Jan 2023 Course Outline Acct 302

BABCOCK UNIVERSITY
COURSE OUTLINE TEMPLATE PREPARED BY THE AVP, INSTITUTIONAL EFFECTIVENESS
SCHOOL: SCHOOL OF MANAGEMENT SCIENCES
DEPARTMENT: ACCOUNTING
SEMESTER /SESSION: FIRST SEMESTER, 2022/2023

COURSE CODE AND TITLE: ACCT 302- ADVANCED FINANCIAL ACCTG 2 DAY OF CLASS: Tuesday
NO OF UNITS: 3 TOTAL CONTACT HOURS: 36
VENUE FOR CLASS: BBS Auditorium 2
TEACHER’S NAME: Drs Siyanbola, Ogundajo, & Akinwumi OFFICE ADDRESS: BBS C215/C216
OFFICE HOURS: 8 am – 5 pm
TEL NO: 08034746702, 07065263796, 08033454986
EMAIL ADDRESS: [email protected] ;
[email protected] ;
[email protected]
OUR VISION STATEMENT

A first-class Seventh-day Adventist institution, building servant leaders for a better world
OUR MISSION STATEMENT

Building leadership through Christian education; transforming lives, impacting society for
positive change
To achieve our mission, we are committed to:
 Achieving excellence in our teaching, research program, and service delivery
 Imparting quality Christian education
 Instilling Christ-like character to the members of our Community
OUR CORE VALUES

 Excellence -Our Culture
 Integrity -Our Promise
 Accountability -Our Moral
 Servant Leadership -Our Dignity
 Team Spirit -Our Strength
 Autonomy and Responsibility -Our Passion
 Adventist Heritage -Our Commitment
OUR PHILOSOPHY
Babcock University’s philosophy is anchored on the harmonious development of the intellectual,
physical, social, and spiritual potentials of our students, inspiring stable and noble character needed
for effective leadership and service in the society.
CORPORATE IMAGE STATEMENT: A center of excellence for character development and

scholarship; a socially responsive, responsible, and accountable institution in matters of
commitment and action.
1 | Babcock University Course Outline

COURSE DESCRIPTION:
This course is designed to acquaint students with more advanced aspects of financial accounting, at
a level higher than they were taught in 100 and 200 levels. It provides them with necessary skills
needed to prepare and interpret financial reports of group companies and specialized businesses
they might find themselves after leaving the University. It takes them to move out of the
miscellaneous accounting studied in the first semester to a more complex level with greater
emphasis on compliance with regulatory frameworks, most especially the International Financial
Reporting Standards.
COURSE CONTENT:
Week 1: Introduction to Group Financial Statement
 Introduction
 Definition of various concepts relating to Group accounts
 Statutory requirements on Group accounts
 Distinctive features of Regulatory framework as IFRS 3, 10,11,12,13 and IAS 27,28,36
 Method of accounting for group account
 Review questions
Week 2: Consolidated Statement of Financial Position
 Reasons for consolidating group account

 Basic mechanics of consolidation
 Wholly owned subsidiaries
 Partly owned subsidiaries
 Treatment of positive and negative goodwill in group accounts
Week 3: Consolidated Statement of Financial Position (Contd.)
 Introduction of pre and post-acquisition reserves in group account

 Treatment of preference shares of subsidiaries
 Multiple Subsidiaries
Week 4: Consolidated Statement of financial position (Contd.)
 Treatment of mixed group

 Vertical group
 Review questions.
Week 5: Consolidated statement of financial position (Contd.)
 Treatment of current account in group companies

 Account Receivable/Payable and Bill Receivable/Payable
 Unrealized profit in Inventory
Week 6: Consolidated statement of financial position (Contd.)
 Treatment of fair value adjustment in line with IFRS 13

 Treatment of impairment loss in line with IAS 36
 Piecemeal acquisition of shares in Subsidiary companies
 Sales of shares of subsidiaries to outsiders
Week 7: Consolidated statement of profit or loss and other comprehensive income
 Introduction to group income statement

 Inter-group adjustment on group income statement
 Increase in controlling interest in subsidiary company
 Acquisition of subsidiaries during the year
Week 8: Accounting for Specialized Businesses
 Accounting for Bankruptcy and Liquidation

