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ZUG3002 – Advanced accounting using the International Financial Reporting Standards

Undergraduate – Unit

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

School

Business and Economics

Offered

South Africa

  • First Semester 2019 (Day)

15 Credits

Synopsis

The principal aim of this unit is to continue to provide students with the theoretical underpinnings and practical application of additional financial accounting standards as grounded in the International Financial Reporting Standards (IFRS). The unit is a continuation to the International Financial Reporting Standards that are applied in financial accounting internationally including in South Africa. It also provides a more detailed examination of standards previously introduced with a focus on the conceptual framework, presentation of financial statements, provisions, contingent liabilities and assets, revenue recognition, non-current assets held for sale, earnings per share and income taxes. It introduces new individual standards for leases, effects of foreign exchange rates and hedging, employee benefits, share-based payments and financial instruments.

Outcomes

  • Interpret and critically discuss the requirements of the financial reporting and regulatory environment, as required by the International Financial Reporting Standards and the Companies Act of 2008.
  • Analyse transactions and events using the Conceptual Framework.
  • Apply IFRS recognition, measurement and disclosure requirements at a more detailed and critical level to the financial accounting of revenue, various assets and liabilities.
  • Apply IFRS recognition, measurement and disclosure requirements to leases, changes in foreign exchange rates and hedging, employee benefits, share based payments and financial instruments.

Assessment

Within semester assessment: 40%
Examination: 60%

Workload requirements

Minimum total expected workload to achieve the learning outcomes for this unit is 150 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

Prerequisites

Intermediate accounting using the International Financial Reporting Standards

Prohibitions

Financial accounting C

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