Advanced Course in Financial Accounting

Course Description

This course aims to enhance students’ understanding of financial reporting practice and theory, building upon the background developed in the context of the introductory accounting course (ODE 2311). Following internationally endorsed practices (namely the International Financial Reporting Standards), this course presents and explains some key accounting issues for management and business practices, both from a preparer’s and user’s perspective. Emphasis is placed upon the recognition, measurement and disclosure of a number of key balance sheet and related income statement (revenue and expense) items. In particular, the course examines the accounting for: inventory, tangible and intangible non-current assets, various types of financial instruments, financial leases and other liabilities, provisions, and equity. Related income statement items include: sales revenue, cost of goods sold, depreciation, interest expense / income, and gains and losses from the sale of long-term assets and financial instruments. The understanding of the material is facilitated through tutorials during which a significant number of additional practical exercises and case studies are solved. By drawing students’ attention to the economic rationale behind prevailing accounting practices, this course intends to enable students to develop not only technical skills but primarily their critical abilities and judgment which constitute an indispensable tool for modern management and business practices.

Indicative Course Prerequisites: Principles of Financial Accounting