 Preparation of statement of affairs for bankruptcy and liquidation
 Statement of distribution by the receivers and liquidators
 Account of Trustees and Estate agents
Week 9: Accounting for Foreign Operations
 Definition of basic terms relating to foreign operations

 Statutory and regulatory frameworks
 Accounting for foreign Operations
 Methods of accounting for foreign operations

Week 10: Accounting for Oil and Gas
 Statutory framework of downstream and upstream petroleum sectors

 Full cost and Successful Efforts methods of accounting for oil and gas
 Treatment of exploration and development costs
Weeks 11 to 15: Revision and Exams.
COURSE OBJECTIVES:
By the end of this course, the students should be able to:
 Develop a good understanding of regulatory and statutory frameworks governing the

preparation and presentation of group financial statements.
 Acquire needed knowledge and skills in understanding and applying accounting principles
on the preparation of bankruptcy and liquidation account.
 Acquire necessary skills and competences in preparing financial reports of Multinational
companies operating in Nigeria.
 Prepare and report the financial statement of industry operating within the downstream and
upstream petroleum sector of the economy
 Appreciate the need to keep them updated with current developments in the field of
accounting.
REQUIRED TEXTBOOKS/JOURNALS
Main Texts
1) Siyanbola, T.T., Advanced Financial Accounting (IFRS Compliant), Lagos, Gastos Consults
2) ICAN: Corporate Reporting Study text. UK: Emile Woolf International
3) Frankel, M.R., The Preparation of Group Account, London, Financial Training Publications
& HFL.
4) Webb, D.A., Financial Accounting, England, D.P Publications
5) Igben, R.O., Financial Accounting made simple 1&2, Lagos, ROI Publishers
6) Adekunle, D., Accounting for Bankruptcy, Liquidation, Executorship and Trustship, Lagos, SAS
Printing & Publishing
7) Adekunle, D., Accounting for Specialised enterprise, Lagos, SAS Printing
8) Akeju, J.B., Financial Accounting Volume II, JBA Limited, Lagos

Other Texts/Materials
1. FGN, Companies and Allied Matters Act, 2020

2. Financial Reporting Council of Nigeria, Act No.6, 2011
3. International Financial Reporting Standards.
4. Professional Accounting Journals of the following bodies: ICAN, AICPA, IIA, AAA,
ACCA etc.

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BABCOCK UNIVERSITY

COURSE OUTLINE TEMPLATE PREPARED BY THE AVP, INSTITUTIONAL EFFECTIVENESS

SCHOOL: SCHOOL OF MANAGEMENT SCIENCES

SEMESTER /SESSION: FIRST SEMESTER, 2022/2023

OUR VISION STATEMENT

OUR MISSION STATEMENT

OUR CORE VALUES

CORPORATE IMAGE STATEMENT: A center of excellence for character development and

1 | Babcock University Course Outline

Week 1: Introduction to Group Financial Statement

Week 2: Consolidated Statement of Financial Position

 Reasons for consolidating group account

Week 3: Consolidated Statement of Financial Position (Contd.)

 Introduction of pre and post-acquisition reserves in group account

Week 4: Consolidated Statement of financial position (Contd.)

 Treatment of mixed group

2 | Babcock University Course Outline

Week 5: Consolidated statement of financial position (Contd.)

 Treatment of current account in group companies

Week 6: Consolidated statement of financial position (Contd.)

 Treatment of fair value adjustment in line with IFRS 13

Week 7: Consolidated statement of profit or loss and other comprehensive income

 Introduction to group income statement

Week 8: Accounting for Specialized Businesses

 Accounting for Bankruptcy and Liquidation

Week 9: Accounting for Foreign Operations

 Definition of basic terms relating to foreign operations

3 | Babcock University Course Outline

 Statutory framework of downstream and upstream petroleum sectors

Weeks 11 to 15: Revision and Exams.

By the end of this course, the students should be able to:

 Develop a good understanding of regulatory and statutory frameworks governing the

4 | Babcock University Course Outline

1. FGN, Companies and Allied Matters Act, 2020

5 | Babcock University Course Outline

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