ACC206 Financial Reporting expands the skills, knowledge and understanding that students have gained in ACC201e Financial Accounting. The aim of the course is to provide a firm professional and conceptual grounding in financial reporting. The standard setting processes and requirements of the International Financial Reporting Standards (IFRS) and Singapore Financial Reporting Standards (FRS) will be introduced. Thereafter, the course goes into a few standards proper. The course starts off by looking at the fair value measurement standard that permeates various accounting standards, followed by standards associated with the revenue-generating cycle, i.e. revenue accounting standard and the inventory accounting standard. Next, standards surrounding various assets, namely, (i) property, plant and equipment, (ii) investment property, (iii) non-current assets held for sale and discontinued operations and (iv) intangibles, as well as standards surrounding financial liabilities and non-financial liabilities are examined. Finally, the course is rounded up by examining standards surrounding accounting policy changes, changes in accounting estimates and accounting errors as well as events after reporting period.
Credit Units: 5
Presentation Pattern: Every January