Course Detail Form

Faculty of Management
University of Peradeniya
Course Code ACF 1101
Course Title Financial Accounting
Department Business Finance
Academic Year & Semester 2020/2021 – Semester I
Medium & No of Credit Medium : English Credits : 03
Day of the Week Monday
Time & Venue Time: 10.00 a.m. -12.00 noon Venue : Main Hall
Status Compulsory/ Optional Compulsory
Pre-requisites None
Maximum Number of Students Allowed NA
Primary Instructor’s Name Ms. S.Kodithuwakku
Supporting Instructor’s Name Ms. T.M.R.T.Tennakoon, Ms.D.G.Gunasekara
Continuous Assessments – 40%
(Group Assignment - 10%, Quizzes – 10%, Mid Semester
Method of Evaluation
Examination - 20%)
End Semester Examination - 60%
COURSE OUTLINE
Aim: To provide students with the knowledge on amalgamation, acquisition and conversion of partnerships, LKAS related to principles of
disclosure, preparation and presentation of financial statements.
Intended Learning Outcomes: At the successful completion of this course students should be able to:
• Explain the Regulatory and Conceptual Framework for Financial Reporting
• Discuss accounting treatments on LKAS related to principles of disclosure
• Prepare and present financial statements of Limited Liability Companies
• Prepare accounts on partnership amalgamation and conversion of partnerships into Limited Liability Companies
Week Lecture Topics
1 Introduction to the Institutional and Regulatory Framework for Accounting in Sri Lanka
2 The Conceptual Framework for Financial Reporting
3 Principles of Disclosure: LKAS 1: Presentation of Financial Statements
4 Principles of Disclosure: LKAS 8: Accounting Policies, Changes in Accounting Estimates and Errors;
LKAS 10: Events After the Reporting Period
5 LKAS 37: Provisions, Contingent Liabilities and Contingent Assets
6 LKAS 2: Inventories
7 LKAS 16: Property, Plant and Equipment
8 Companies: Dividends, Retained Earnings and Shares
9 Companies: Shares Issues
10 Companies: Preparation & Presentation of Financial Statements – Statements of Profit or Loss & Other
Comprehensive Income, and Changes in Equity
11 Companies: Preparation & Presentation of Financial Statements – Statement of Financial Position
12 Partnership – Amalgamation – Sole Proprietorship with a Partnership
13 Partnership – Amalgamation – Partnership with another Partnership
14 Partnership – Acquisition of a Partnership by a Limited Liability Company
15 Partnership – Conversion of a Partnership into a Limited Liability Company
Recommended Readings:
1. Accounting Standard Committee. Accounting Standards. http://www.slaasc.lk/accounting/accountStandards.php
2. Kieso, D.E., Fargher, N., (2008), Fundamentals of Financial Accounting, John Wiley & Sons, Australia.
3. Sangster, A., 2015. Frank Wood’s Business Accounting I, 13th ed. Pearson Education Limited, UK.
Form L1
4. Sangster, A., 2015. Frank Wood’s Business Accounting II, 13th ed. Pearson Education Limited, UK.