This course covers financial accounting practice for a selection of current and complex topics. Both the accounting practice is explained and the implication of the relevant accounting standard is criticallyappraised, with a view to developing thorough knowledge and critical understanding of applicable accounting principles, concepts, and regulations.

 

This course builds upon Financial Accounting 2. It aims to critically examine current financial accounting theory and practice for a selection of advanced topics, many of which are subject to current debate and review by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in the US. The course seeks to develop a thorough knowledge and understanding of the accounting principles, concepts, regulations and practices, applicable to selected topics. An important aim of the course is to develop skills of critical analysis through the study of relevant research papers on financial accounting topics.

Intended Learning Outcomes of Course

By the end of this course students should be able to:

 

1. Explain the financial reporting requirements for a range of current accounting issues.

2. Solve relatively complex problems of financial accounting practice, by the selection and application of appropriate accounting principles, concepts, and practices.

3. Interpret financial statement information identifying critical issues, numbers and underlying assumptions.

4. Critically evaluate the ongoing debates and differences of opinion in relation to current accounting practices.

 

The learning outcomes for the course will be expressed across a range of topics, selected on the basis of their relevance to current financial accounting practice, issues and debates.