UNIVERSITY OF CAPE COA ST

COLLEGE OF HUMANITIES AND LEGAL STUDIES

SCHOOL OF BUSINESS
DEPARTMENT OF ACCOUNTING

ACC304 FINANCIAL REPORTING III 3 CREDITS

COURSE OUTLINE FOR SECOND SEMESTER 2018/2019 ACADEMIC YEAR

1.0 Course Lecturers

Names Mr. Emmanuel Arhin
Mrs. Comfort Ama Akorfa ANIPA
Programme B.Com (Accounting)

Lecture Wednesday: 2:30 – 3:30p.m. (CODE D3)

Schedule & Thursday: 4:30-6:30p.m. (SWLT7)
Venues Friday: 6:30–8:30a.m. (CODE D3)/4:30-530p.m(SWLT7)

Email earhin@ucc.edu.gh canipa@ucc.edu.gh

2.0 Course Description

This course is intended to ensure that students gain the required knowledge and understanding of the
concepts and principles of accounting at an advanced level, and to be able to apply them in commerce,
industry and in other practice. The course is designed to help students to understand financial accounting
theory and standards and their relationship to practice (relative to the provision of financial information
and reporting) for both internal and external use in compliance with industrial and organizational
regulations. Students would also be equipped to prepare financial and non-financial statements contained
in corporate annual reports in accordance with the Companies code, relevant statutory regulations,
accounting standards (i.e. International Financial Reporting Standards) and Generally Accepted
Accounting Principles.

3.0 Course Objectives

By the end of this course, the student should be able to:
 Demonstrate an understanding of the International Financial Reporting Standards (IFRS) in the
treatment of items in the financial statements;
 Apply accounting standards (i.e. IFRS) and techniques to the treatment of transactions relating to
corporate entities;
 Prepare a complete set of financial statements for single entities (non-group) in conformity with
International Financial Reporting Standards (IFRS).
 Prepare the financial statements of specialized companies (banks and insurance);
 Calculate and use ratios in the interpretation of accounting information for decision making.
 Demonstrate an understanding of accounting standards applicable to basic consolidated financial
statements.

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4.0 Course Contents
Week(s) Topic Reference Material
Review of Preparation and Presentation of Financial
Statements (Including IFRSs covered already)
 IASB Conceptual Framework for Financial
Reporting
1-2  Statement of comprehensive income
 Statement of financial position
 Statement of changes in equity
 Statement of cash flows
 Notes to the financial statements
Financial Statements of Financial Institutions
 Relevant provisions of the Banking Act, 2004 (Act
673)
3-4  Relevant IFRS provisions relating to banks
 Preparation and presentation of financial statements
of banks
 Relevant provisions of the Insurance Act, 2006 (Act
724)
 IFRS 4/IFRS17 Insurance Contracts
 Preparation and presentation of financial statements
of insurance companies
IFRS 16 Leases
5-6  Some definitions under IAS 17
 Finance Lease
 Operating Lease
 Sale and Leaseback
IAS 19 Employee Benefits
 Short- Term Employee Benefits
7  Post- Employment Benefits
 Defined Contribution Plans
 Defined Benefit Plans
Analysis and Interpretation of Financial Statements
 Meaning and Uses of Ratios
 Techniques of Financial Statement Analysis
 Types of Ratios Analysis
8-9  The working capital cycle
 Analysing the statement of cash flow
 Limitations of ratio analysis
 Limitations of financial statements
 Writing of report
IAS 33 Earning per share
 Net profit attributable to ordinary shareholders
 Weighted average number of ordinary shares
10  Diluted earnings per share

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  Share warrants and options
 Dilutive potential ordinary shares
IAS 10 Events after the reporting period
11  Adjusting events
 Non-adjusting events
Introduction to Consolidated Financial Statements
12  IAS 27 Separate Financial Statements
 IFRS 3 Business Combination
 IFRS 10 Consolidated Financial Statements

5.0 Course Materials

1. ACCA (2017) Paper F7 Financial Reporting: complete text. London: Kaplan Publishing.
2. Addo, A. (2017) Financial Reporting Accra: Kedard Office Equipment Services
3. Companies Code 1963, (Act 179)
4. ICAG Manual (2017) Financial Reporting
5. ICAG Manual (2017) Corporate Reporting
6. www.iasplus.com and www.ifrs.org

In order to have fruitful discussions during lectures, students are expected to read around the
topics ahead of time. Summaries and updates of the relevant standards can be accessed from
the two websites provided above. Students must make it a habit to read at least summaries of
the relevant standards. Group discussions are highly recommended on this course. Every
student must belong to a group and actively participate in group activities.

