LahoreUniversityofManagementSciences

ACCT321AdvanceFinancialReporting
FallSemester2015

Instructor AhsanShamimChaudhry
RoomNo. TBA
OfficeHours TBA
Email TBA
Telephone TBA
TA TBA
TAOfficeHours TBA
CourseURL(ifany) Suraj.lums.edu.pk

COURSEBASICS
CreditHours 4
Lecture(s) NbrofLec(s)PerWeek 2 Duration Onehourandfifty
minutes,each.
Recitation/Lab(perweek) NbrofLec(s)PerWeek N/A Duration N/A
Tutorial(perweek) NbrofLec(s)PerWeek Onneedbasis Duration N/A

COURSEDISTRIBUTION
Core
Elective Elective
OpenforStudentCategory
CloseforStudentCategory

COURSEDESCRIPTION
The course builts on corporate financial reporting 221. Students are expected to come to class prepared and
participateinthediscussions.Largeamountsofmaterialswillbecoveredquicklyandeachsessionbuildsonprevious
ones.Itisthereforeimportantforyoutoremaincurrentandmasterthebasicconceptsearlyinthecourseinorder
tograspthemoredifficultoneslateroninthecourse.
Successinmasteringfinancialreportingconceptsisgreatlyenhancedbysolvingpracticalproblems.Youwillonly
benefitfromclassdiscussionsifyouhavefirstattemptedtosolvesomeproblemsonyourown.Donotapproach
the course with attitude of memorizing rules or particular solution techniques. Inclass examples and selfstudy
problems will be provided that are designed to help you understand and apply the key concepts. Examination
questionswilltestyourunderstandingofthoseconcepts,butbyposingproblemsorconceptualquestionsthatdiffer
fromthosethatyouhaveseenbefore.

COURSEPREREQUISITE(S)
AccountingCourses
CorporateFinancialReporting(CFR)

COURSEOBJECTIVES
Toapplyknowledge,skillsandexerciseprofessionaljudgmentintheapplicationand
evaluationoffinancialreportingprinciplesandpracticesintherangeofbusiness
contextsandsituations.


LahoreUniversityofManagementSciences
LEARNINGOUTCOMES
Uponsuccessfulcompletionofthecourse,studentsshouldbeableto:

1. Demonstrate understanding of the fundamental concepts, mainstream theories, international
accountingstandardsandpracticesinfinancialreportingincomplicatedbusinesssituations;
2. Identify financial reporting issues faced by investors in analyzing different companies based on
financial reporting standards with particular emphasis to areas relating to finances and
investments;
3. Applyfinancialreportingrequirementstoascertainfinancialposition,financialperformanceand
cashflowsofcompaniesofdiversenature.
4. Discuss,debateanddefendavarietyoftopicsinemergingareasofaccountingandtheirrelevance
tobusinessfinancialdecisionsincludingtheethicalandglobalperspectives;
5. Presentanddefendtheiranalysisandrecommendationseffectively,bothinoralandwrittenforms.
(GeneralLearningGoal)

UNDERGRADUATEPROGRAMLEARNINGGOALS&OBJECTIVES
GeneralLearningGoals&Objectives
Goal1EffectiveWrittenandOralCommunication
Objective:Studentswilldemonstrateeffectivewritingandoralcommunicationskills
Goal2EthicalUnderstandingandReasoning
Objective:Studentswilldemonstratethattheyareabletoidentifyandaddressethicalissuesinan
organizationalcontext.
Goal3AnalyticalThinkingandProblemSolvingSkills
Objective:Studentswilldemonstratethattheyareabletoidentifykeyproblemsandgenerateviable
solutions.
Goal4ApplicationofInformationTechnology
Objective:Studentswilldemonstratethattheyareabletousecurrenttechnologiesinbusinessand
managementcontext.
Goal5TeamworkinDiverseandMulticulturalEnvironments
Objective:Studentswilldemonstratethattheyareabletoworkeffectivelyindiverseenvironments.
Goal6UnderstandingOrganizationalEcosystems
Objective:StudentswilldemonstratethattheyhaveanunderstandingofEconomic,Political,
Regulatory,Legal,Technological,andSocialenvironmentoforganizations.
MajorSpecificLearningGoals&Objectives
Goal7(a)DisciplineSpecificKnowledgeandUnderstanding
Objective:Studentswilldemonstrateknowledgeofkeybusinessdisciplinesandhowtheyinteract
includingapplicationtorealworldsituations.(includingsubjectknowledge)
Goal7(b)Understandingthesciencebehindthedecisionmakingprocess
Objective:Studentswilldemonstrateabilitytoanalyzeabusinessproblem,designandapply
appropriatedecisionsupporttools,interpretresultsandmakemeaningfulrecommendationsto
supportthedecisionmaker

LahoreUniversityofManagementSciences
Indicatebelowhowthecourselearningobjectives/outcomesspecificallyrelatetoanyprogramlearninggoals
andobjectives.

