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OVERALL AIM
To consolidate and be able to apply knowledge in matters of financial reporting both in
the private and public sectors of the economy.
PART A:-FINANCIAL REPORTING IN THE PRIVATE SECTOR (60%)
LEARNING OUTCOMES
On completion of this course, the student will be able to:1.
Discuss international and local corporate reporting framework.
2.
Prepare consolidated financial statements.
3.
Prepare complete sets of statutory financial statements with complete
disclosures.
4.
Interpret financial statements and assess their usefulness to
various stakeholders.
5.
Cope with current reporting issues and developments.
6.
Exercise judgment on reporting issues.
7.
Apply requirements of all the IFRSs in issue.
LEVEL OF ASSESSMENT
The syllabus for Financial Reporting is designed to integrate knowledge covered at
Level 1 (Financial Accounting) and Level 2 (Advanced Financial Accounting) besides
knowledge covered at the earlier two papers referred to above, and other aspects of
financial reporting, candidates will be examined in consolidated financial statement
preparation and the general reporting on consolidated financial statements, business
combinations, interests in joint ventures and interests in joint ventures.
EXAMINATION STRUCTURE
The examination will be for three hours with an additional 15 minutes reading and
planning time. It will be divided into financial reporting in the private sector (60 marks)
and financial reporting in the public sector (40 marks), and will cover all reporting
standards in the respective sectors. It will consist of three sections A, B, and C. Section
A will have one compulsory question (30 marks), Section B will have three questions
and the candidate will be required to attempt any two of them (30 marks), while
Section C will also have three questions and the candidate will be required to attempt
any two of them (40 marks).
DETAILED SYLLABUS
A
REPORTING FRAMEWORK
1.
The role of IASBs reporting framework for the Preparation and Presentation of
Financial Statements.
(a)
Explain the process of developing IASs / IFRSs.
126
(b)
(c)
2.
3.
4.
5.
1.
Basic
(a)
(b)
(c)
(d)
(e)
2.
3.
Measurement principles relating to fair values of the consideration and net assets
acquired.
Nature of acquisition achieved in stages.
4.
127
5.
6.
1.
2.
3.
4.
5.
6.
7.
1.
2.
3.
1.
2.
3.
F
1.
6.
1.
2.
2.
3.
4.
5.
3.
128
1.
2.
3.
4.
OPERATING SEGMENTS
1.
2.
3.
1.
2.
3.
4.
ACCOUNTING
FOR
TRANSACTIONS
1.
2.
3.
4.
1.
2.
3.
1.
2.
3.
4.
INTERNATIONAL HARMONIZATION
1.
2.
3.
4.
DISCLOSURE
129
OF
OFF-BALANCE
SHEET
5.
1.
2.
3.
4.
PART B:
8.
1.
The role of the International Public Sector Accounting Standards Board [IPSASB]
in public sector reporting, and key areas of differences between the private and
public sectors.
The Role of the ICPAU.
The role of regional accounting bodies for example the Eastern:(a)
Central and Southern African Federation of Accountants [ECSAFA], and
East and Southern Association of Accountant Generals [ESAAG] in Africa
(b)
The legal, regulatory, and institutional frameworks for financial reporting
in Uganda.
(c)
The legal and regulatory frameworks include:- The Constitution, the Public
Finance and Accountability Act, the Local Government Act, The Local
Government Finance Act etc.
(d)
The institutional arrangements include:- the Consolidated Fund, the role
of Bank of Uganda, the Treasury, the role of the Secretary to the
Treasury, the role of the Accountant General, the role of Accounting
Officers.
(e)
International Public Sector Accounting Standards [IPSASs].
4.
5.
6.
7.
2.
3.
130
1.
Basic principles of the cash basis of accounting and its application to the public
sector.
Basic principles of accrual accounting and its application to the public sector.
Basic principles of modified cash basis of accounting and its application to the
public sector.
Basic principles of modified accrual accounting and its application to the public
sector.
Argument for and against cash basis of accounting in the public sector.
Arguments for and against accrual accounting in the public sector.
2.
3.
4.
5.
6.
C
1.
2.
3.
4.
5.
6.
1.
2.
3.
4.
5.
6.
E
1.
2.
3.
4.
5.
1.
2.
Key definitions:- controlled and controlling reporting entities in the public sector.
Control as used in the public sector as compared with the private sector.
131
3.
4.
1.
Reasons for the general popularity of the cash basis of accounting in the public
sector.
Arguments in support of accrual basis of accounting in the public sector.
Difficulties associated with the implementation of accrual IPSAS in the public
sector.
Increasing use of statistical systems of financial reporting in the public sector.
Disclosure requirements by recipients of external.
2.
3.
4.
5.
REFERENCES
1.
2.
Elliot Barry and Elliot J. (2012), Financial Accounting & Reporting, Financial
Times Press.15th Edition.
10
The
Local
Government
Financial
and
Accounting
132
Regulations,
2007 -