Advanced Financial Reporting

Singapore University of Social Sciences

Advanced Financial Reporting (ACC302)

Applications Open: 01 May 2024

Applications Close: 15 June 2024

Next Available Intake: July 2024

Course Types: Modular Undergraduate Course

Language: English

Duration: 6 months

Fees: $1551.36 View More Details on Fees

Area of Interest: Business Administration

Schemes: Alumni Continuing Education (ACE)

Funding: To be confirmed

School/Department: School of Business

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Synopsis

ACC302 Advanced Financial Reporting continues to expand the skills, knowledge and understanding that students have gained in ACC201e Financial Accounting, ACC206 Financial Reporting and ACC208 Intermediate Financial Reporting. The course continues to examine several financial reporting standards in detail. The aim of the course is to provide a good understanding of accounting for business combinations, associates and joint arrangements. It covers issues and accounting standards relating to inter-company transactions and consolidation. The course also examines the accounting for the effects of changes in foreign exchange rates and the translation of foreign subsidiaries and associates. Finally, the course examines the accounting of derivatives and hedge accounting.

Level: 3
Credit Units: 5
Presentation Pattern: EVERY JULY

Topics

Business combinations
Acquisition method
Goodwill, identifiable assets and liabilities, and non-controlling interest
Consolidated financial statements and consolidation adjustments
Inter-company transactions and unrealised profit or loss
Equity method for investments in associates
Translation of foreign currency financial statements and foreign operations
Foreign currency transactions
Accounting for derivative financial instruments
Fair value hedge accounting
Cash flow hedge accounting
Accounting for hedge of net investment in foreign entity

Learning Outcome

Examine the conceptual issues relating to business combinations and consolidation, including the acquisition method, goodwill, non- controlling interest, and equity accounting.
Prepare consolidated financial statements for a group of companies consisting of a parent and subsidiaries, in accordance with the relevant financial reporting standards.
Construct consolidated financial statements for a group of companies consisting of an investor company and its subsidiaries and associates, in accordance with the relevant financial reporting standards.
Discuss the conceptual issues relating to the effects of changes in foreign exchange rates, including foreign currency transactions, translation of foreign currency financial statements, and foreign operations.
Apply the relevant financial reporting standards to account for foreign currency transactions and translation of foreign currency financial statements.
Recommend hedging strategies based on derivatives and other financial instruments to manage financial risks.
Illustrate the accounting for transactions involving the use of derivatives and other financial instruments, including the application of hedge accounting rules, in accordance with relevant financial reporting standards.
Develop the essential interpersonal skills to work effectively in a team.
Demonstrate proficiency in written and verbal communication skills.