CHINHOYI UNIVERSITY OF TECHNOLOGY
ACCOUNTING SCIENCE AND FINANCE DEPARTMENT
 P. Bag 7724, CHINHOYI, ZIMBABWE
 +263 67 22203-5 ext 216/ +263 773 593 523
 +263 67 28957
Website: www.cut.ac.zw
E-mail: jmabvure@cut.ac.zw, jmabvure@gmail.com
The Chairpersons Office
COURSE OUTLINE AUGUST-DECEMBER 2018
Course Tile and Code
ADVANCED FINANCIAL REPORTING (CUAC 402)
COURSE LECTURER: Mr D Chimanga
dchimanga@cut.ac.zw
Time Allocation: 4 hours per week, an additional hour will be reserved for tutorials
should they prove necessary.
1.0 Rationale
This course represents the final of the Financial Accounting courses; assumes
prior knowledge of accounting.
2.0 Purpose
The course aims at imparting knowledge to students on the requirements of
international reporting standards (IFRSs) to the various stakeholders and
consolidating the other Financial Accounting courses in the programme.It is a
culmination of all the Financial Accounting aspects from data collection to
presentation and reporting of the information.
The course aims at enabling students to have an in –depth understanding of
normative and descriptive theory in Financial Reporting.
Allow the students the opportunity to consolidate all the financial accounting
issues.
3.0 Main Capabilities
On completion of this course, students should be able to:
a) Explain the context and purpose of Financial Reporting.
b) Define the qualitative characteristics of Financial Reporting information indepth as well understand the normative and theory of Financial Reporting.
4.0 Methods of Teaching
Each section of the course outline will be thoroughly discussed (taught) in the
lecture, with comprehensive examples articulated to the students.
5.0 Students Assessments
1. Course work comprise of 2 tests, with 30 percent weight of the final mark.
Questions in the tests will cover all the pertinent aspects of the course covered
up to the time of the test, and will serve as mock exams, in preparation for
the final exam. Tests will not overlap.
2. Final exam constitute 70% of the final mark, will exam all the pertinent aspect
of the course.
3. The final marl will be a summation of course work and the exam mark.
4. The lecturer will provide course evaluation forms to students, once completed,
to be submitted to the chairman before the students write the exam. The
chairman will provide feedback to the lecturer.
5. University Grading System
Degree Class
1
2.1
2.2
3
S
F
Range of Marks
75% - 100%
65% - 74%
60% - 64%
50% - 59%
41% - 49%
0% - 40%
Description
Distinction
Supplement and Review
Fail
6.0 Content
6.1 Accounting policies, changes in accounting estimates and errors IAS 8
Accounting policies and changes in accounting policy
Changes in Accounting estimates
6.2 Impairment of Assets IAS 36
Identifying impairment
Recoverable amount
Value in use
Fair value less cost to sell
Determination of impairment loss
Reversal of impairment loss
Disclosure requirements
Impairment of Goodwill
6.3 Investment Property IAS 40
Accounting for Investment property
Recognition
Initial measurement
Additional expenditure
Subsequent measurement
Determination of fair value
Fair value models
Tranfers to or from investment properties
Disclosure requirements
6.4 Income Tax IAS 12
Definitions
Scope of IAS 12
Tax base
Temporary differences
Tax reconciliations
The initial recognition exceptions
Deferred tax assets and liabilities
Accounting for current tax
6.5
Leasing IAS 17
Finance leases
Operating leases
Disclosure requirements
Tax implications of leases
6.6 Earnings per Share IAS 33
Calculation of basic EPS
Bonus Shares
Rights Issues
Convertible securities
Options and Warrants
Headline Earnings per share
Disclosure
6.7 Employee Benefits 1AS 19
Short-term employee benefits
Post-employment
Other long –term benefits
Termination benefits
Disclosure
6.8
Segmental Reporting IFRS 8
Definitions of segments
Accounting aspects
The format and presentation issues
6.9
Financial Insruments 1AS 32, IAS 39 and IFRS 9
Recognition and measurement
Presentation
Disclosure
7.0
Accounting for Government Grants IAS 20
Definitions of grants
Treatment in the books of accounts
Disclosure requirements
Tax implications
7.1
Non-current Assets Held for Sale and Discontinued Operations IFRS 5
Definitions
Scope of IFRS 5
Initial recognition and measurement
Disclosure requirements
7.2
Current Issues in the Field of Accounting
RECOMMENDED TEXTS AND REFERENCES
1. Oppermann ;H.R.B et al (2011) Accounting Standards.
2. 14th Edition (or latest edition ).Juta & Co.Lansdowne
3. Pretorius ;D; et al (2006) GAAP Handbook 2012.Lexisnexis Butterworths, Cape
Town
4. Descriptive Accounting 16th Edition
5. International Financial Reporting Standards (IFRSs) latest edition
6. International Accounting Standards (IAS) latest edition
NB:
The lecturer will provide the most up to date electronic core texts and IASs