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Department of Accountancy
Faculty of Management & Finance
University of Ruhuna – Sri Lanka
Course Description:
Financial Accounting enhances the knowledge and understanding of accounting principles and concepts. It
improves technical proficiency in the use of accounting standards in preparation and presentation of financial
statements for partnerships and group of companies.
Three Credits are given to the unit. There are three-hour lectures for this unit each week in during the semester.
The students are requested to be prepared for the lecture by reading the topic related materials before the
lecture. The students are expected to access the Learning Management System (LMS) of the faculty to keep
up to date with and download the course materials posted.
Assessment:
Lecture Schedule:
Group A Group B
Time Venue Time Venue
Monday 03.00 – 04.00 p.m. MFLT 01 - -
Tuesday - - 03.00 – 04.00 p.m. MFLT 01
Thursday - - 01.00 – 03.00 p.m. MFLT 04
Friday 08.00 – 10.00 p.m. MFLT 01 - -
Course Schedule:
Week Topic
1-4 Accounting for partnerships: Dissolution of partnership firms, Conversion of a partnership
to a Limited Company.
5-7 Conceptual Framework for financial reporting and overview of Accounting Standards:
Presentation of Financial statements, Accounting for inventories, Events after the reporting
period, Property plant & equipment, Leases and Provisions, Contingent liabilities &
Contingent assets.
8-12 Accounting for Companies: Accounting for shares and debentures, Preparation of financial
statements for publication purposes.
13 - 15 Accounting for group of Companies: The concept and principles of a group, The Concept
of consolidated financial statements; preparation of consolidated financial statements.
Recommended Readings:
➢ Maheswari S.N, Maheswari S.K, Advanced Accountancy, Volume I & II, Latest Edition, Vikas
Publishing House Ltd. New Delhi.
➢ Ken Leo, John Hoggett, John Sweeting Company Accounting, Latest Edition, John Wiley and Sons
Ltd., Australia.
➢ Sri Lanka accounting Standards 2023 issued by the Institute of Chartered Accountants of Sri Lanka.
➢ Kaplan (2023) Financial Reporting (ACCA), Kaplan Publishing, Unit 02 The Business Centre, Molly
Millars Lane, Wokingham, Berkshire, UK.