This topic examines selected issues in financial accounting and reporting. Current and proposed accounting standards and generally accepted accounting principles are considered and evaluated within the conceptual framework for financial reporting. Topics to be examined may include: disclosure in corporate reports; accounting for leases; foreign currency translation; intangibles; segment reporting; extractive industries accounting.
This topic aims to introduce students to financial accounting issues, and develop their ability to appraise these issues based upon the conceptual framework for financial reporting. It provides students with a detailed knowledge of the impact of specific regulatory requirements, particularly applicable accounting standards, upon reporting entities' accounting procedures. The topic provides students with an understanding of specific accounting standards, illustrates the accounting procedures required, gives a theoretical understanding of the principles involved, and outlines the relevant disclosure requirements. It develops students' ability to critically evaluate these accounting and reporting requirements. In addition, the topic aims to develop: