DETAILED COURSE CONTENT



Course Code :

HDIB 11083


Title :

Financial Accounting


Type/Status :

Compulsory

aaaaaaaaaaaa Aims :
This course module is designed to enhance student’s knowledge regarding the accounting environment, conceptual framework for the preparation and presentation of the financial statements, selected Sri Lanka Accounting Standards, applicability of those standards to the business organizations, develop a thorough knowledge and understanding on preparation of financial statements for partnerships and limited liability companies.
Learning Outcome : aaaaaaaaaaaaaaaa

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

understand the accounting environment and conceptual framework prepare financial statements for partnerships and its dissolution prepare financial statements for limited liability companies prepare accounts dealing with conversion of partnership to a company prepare and present the financial statement of Branches under the decentralization method& centralization method Illustrate miscellaneous accounts by referring relevant standards.

Course Content : Accounting environment and conceptual framework for the preparation and presentation of financial statements. Partnership; Preparation of financial statements, admission and retirement of partners, Dissolution of partnerships, Conversion of partnership to a company. Limited Liability companies; Issue of shares and debentures, preparation financial statements for limited liability company with the purpose of publication. Presentation of Financial Statements (LKAS 1), Inventories (LKAS 2), Construction Contracts (LKAS 11), Property Plant & Equipments (LKAS 16), Leases (LKAS 17), Revenue (LKAS 18), Borrowing Costs (LKAS 23).

Method of Teaching & Learning:

Lectures, Tutorials, Assignments and discussions

Scheme of Evaluation:

End semester examination and mid - term test. The weights given to each component of the evaluation method is announced at the commencement of the course unit.

Recommended Readings:

Frank Wood, (2010), Business Accounting (Vol I1), 10th Edition, Pitman Publication.

Maheshwari, S.N., Maheswari, S.K. (2004), Advanced Accountancy vol: 01, 9th revised Edition, Vikas Publishing, India

Shukla M.C., Grewal .T.S., (2006), Advanced Accounts Volume 1,16 Edition, S. Chand & Company Ltd. India

Sri Lanka Accounting Standards 2011, Institute of Chartered Accountants of Sri Lanka, (2011)

Sri Lanka Accounting Standards for Small & Medium Sized Entities (SLFRS for SME’s), Institute of Chartered Accountants of Sri Lanka, (2011)