Samstæðureikningsskil fyrirtækja

NámsgreinV-767-SARE
Önn20201
Einingar7,5
SkyldaNei

Ár1. ár
ÖnnVorönn/Spring 2020
Stig námsgreinar5. Framhaldsnám, framhaldsnámskeið
Tegund námskeiðsValnámskeið
UndanfararEngir undanfarar.
SkipulagFjórir fyrirlestrar í viku
Kennari
Michael Farrell
Lýsing
This course focuses on the various accounting issues in respect of typical business combinations and consolidated financial statements including:
•         Accounting for goodwill on acquisition of a subsidiary and/or a business;
•         Preparation of a Consolidated Statement of Financial Position (C-SOFP);
•         Preparation of a Consolidated Statement of Profit or Loss and Other Comprehensive Income (C-SPLOCI); and
•         Preparation of a Consolidated Statement of Cash Flows (C-SOCF).More complex matters will also be considered like accounting for associates, accounting for joint arrangements (including joint operations and joint ventures), and consolidation of foreign subsidiaries.The accounting framework that will be used for this course will be International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The course will also consider additional reporting requirements as stipulated by the Financial Statements Act No.3/2006.  The main IFRS Standards covered include:
•         IFRS 3: Business Combinations
•         IFRS 10: Consolidated Financial Statements
•         IFRS 11: Joint Arrangements
•         IFRS 12: Disclosure of Interests in Other Entities
•         IAS 7: Statement of Cashflows
•         IAS 21: The Effects of Changes in Foreign Exchange Rates
•         IAS 27: Separate Financial Statements
•         IAS 28: Investments in Associates

The book Financial Accounting and Reporting by Elliott & Elliott, 18th Edition, Pearson Publications, will be used for this course. The following chapters will be covered:
•         Accounting for groups at the date of acquisition (Ch.22)
•         Preparation of Consol-SOFP after date of acquisition (Ch.23)
•         Preparation of Consol-SPLOCI, Consol-SOCE, Consol-SOCF (Ch.24)
•         Accounting for associates and joint arrangements (Ch. 25)
Námsmarkmið
On successful completion of this module candidates will have enhanced their knowledge of:
•         Financial statements and reporting for groups;
•         Accounting issues that are specific to associate undertakings, joint arrangements and overseas subsidiary undertakings;
•         IFRS that are relevant for consolidation,; and
•         Relevant legislation.


Students will have enhanced their skills
•         to understand consolidated financial statements;
•         to identify, develop and critically assess solutions for accounting issues that are specific to consolidated financial statements, in accordance with IFRS and relevant legislation; and
•         to identify conflicts of interest in relation to accounting practices.


Students will have developed their competences
•         to prepare the financial statements for groups;
•         to implement and justify solutions for accounting issues that are specific to consolidated financial statements, in accordance with IFRS and relevant legislation; and
•         to address other practical accounting issues as they arise including ethical considerations in relation to accounting practices.


Námsmat
Participation (10%)
The participation grade takes note of the student’s presence in class but more importantly it is an evaluation of students’ active participation. This means partaking in class discussions, asking questions of the lecturer, and attempting to answer questions posed by the lecturer. Note that active participation does not consider the calibre of opinions offered, answers provided, or questions asked. Instead, the lecturer will only consider students’ individual efforts to contribute to an open and dynamic learning environment.
Individual Assignments (5% + 5%)
Students will receive two online tests, one at the end of the February teaching period and one at the end of the March teaching period. The tests will cover the main topics covered during each teaching period. The tests will be “Stop/Go” type; a minimum mark of 60% will be required to pass each test but students will be able to retake each test as often as they want until the required pass mark is achieved. Once the required pass mark is achieved students will be assigned the full 5% of credit attributable to each test.
Group Assignment (20%)
A Group Assignment will be issued following completion of the first teaching period in February. Students will be assigned into group sizes of 3. Further information on the group assignment will be provided as the course progresses.
Final exam (60%)
The final exam will be 3 hours in duration. The exam will be split into two sections, A & B. Section A will be compulsory and comprise 70% of the exam. Section B will require students to answer one question from two presented and will comprise the remaining 30% of the exam. Further information on the final exam will be provided as the course progresses.
Lesefni
Ekkert skráð lesefni.
Kennsluaðferðir
Overall, the teaching methods will reflect the stated learning outcomes of the course. Teaching will be a combination of different approaches including lectures, case discussions, tutorials and exercises. The teaching relies on the students’ active participation and effective preparation.
TungumálEnska