FINANCIAL ACCOUNTING I

The course Financial Accounting I is meant to equip learners with the regulatory, conceptual frameworks and application of some international accounting standards which are the most important elements in ensuring that financial information is relevant and presented faithfully in order to meet the needs of shareholders and other users. Consequently, some accounting standards were considered relevant to be taught in this course and at this level to enable students build up basic knowledge on how to prepare the financial statements of an entity observing some professional principles and guidelines.

IAS 1-Presentation of financial statements addresses the main purpose of financial statement which is to provide information about assets, liabilities, income, expenses and equity of an entity through which the performance, position and cash flow of the same entity can be determined. IAS 1 is also providing guide on how the items of the elements of financial statement should be presented. IAS 2-Inventories revolves on the measurement, Methods, recognition and Disclosure requirements of Inventory in the financial statements. IAS 8: Accounting policies, changes in accounting estimates and errors, centers on guidance for selection of accounting policies, changes in accounting policy and the correction of errors. IAS 16 is geared towards demonstrating appropriateness in the measurement and recognition of Property, plant and equipment, accounting recognition of depreciation and revaluation surplus. IAS 20 is aimed at providing illustrative understanding and application of IAS 20 regarding measurement and recognition of Accounting for government grants and disclosure of government assistance. Finally, IAS 23 Borrowing costs prescribe the basis and accounting treatments on borrowing costs. That is, to give guidelines on the treatment of interest (and other costs) incurred on borrowed funds (especially on money borrowed to finance the construction of asset). At the end, the learner (student) should be a Professional preparer of Entity’s Financial Statements and can be engaged on Consultancy services regarding an Entity’s Financial Statements.