ACCY6102

Module code

ACCY6102

Module title

Intermediate Financial Accounting

Prescription

The aim of this course is to develop the knowledge, skills, and competencies to apply appropriate reporting framework to prepare and present financial statements.

Programmes

BI1401
BI1501
BS7000
TP4775

NZQA Level

Level 6

NZQA Credits

15

Delivery method

Web-Supported

Learning hours

Total learning hours: 150

Resources required

Learning Outcomes: 1. Examine the reporting frameworks in New Zealand.
2. Apply accounting standards for the preparation and presentation of financial statements, including consolidated financial statements.
3. Process transactions relating to the formation of a company and distributions.
Content: LO1
• The Conceptual Framework for Financial Reporting
• Reporting tiers
• Purpose of general- purpose financial reports and special purpose financial reports
• Relevance of IFRS and IAS standards

LO2
• Application of aspects of reporting requirements
o inventory
o revenue
o accounting policies, estimates and errors
o property plant and equipment (PPE)
o impairment
o contingencies and provisions
o events after reporting period
o fair value
• Financial statements
o statement of comprehensive income
o statement of changes in equity
o statement of financial position
o statement of cash flows
o notes to the financial statements
• Consolidated financial statements
o 100% single subsidiary business combinations
o elimination journal entries
o consolidation worksheet

LO3
• Formation of a company
o fully paid shares
o over subscribed
o cash and other considerations
• Distributions
o solvency test
o dividends
Teaching and Learning Strategy: All learning and teaching activities as described in the approved programme and delivery documents are enabled for this course unless specified.
Basic of Assessment: Assessment in this course employs an achievement-based grading scheme. Learners will be advised of all matters relating to summative assessment prior to the start of the course.
Assessment Criteria: The portfolio is comprised of multiple components. Learners need to provide sufficient evidence against all learning outcomes and gain an overall mark of at least 50% in order to pass this module.

(A minimum of 50% of the portfolio assessment activities will be controlled (supervised/observed)

ACCY6102 – Intermediate Financial Accounting