UNISA Financial Accounting Course Module 2024 – 2024

Purpose: To expose students to current core issues regarding corporate financial reporting theory on national and global scale, to aid a student with 1) broadening his/her knowledge in this field of study, 2) obtaining insight in related theoretical development and research processes, and to 3) develop a critical perspective on corporate financial reporting theory and the development thereof. A student is equipped to identify and analyse contemporary developments in the field of corporate financial reporting by building on the financial reporting skills mastered at undergraduate level. A student’s ability to search for information and to present arguments in a logical, well-structured manner is enhanced by requiring research-based scientific essays. It is aimed to make a student aware of his/her responsibility to contribute to resolving theoretical problems in this field of study. The module encourages the identification of research problems that could be addressed at masters and doctorate level.

Purpose: To equip students with the fundamental concepts, standards and principles of financial accounting; to provide an informed understanding of accounting transactions; as well as the purpose and use of business documents; the recording of cash and credit transactions; the preparation of bank reconciliations; the accounting for inventory; for other assets and liabilities in the financial statements. To ensure students gain knowledge of and insight into the preparation of trial balances; final accounts; adjustments to accounting information and the financial statements of a sole proprietor.

Purpose: To equip students with the fundamental concepts, standards and principles of financial accounting; to provide an informed understanding of the collection, processing and recording of relevant financial accounting data of an entity, the preparation of the Statement of Profit or Loss and Other Comprehensive income, Statement of Changes in Equity and Statement of Financial Position; as well as the accounting treatment and disclosure of non-current assets and current assets; non-current liabilities and current liabilities; including the preparation of the financial statements of sole enterprises, non-profit organisations and the recording of transactions from incomplete records.

Purpose: To equip the students with the necessary competencies and skills to apply the theories, methods and techniques relevant in this accounting field, as well as the ability to apply this knowledge to the following subject matter: • To the financial statements of trading, service and manufacturing entities that trade as partnerships and close corporations; which includes the accounting procedures to record changes in the ownership structure of partnerships; the admittance, retirement or death of partners; and the simultaneous or piecemeal liquidation of a partnership; • To branch accounts; • To calculate and account for discount and insurance charges; and the understanding and disclosure of such companies, sole proprietors, partnerships, and close corporations, as well as the preparation of the cash flow statements of such entities.

Purpose: To equip students with the knowledge of and insight into the following subject matter as well as the ability to apply this knowledge when preparing a set of annual financial statements with accompanying notes to the financial statements for an entity in accordance with the requirements of International Financial Reporting Standards with the conceptual framework as a basis. To equip students with an informed understanding of the following topics – the presentation of financial statements; share- and dividend transactions; basic financial instruments; property, plant and equipment; inventories; revenue; as well as finance- and operating leases in the financial statements of lessees.

Purpose: To equip students with the necessary competencies for the preparation and presentation of financial statements according to the requirements of International Financial Reporting Standards and to gain knowledge and understanding of the theories relevant in this accounting field, as well as the ability to apply this knowledge to the following subject matter: the conceptual framework; accounting items which affect the statement of profit or loss and other comprehensive income and the statement of financial position; the accounting treatment and disclosure of income taxes, including deferred tax; revenue; changes in accounting policies; estimates and errors; events after the reporting period; provisions, contingent liabilities and contingent assets; fair value measurements; including the tax implications of the preceding topics.

Purpose: To equip students with the necessary competencies for the preparation and presentation of financial statements according to the requirements of International Financial Reporting Standards and to gain knowledge and understanding of the theories, relevant in this accounting field, as well as the ability to apply this knowledge to the following subject matter: the presentation, recognition and measurement of financial instruments; the accounting treatment and disclosure of foreign exchange transactions; property, plant and equipment; investment properties; intangible assets, impairment of assets (excluding cash generating units); non-current assets held for sale and discontinuing operations, including the tax implications of the preceding topics. It is recommended that a student either register concurrently for the FAC3701 module or have already passed it.

Purpose: To equip students with the necessary competencies for the preparation and presentation of financial statements according to the requirements of International Financial Reporting Standards and to gain knowledge and understanding of the theories, relevant in this accounting field, as well as the ability to apply this knowledge to the following subject matter: the consolidation procedures required for the preparation and presentation of group financial statements namely, business combinations, consolidation after the acquisition date; intragroup transactions, losses of a subsidiary, horizontal groups, vertical groups, complex groups, consolidated cash flow statements, changes in ownership, and the accounting treatment and disclosure of associates, joint arrangements, including any relevant deferred tax implications. It is recommended that a student either register concurrently for the FAC3701 module or have already passed it.