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ACC419Management Sciences3 Unitsintermediate

Advanced Financial Accounting

This course introduces learners to advanced financial accounting principles and practices, focusing on the accounting and reporting requirements for groups of companies. It covers the legal and regulatory frameworks governing group accounts, including consolidated financial statements. Students will learn to analyze and interpret financial statements, apply ratio analysis, and understand accounting treatments for business combinations, reconstructions, and insolvency. The course also explores valuation methods for businesses and shares, and accounting for foreign branches and specialized companies.

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208h

Study Time

13

Weeks

16h

Per Week

intermediate

Math Level

Course Keywords

Financial AccountingGroup AccountsConsolidationRatio AnalysisBusiness Valuation

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level

Builds on foundational knowledge

65%

intermediate

📊

Math Level

Moderate Math

🔬

Learning Type

Hands-on Practice

Course Topics

Key areas covered in this course

1

Financial Statements

2

Group Accounts

3

Consolidation

4

Ratio Analysis

5

Business Combinations

6

Valuation

Total Topics6 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Financial Analyst

Apply your skills in this growing field

Accountant

Apply your skills in this growing field

Auditor

Apply your skills in this growing field

Investment Banker

Apply your skills in this growing field

Portfolio Manager

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

BankingInsuranceInvestment ManagementCorporate FinancePublic Accounting

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Review of Company Accounts

3h

Unit 1: Review of Company Accounts

3 study hours

•Review elements of financial statements: assets, liabilities, equity, revenue, and expenses.
•Understand the components of financial statements: statement of financial position, comprehensive income, changes in equity, and cash flows.
•Practice preparing basic financial statements.

Week

2

Module 1: Review of Company Accounts

3h

Unit 2: Legal and Regulatory Framework of Group Accounts

3 study hours

•Identify and understand the key laws and accounting standards that regulate group accounts.
•Study the Companies and Allied Matters Act (CAMA) and relevant International Financial Reporting Standards (IFRS).
•Familiarize yourself with the regulatory documents for preparing group accounts.

Week

3

Module 1: Review of Company Accounts

4h

Unit 3: Consolidated Statement of Financial Position

4 study hours

•Learn the procedures for preparing a consolidated statement of financial position.
•Understand how to calculate goodwill and non-controlling interest (NCI).
•Practice consolidation adjustments and account for inter-company items.

Week

4

Module 1: Review of Company Accounts

4h

Unit 4: Consolidated Income Statement

4 study hours

•Understand the consolidation procedures for income statements.
•Learn how to eliminate inter-company sales and unrealized profits.
•Account for non-controlling interest (NCI) in the consolidated income statement.

Week

5

Module 1: Review of Company Accounts

4h

Unit 5: Associated Companies

4 study hours

•Define associated companies and understand the equity method of accounting.
•Learn how to account for 'upstream' and 'downstream' transactions.
•Understand how to handle associate's losses and impairment losses.

Week

6

Module 1: Review of Company Accounts

4h

Unit 6: Multiple Subsidiary and Vertical Structure

4 study hours

•Understand the concept of multiple subsidiaries and vertical group structures.
•Learn how to determine effective interest in a vertical group.
•Practice preparing consolidated financial statements for vertical group structures.

Week

7

Module Two

4h

Unit 1: Ratio and Interpretation of Account

4 study hours

•Understand the tools for interpreting financial analysis, including comparative and common-size statements.
•Compute and interpret key financial ratios.
•Carry out intra-firm and inter-firm analysis.

Week

8

Module Two

4h

Unit 2: Business Combination (Takeover, Mergers and Acquisitions)

4 study hours

•Define business combination and understand different forms: mergers, acquisitions, and takeovers.
•Learn the reasons and benefits of business combinations.
•Understand the accounting treatment for business combinations.

Week

9

Module Two

4h

Unit 3: Reconstructions and Reorganization

4 study hours

•Understand the meaning of internal reconstruction and reorganization.
•Identify situations that call for internal reconstruction.
•Learn the rules for capital reduction and the steps involved in capital reconstruction.

Week

10

Module Two

4h

Unit 4: Account for Banks (with special reference to relevant legislation)

4 study hours

•Identify the relevant laws and regulations governing banks in Nigeria.
•Understand specific provisions relating to bank accounts.
•Describe the financial statements of banks.

Week

11

Module Two

4h

Unit 5: Account for Insurance Companies (with special reference to relevant legislation)

4 study hours

•Understand the regulatory framework of the insurance industry.
•Learn about the Insurance Act of 2003 and relevant accounting standards.
•Familiarize yourself with the basis of accounting for insurance companies.

Week

12

Module Two

4h

Unit 6: Insolvency and Bankruptcy

4 study hours

•Define insolvency and bankruptcy and understand the objectives of bankruptcy laws.
•Learn the conditions for filing a bankruptcy petition against a debtor.
•Understand the legal disabilities of a bankrupt and the duties of trustees.

Week

13

Module Two

4h

Unit 7: Valuation of business and shares

4 study hours

•Understand the definition and reasons for business valuation.
•Learn about different concepts of value: book value, market value, intrinsic value, etc.
•Familiarize yourself with various valuation approaches: asset-based, income-based, and market-based.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create a study schedule to cover all modules and units.

2

Focus on understanding the consolidation process and practice preparing consolidated financial statements.

3

Review key financial ratios and practice their interpretation.

4

Study the legal and regulatory frameworks governing group accounts.

5

Practice valuation problems using different approaches: asset-based, income-based, and market-based.

6

Pay close attention to the specific requirements of IFRS and CAMA.

7

Review all Tutor Marked Assignments (TMAs) and self-assessment exercises.

8

Create concept maps linking Units 3-5 consolidation concepts.

9

Practice ratio analysis problems from Units 7-9 weekly.

10

Focus on understanding the key differences between IFRS and local regulations.

11

Review the specimen financial statements of banks and insurance companies.

12

Practice past questions and answers to familiarize yourself with the exam format.

13

Allocate sufficient time for revision and seek clarification on any difficult topics.

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