6.0 Course Assessments

 Class attendance, participation, quizzes and assignments 40%
 End of semester examination 60%
100%

7.0 Course Assessment Criteria

Outstanding or exemplary performance in the following areas: interpretative ability;
Excellent 80-100 intellectual initiative in response to questions; mastery of the skills required by the subject,
general levels of knowledge and analytic ability or clear thinking.
Usually awarded to students whose performance goes well beyond the minimum
Very Good 70-79 requirements set for tasks required in assessment, and who perform well in most of the
above areas.
Usually awarded to students whose performance is considered to go beyond the minimum
Good/Pass 60-69 requirements for work set for assessment. Assessable work is typically characterised by a
strong performance in some of the capacities listed above.
Usually awarded to students whose performance meets the requirements set for work
Poor 50-59
provided for assessment.

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 Usually awarded to students whose performance is not considered to meet the minimum
requirements set for particular tasks. The fail grade may be a result of insufficient
Fail 0-49
preparation, of inattention to assessment requirements or lack of academic ability. A
frequent cause of failure is lack of attention to subject or assessment requirements.
Note that the above is not indicative of grading scale. The University of Cape Coast grading scale
applies at all times.

8.0 Course Policies

8.1 Attendance and lateness to lecture

Attendance policies of the University will apply (Refer to the Academic Policies and Regulations handbook
of the University of Cape Coast). Lateness shall not be tolerated. Students arriving late for lectures disrupt
the orderly course of the contact session. Prior permission should be sought in the event that a student
might be late for lectures. All students are to be seated at least 5 minutes to the commencement of lectures.

8.2 Class participation

Participation helps students assess their own understanding. It is in the interest of all students to participate
in class discussions and ask questions, especially when they are in doubt. Active participation is therefore
encouraged. Students are expected to come to lectures having thoroughly read the recommended text and
solve the assigned questions. Marks will be awarded to students who engage in active class participation
and contribute to the class discussions and response to questions.

8.3 Missed quizzes, tests, and assignments

If for any justifiable reason the student will miss a test or quiz, the student should get clearance from the
lecturer in advance. Retrospective permissions will not be granted for missed tests and quizzes. An
automatic zero will be awarded for missed quizzes, tests, and assignments.

8.4 Late submission of assignments

All assignments must be handed in at the stated time and in the stated form or they will automatically
receive a grade of zero. Late assignments will not be tolerated. If a student has any genuine problem(s),
he/she must contact the lecturer before the deadline for the submission of the assignment. There are no
guarantees for extension of time; each case will be treated on its own merit. It is the student’s responsibility
to retain a copy of all assignments should any questions arise later concerning that assignment.

8.5 Dress code

Students should follow the guidelines for dress and appearance as it appears in the Academic Policies and
Regulations Handbook. Appropriate student dress is an integral part of professional development. Every
student offering this course has the responsibility to adhere to the spirit and specification of the dress code.
These are as follows:
 Dress shirt, long- or short-sleeved, are acceptable.
 A tie, properly tied, is encouraged.
 Flip-flops or slippers are not acceptable.
 Especially for the ladies, blouses, dress shirts, tops and turtlenecks are acceptable. Inappropriate
attire includes tops with bare shoulders or spaghetti-straps unless worn under an open blouse.
 Dress and skirt length should be a length at which the student can sit comfortably in public.

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 Mini-skirts, sun dresses, peasant dresses/shirts, beach dresses, and spaghetti-strap dresses are
inappropriate.
 Under no circumstance should shorts be worn to the class. Jeans trousers can be worn. No shorts.
 Low-cut blouses which reveal cleavage are unacceptable.
 Students are required to dress like professional executives once every month; usually, the first
lecture of each month. Students are also to dress like professional executives during end-of-
semester examinations.

8.6 Academic dishonesty

Cheating and plagiarism will be severely penalized. Plagiarism involves copying someone’s work and
presenting it as if they were your original work. Students are advised to learn from each other but not
to copy colleague’s assignments and present them.

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