` MIDLANDS STATE UNIVERSITY

P. BAG 9055 Tel: 227411

Gweru Fax: 260442
Zimbabwe

FACULTY OF COMMERCE
DEPARTMENT OF ACCOUNTING

MODULE TITLE & CODE: SPECIFIC & GROUP FINANCIAL REPORTING: ACC 411

1. PREAMBLE

This module is based on the assumption that the student has acquired the prerequisite skills at
level 1 and 2 Financial Accounting.

2. PREREQUISITE MODULES

Acc 107, Acc 108, Acc 217 ,Acc 219 and Acc 409.

3. PURPOSE OF THE MODULE

The module is intended to enable students to gain knowledge of and insight into the financial
accounting and taxation implication aspects of Specific Financial Reporting and Group Financial
Reporting.
By the end of the module students should be able to prepare an entity’s group financial
statements in accordance with the Companies Act: Chapter 24:03 and International Financial
Reporting Standards (IFRSs)

4. ASSESSMENT

Coursework accounts for 30% of overall assessment while the sessional examination accounts
for 70% of the overall assessment.
NB: Coursework will be by way of two in-class tests. NOT assignments.

5. MODULE CONTENT

5.1 Specific Financial Reporting

 Related parties – 1AS 24

 Leases (IFRS 16)
 Borrowing Costs (IAS 23)
1
  Operating Segments (IFRS 8)
 Employee benefits (IAS 19)
 Financial instruments ( IAS 32, IFRS 9 & IFRS 7)
 Government assistance (IAS20)
 Earnings per share(IAS 33)

5.2 Group Financial Reporting

 Separate Financial Statements (IAS 27)
 Business Combinations (IFRS 3)
 Consolidated Financial Statements (IFRS 10)
 Joint Arrangements (IFRS 11)
 Associate and Joint Ventures (IAS 28)
 Disclosure of Interests in Other Entities (IFRS 12)

6. RECOMMENDED READING

 IASB International Financial Reporting Standards (currently effective)

 Accounting Standards: Opperman etal
 Descriptive Accounting: Vorster etal
 A Guide through IFRS Part A: IFRS Foundation
 A Guide through IFRS Part B: IFRS Foundation

NB: Because of the rapid changes taking place on the international financial accounting scene, it is
strongly recommended that students consult the latest publications of the above recommended
reading. The acc 411 module is revised at the end of each semester to assess its continued
appropriateness