PROGRAMLEARNINGGOALS COURSELEARNINGOBJECTIVES COURSEASSESSMENTITEM

ANDOBJECTIVES
Goal1EffectiveWrittenandOral Studentsgetanumberof CP,QuizandExam
Communication opportunitiestodemonstratetheir
abilitytocommunicateeffectively
(CLO#5)
Goal2EthicalUnderstandingand Ethicalperspectivesinsomeofthe CP,QuizandExam
Reasoning practicalsituationsarehighlighted
(CLO#4)
Goal3AnalyticalThinkingand MajorGoal: Analyticalthinkingand CP,Quiz,andExam
ProblemSolvingSkills problemsolvingskillsareessential
forsuccessinthiscourse(CLO#13)
Goal4ApplicationofInformation IntroductionandUseofelearning N/A
Technology software,
Goal5TeamworkinDiverseand Discussionanddebatethereonof CP
MulticulturalEnvironments diversetopicsinclassroomwill
allowthisobjectivetobemet.
Goal6Understanding Developstudentsunderstandingof CP,QuizandExam
OrganizationalEcosystems theinteractionoffirmspecific
variableswiththesecurities
markets,industry,andtheeconomy
asawhole(CLO#4)
Goal7(a)DisciplineSpecific MajorGoal: Comprehensive CP,QuizandExam
KnowledgeandUnderstanding coverageoftopicsinCorporate
(SubjectKnowledge) FinancialReporting(CLO#15)
Goal7(b)Understandingthe NA NA
sciencebehindthedecision
makingprocess

GRADINGBREAKUPANDPOLICY
Quizzes(4):(n1)15%
ClassParticipation:10%
Attendance:05%
MidtermExamination:35%
FinalExamination:35%

EXAMINATIONDETAIL
MidtermExam Yes/No:Yes
Combine/Separate:Combined
Duration:3Hours
PreferredDate:TBA
ExamSpecifications:LongQuestions
FinalExam Yes/No:Yes
Combine/Separate:Combined
Duration:3Hours
ExamSpecifications:LongQuestions


LahoreUniversityofManagementSciences
COURSEOVERVIEW
WEEK TOPICS RECOMMENDED OBJECTIVES/APPLICATIONS
READINGS
1 Shareholders IAS32 Applyanddiscusstherecognitionandderecognition
Equity offinancialassetsandfinancialliabilities.
2 Financial IAS39/IFRS9 Applyanddiscusstheclassificationoffinancialassets
Instrument andfinancialliabilitiesandtheirmeasurement.
Financial Applyanddiscussthetreatmentofgainsandlosses
Liabilities arisingonfinancialassetsandfinancialliabilities.
3 Financial IAS39/IFRS9 Applyanddiscussthetreatmentofimpairmentsof
Instrument financialassets.
FinancialAssets Accountforderivativefinancialinstruments,and
4 Financial IFRS7 simpleembeddedderivatives.
Instrument Outlinetheprinciplesofhedgeaccountingand
Disclosureand accountforfairvaluehedgesandcashflowhedges
otherissues including
HedgeEffectiveness.
(CLO15)
56 Leases IAS17 Applyanddiscusstheclassificationofleasesand
Accountingby accountingforleasesbylessees&lessors.
lessee&lessor Accountingforanddiscusssaleandleaseback
transaction.
(CLO15)
7 AgricultureAssets IAS41 Initialrecognition,measurementanddisposalof
agriculturalassetsandtheirreporting
8 RevisionandMid
Term
9 EarningsPer IAS33 Calculatetheearningspershare(EPS)inaccordance
Share withrelevantaccountingstandards(dealingwith
bonusissues,fullmarketvalueissuesandrightissues).
ExplaintherelevanceofdilutedEPSandcalculatethe
dilutedEPSinvolvingconvertibledebtandshare
options(warrants).
ExplainwhythetrendofEPSmaybeamoreaccurate
indicatorofperformancethanacompanysprofitand
theimportanceofEPSasastockmarketindicator.
DiscussthelimitationsofusingEPSasaperformance
measure.
(CLO15)
10 TheEffectsof IAS21 Outlineandapplythetranslationofforeigncurrency
Changesin amountsandtransactionsintothefunctionalcurrency
ForeignExchange andthepresentationcurrency.
Rates Accountfortheconsolidationofforeignoperations
andtheirdisposal.
Describetheprincipleobjectivesofestablishinga
standardforenterprisereportinginthecurrencyofa
hyperinflationaryeconomy.
(CLO15)


LahoreUniversityofManagementSciences
11 Changesin IAS8 Applyanddiscusstheaccountingeventsafterthe
Accounting balancesheetdate.
policiesand Determineandreportgoingconcernissuesarising
fundamental afterthebalancesheetdate.
errors (CLO15)
12 Interimfinancial IAS34,IFRS5 Introductiontointerimfinancialstatements
statements, Legalandbusinessneedforuseofinterimfinancials
disposalofassets Effectofassetsheldfordisposalonfinancialanalysis
andsundry (CLO15)
13 Company IAS12 Computationofcurrenttaxation
Taxation Computationofdeferredtaxation
Analysisofcompanytaxexpenseviataxcharge
reconciliation
(CLO15)
14 Contemporary IFRS10IFRS13 RecentchangesbeingtakenplaceinIFRS
issuesin SpecificissuesinrelationtothealignmentofUSGAAP
accountingand andIFRS
Revision (CLO15)

TEXTBOOK(S)/SUPPLEMENTARYREADINGS
RecommendedTextbook
InternationalFinancialReportingStandards(IFRS)
IntermediateAccounting,UpdatedthirdeditionbySpiceland,SepeandTomassini