Professional Documents
Culture Documents
Corporate Accounting I
Corporate Accounting I
COURSE DESCRIPTION
The course will provide students with a comprehensive grounding in the practice and principles of corporate accounting and further
develop knowledge and understanding of essential ‘must know’ information on accounting for a corporate entity and the
requirements, including the legal and regulatory framework, for financial reporting of information for single companies, in
accordance with generally accepted accounting principles and relevant accounting standards .
COURSE OBJECTIVES
This course covers the characteristics of the international accounting environment and its financial reporting requirements for
companies, and expands on advanced financial accounting issues, such as, accounting for non-current assets, accounting for
intangible assets, accounting for liabilities and owners' equity.
Page 1 of 4
Course Outline
FAST School of Management
National University of Computer & Emerging Sciences, Lahore Campus
o Describe the effect upon the balance sheet of schemes for the
reduction of capital
5 Purchase and redemption of company’s own shares and debentures
o Explain in the context of shares and debentures (loan notes), the
difference between the terms ‘purchasing’ and ‘redeeming’
o Describe the alternative ways in which a company may purchase or 8,9 LO2
redeem its own shares and debentures
o Record the accounting entries relating to the purchase and
redemption of shares and debentures
6 Acquisition of business
o Acquisition of a sole proprietorship/partnership/limited company
o Explain how goodwill may arise on the purchase of a business
o Explain the difference between goodwill and negative goodwill
o Record the accounting entries relating to a limited company taking 10-12 LO2
over another business
o Describe the difference in the accounting treatment of takeovers by
limited companies of sole proprietorships, partnerships and other
limited companies
7 Financial statements of companies
13 LO3
o Revision of subject matter of previous course
8 Noncurrent assets
o Revision of previous study of IAS 16: Property, plant and equipment
o Calculate the initial cost measurement of a self constructed noncurrent
asset
o Identify subsequent expenditure that may be capitalized
o Explain the treatment of borrowing costs per IAS 23
o Calculate depreciation on assets that have two or more significant parts
14-17 LO2 to LO4
(complex assets)
o Apply the provisions of IAS 20 in relation to accounting for government
grants
o Define investment properties
o Discuss why the treatment of investment properties should differ from
other properties
o Apply the requirements of IAS 40 for investment properties
9 Intangible assets (IAS 38)
o Revision of previous study
o Discuss the nature and accounting treatment of internally generated
and purchased intangibles
o Distinguish between goodwill and other intangible assets
o Describe the initial recognition of goodwill and its subsequent 18,19 LO2 to LO4
accounting treatment
o Explain the principle of impairment tests in relation to goodwill
o Explain why the value of the purchase consideration for an investment
may be less than the value of the acquired net assets
o Explain how this difference should be accounted for
10 Impairment of assets (IAS 36)
o IAS 36-Impairment
o Define an impairment loss
o List the circumstances which may indicate impairments to assets 20 LO2 to LO4
o Account for the reversal of an impairment loss on an individual asset
o Describe a cash generating unit
o Explain the basis on which impairment losses should be allocated
11 Noncurrent assets held for sale and discontinued operations (IFRS 5)
21,22 LO2 to LO4
o Explain the importance of indentifying and reporting the results of
Page 2 of 4
Course Outline
FAST School of Management
National University of Computer & Emerging Sciences, Lahore Campus
Materials
GRADING POLICY
Grading scheme
RELATIVE Grading
B If class average is 65% or more
Marks Distribution
Activity Weight
Quizzes 10%
Page 3 of 4
Course Outline
FAST School of Management
National University of Computer & Emerging Sciences, Lahore Campus
Assignments/Project 05%
Class Participation 05%
Sessional Exam 1 15%
Sessional Exam 2 15%
Final Exam 50%
FAST has a 100 percent attendance policy. However, students are allowed to sit in the final exam if they have at least 80 percent
attendance.
Do not schedule other appointments during your lecture time. If you still miss a lecture, ask for a copy of the lecture notes. Get
a good, readable and reliable copy and work though it carefully and diligently.
Plagiarism in any part of the course can lead to an F in the whole course.
On average, most students should find at least three hours outside of class for each class hour for satisfactory learning.
Counseling hours are displayed outside the doors of permanent faculty members for providing extra guidance to students.
However, students are welcome to get help from the instructor at all times.
If you encounter academic difficulties in your course, do not wait, contact your instructor or advisor in designated counseling
hours and seek appropriate levels of assistance to help resolve your academic apprehensions.
Inform your course instructor, advisor, administrator or staff person of your concerns and provide them with all relevant
information on the challenges you are facing.
Read the objectives and learning outcomes well; students are expected to attain the intended learning outcomes.
Plan all of your activities; use the calendars, things to do list, reminders or other resources to help you keep track of important
tasks, course assignments, quizzes, examination dates and deadline dates as well as your co-curricular activities.
Students unable to submit an assignment by the due date should discuss the matter in advance with the course instructor. At
the instructor’s discretion, late assignments may not be accepted.
Assignments/ Activities: They are not meant simply for grades, but to reinforce your learning. Assignments are due on time.
Apart from value of content, spelling, grammar, punctuation, and good presentation (printing and paper quality) will figure into
your assignment grade.
Copying other students' work or allowing your own work to be copied, both are considered cheating.
You must check your university email at least once in every 24 hours for announcements, assignments, lecture notes and
messages
Check FLEX regularly for your attendance, and evaluations.
Come to each lecture properly prepared, bring in last lectures’ notes, text books, ball points/pencils, laptops and calculators etc
Use the few minutes you usually have before the start of each class to review the prior lectures’ notes and homework. This will
save us valuable in-class time to work on new material.
Notes should be read and homework/exercises should be attempted before class.
Do not get behind. You are encouraged to work with other students.
The homework assigned is a minimum. You should always work extra hours on your own.
Develop a learning habit rather than memorizing; work in groups, whenever appropriate.
Apply the learned principles and gained knowledge; be creative in thinking.
To guard against errors, please keep copies of the papers you turn in and retain all graded assignments for your reference.
It is the responsibility and duty of students to become acquainted and abide by all the policies and rules of the FSM.
Page 4 of 4