Intermediate Financial Accounting I

Name of University: RiftValley University
Name of College/Faculty:
Name of Department: Accounting and Finance Program

Department Accounting & Finance
program BA degree in Accounting & Finance
Module Number Financial Accounting and Reporting
Module Code ACFN-M3020
Objective of the module Upon the successful completion of this module, students should be able to:
• understand financial accounting concepts and IFRS as they apply for
external financial reporting purpose
• understand the nature of financial statements and the inherent limitations in
their preparation and use
• explain the application of international financial reporting standards in the
recognition, measurement, and reporting of assets, liabilities, shareholders’
equity, and lease operation
• Prepare statement of cash flows based on complex business transactions
• Analyze and correct the effects of accounting changes and errors
Total ETCTS and Credit ETCTS: 12

Hours of the module Credit Hours: 8
Courses of the Module
Course Number AcFn3021
Course Title Intermediate Financial Accounting I
ETCTS Credits 6
Contact Hours (per week) 4
The objective of the course is to ensure that students have developed a thorough
knowledge and understanding of accounting principles and concepts and can apply this
Course Objectives & grounding to the situations that they will typically encounter in practical work
Competences to be situations.
Acquired On completion of this module students should be able to:
• Explain the IASB’s conceptual framework underlying financial reporting;
• Demonstrate an awareness of the substance of and the standard-setting process
for international accounting standards;
• Perform the accounting functions of analyzing, recording and reporting as
accomplished by the accounting cycle and the preparation of the primary financial
statements
• Apply professional judgment in analyzing accounting issues and recommending
accounting policies;
• Demonstrate the recognition, measurement, and reporting of cash and
receivables;
• Explain incentives and ethical issues underlying accounting policy decision
Course Description This course presupposes that the students are equipped with knowledge of basic
accounting principles. In this course, emphasis is made on accounting theory of
financial statements, recognition criteria, measurement, also reporting requirements of
the elements of financial statements are covered. Treatment of current assets, namely,
cash, receivables, and inventories form the central objective of this course.
WEEKS Course Contents

1. Development of Accounting Principles and
Professional Practice
2WEEKS 1.1 The environment of financial accounting
1.2 Financial reporting requirements in Ethiopia
{1ST&2ND }
1.3 The IASB and its governance structure
1.4 List of IASB pronouncements
1.5 The IASB’s conceptual framework for financial
reporting
1.5.1 Objectives of financial reporting
1.5.2 Qualitative characteristics of financial reports
1.5.3 Elements of financial statements
1.5.4 Recognition, measurement, and disclosure
concepts
1.6 IFRS-based Financial Statements (IAS 1)
2. Fair value measurement and Impairment

2.1. Fair value measurement
2 WEEKS 2.1.1. Definition
2.1.2. Measurement of fair value
{3RD&4TH }
2.1.3. Fair value at initial recognition
2.1.4. Valuation methods
2.1.5. Fair value hierarchy
2.1.6. Disclosure
2.2. Impairment
2.2.1. Definition
2.2.2. Measurement of impairment
2.2.3. Reversal of impairment
2.2.4. Disclosure
3. Cash and Receivables

3.1 Cash and internal control
2 WEEKS 3.2 Types of main bank accounts
3.3 Bank reconciliation
{5TH&6TH}
3.4 Reporting of Cash and disclosure requirements
3.5 Recognition and valuation of accounts receivable
3.6 Recognition and valuation of notes receivable
3.7 Derecognition of receivables
3.8 Reporting of receivables and disclosure
requirements
4. Inventories
4.1 Nature and classification of inventory
4.2 Physical goods and costs included in inventory
4.3 Valuation of inventories: A cost-basis approach
2 WEEKS
4.4 Special inventory valuation methods
4.4.1. Lower-of-cost-or-net realizable value
{7TH& 8TH} (LCNRV) method
4.4.2. Gross profit method
4.4.3. Retail-inventory method
5. Property, Plant, and Equipment

5.1. Acquisition and Disposition of Property,
3 WEEKS Plant, and Equipment
5.1.1. Characteristics of property,
{9TH, 10TH&11TH } plant, and equipment
5.1.2. Acquisition & valuation of
property, plant and equipment
5.1.3. Costs subsequent to
acquisition
5.1.4. Disposition of property, plant
and equipment
5.2. Depreciation, Impairments, and
Revaluations
2 WEEKS 6. Investment property

6.1. Nature of Investment property
{12TH & 13TH} 6.2. Initial recognition and measurement of
investment property
6.3. Subsequent measurement of investment
property
6.4. Presentation and disclosure requirements
1 WEEK 7. Non-current Assets Held for Sale, and Discontinued

Operations
{14TH } 7.1 Nature of NCAHFS and discontinued operations
7.2 Initial recognition and measurement of NCAHFS
7.3 Subsequent measurement of NCAHFS
7.4 Presentation and disclosure requirements
7.5 Measurement, presentation and disclosure of
discontinued operations
2 WEEKS 8. Intangible assets
8.1. Characteristics and classifications
{15TH & 16TH} 8.2. Valuation and amortization
8.3. Impairments
8.4. Research and development costs
8.5. Website costs
Assessment/Evaluation The evaluation scheme will be as follows:

Component Weight coverage
Test 1 15% Chapter 1 & 2
Test 2 15% Chapter 3
Assignment 1 5% Chapter 1 &2
Assignment 2 5% Chapter 3 & 4
Quiz 1 5%
Quiz 2 5%
Final Exam 50% All chapters
Work load in hours
Hours Required
Total
Assess Tutori Self- Assign Advi ECTS
Hrs
Lectures Lab ments als Studies ment sing
64 - 22 12 64 - - 162 6
Text Book:
• Kieso, D. E., Weygandt, J. J., & Warfield, T. W.
Text and reference books (2016). Intermediate Accounting, IFRS Edition, New York:
John Willey & Sons.
• Commercial Code of Ethiopia
• Ernst & Young LLP (2016), International GAAP,
John Wiley & Sons Ltd.
• www.ifrs.org
• IFRS Blue Book

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Name of University: RiftValley University

Name of Department: Accounting and Finance Program

Total ETCTS and Credit ETCTS: 12

WEEKS Course Contents

2. Fair value measurement and Impairment

3. Cash and Receivables

5. Property, Plant, and Equipment

2 WEEKS 6. Investment property

1 WEEK 7. Non-current Assets Held for Sale, and Discontinued

Assessment/Evaluation The evaluation scheme will be as follows:

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