2 1.2. Recognition of deferred tax liabilities and assets
1.2.1. Future taxable temporary differences
1.2.2. Future deductible temporary differences
1.3. Recognition of current and deferred tax
1.4. Accounting for net operating losses
1.5. Income tax presentation and disclosures
2. Share-based Compensation
Weeks 3,4 and 2.1. Overview of Share-based Payments
5 2.2. Share-based Payments Settled with Equity
2.3. Share-based Payments Settled with Cash
2.4. Share-based Payments with Cash Alternatives
2.5. Counterparty Has Choice of Settlement
2.6. Issuer Has Choice of Settlement
2.7. Share-based Payment Disclosures
Weeks 6 and 7 3. Accounting for Agriculture
3.1. Basic Terms and Scope
3.2. The Nature of Biological Assets
3.3. Recognition and Measurement of Biological Assets
3.4. Presentation and Disclosure Issues
Weeks 8,9 and 10 4. Insurance Contracts

4.1. Insurance Contract Aggregation
4.2. Initial Recognition of Insurance Contracts
4.3. Initial Measurement of Insurance Contracts
4.4. Estimated Future Cash Flows
4.5. Discount Rates Used
4.6. Risk Adjustment for Non-Financial Risk
4.7. Contractual Service Margin
4.8. Subsequent Measurement of Insurance Contracts
4.9. Modification of Insurance Contracts
4.10. Derecognition of Insurance Contracts
4.11. Presentation of Insurance Contract Information
4.12. Disclosures
Week 11 5. Revisiting the Statement of Cash Flows
5.1. Importance of statement of cash flows
5.2. Classifications of cash flows
5.3. Preparing the statement of cash flows
Weeks 12 and 13 6. Asset Valuation for Financial Reporting
6.1. Basics of valuation
6.2. Overview of International Valuation Standards (IVS)
6.3. Valuation approaches
6.3.1. Market approach
6.3.2. Income approach
6.3.3. Cost approach
6.4. Valuation report
Teaching and The teaching and learning methodology include lecturing, discussions, problem solving, and analysis.
Learning Take-home assignment will be given at the end of each chapter for submission within a week. Solution to
Methods/strategy the assignments will be given once assignments are collected. Cases with local relevance will also be
given for each chapter for group of students to present in a class room. The full and active participation of
students is highly encouraged.
Assessment/ The evaluation scheme will be as follows:
Evaluation Mid exam Quiz Assignment 1 Assignment 2 Final exam Total
20% 5% 10% 15% 50% 100%
Ch. 1and 2 unknown Ch. 1-3 Ch. 4-6 All Ch.
Work load in hours Hours Required
Total
Assess Tutoria Self- Assign Advis ECTS
Hrs
Lectures Lab ments ls Studies ment ing
48 - 17 12 58 - - 135 5
Roles of the He/she will come to the class regularly on time and deliver the lecture in a well-organized manner.
Instructor Besides, at the end of each class he/she gives reading assignment for the next class. He/she will make sure
that proper assessments is given. He/she is also responsible to give feedback for each assessment.
Roles of the students The success of this course depends on the students’ individual and collective contribution to the class
discussions. Students are expected to participate voluntarily, or will be called upon, to contribute to set
exercises and problems. Students are also expected to read the assigned readings and prepare the cases
before each class so that they could contribute effectively to class discussions. Students must attempt
assignments by their own. Proficiency in this course comes from individual knowledge and understanding.
Copying the works of others is considered as serious offence and leads to disciplinary actions.
Text and reference Text Book:
books Kieso, Weygandt and Warfield, Intermediate Accounting, IFRS Edition (3rd Ed. John Wiley and Sons,
Inc. 2014).
IVSC (2013) International valuation standards.
Reference Books
Kieso, Weygandt and Warfield, Intermediate Accounting, (15th Ed. John Wiley and Sons, Inc. 2013).
Intermediate Accounting (IFRS Edition). Authors: Spiceland J., Sepe J., Nelson M., Tan P., Low B., and
Low, K.Y. Publisher: McGraw-Hill.
Nikolai, Bazley and Jones, Intermediate Accounting, (10th Ed. McGraw- Hill co. 2007).
http://www.ifrs.org/IFRSs/IFRs.html

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Oda Bultum University

College of Business and Economics

Weeks 8,9 and 10 4. Insurance Contracts

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